Drafting the new Insurance Law which is in compliance with the EU acquis
In the first three quarters of the project, the main activities in the insurance sector were oriented towards drafting the new Insurance Law. The activities regarding drafting the Law are precisely divided between the Federal Financial Supervisory Authority (BaFin) and Croatian Financial Services Supervisory Agency (Hanfa). During the previous working period, activities on the drafting of the new Law on Insurance in accordance with the Solvency II Directive have been intensified.
Eighteen expert missions covering the insurance component were conducted over previous period. The experts from the Croatian Financial Services Supervisory Agency and Federal Financial Supervisory Authority shared their experience with the colleagues in the Insurance Supervision Agency of Montenegro in the process of drafting the new Law. In addition, this period marked the beginning of the cooperation with the De Nederlandsche Bank in the most significant parts of application of the Solvency II Directive and in the field of Anti Money Laundering and Terrorism Financing.
7 November 2012
Representatives of the Insurance Supervision Agency of Slovenia in working visit to the Insurance Supervision Agency of Montenegro
17 - 18 October 2012
First International Conference on Development of the Life Insurance Market
Presentations of speakers at the International Conference on Development of the Life Insurance Market can be downloaded here:
1. Biljana Pantović, Director of the Insurance Supervision Agency
2. Peter Braumuller, Chairmen of the International Association of Insurance Supervisors (IAIS) and Executive Director of Insurance and Pension Funds Supervision Department of the FMA
3. Peter Baier, Haed of the Division for international cooperation of the BAFIN
4. Wolfgang Rohrbach, Professor at the Sigmund Freud Univesity, Vienna
5. Klime Poposki, President of the Councul of Experts of the Insurance Supervision Agency of Macedonia
6. Ermin Nuhić, Executive Director of the Merkur osiguranja DD Sarajevo, B&H and Chairman of the Board of Directors of Merkur osiguranje AD Podgorica, MNE
7. Mojca Piškurič, Director of the Service for treasury management of Triglav osiguranje Ljubljana, Slovenia
8. Rene Knapp, Chief Actuary of the Uniqa Group
Statement of Mr. Branko Vujović, president of the Council of the Insurance Supervision Agency, at the International Conference on Development of the Life Insurance Market
The Conference Agenda could be downloaded here .
7 August 2012
Representatives of the Austrian Financial Market Authority (FMA) - Finanzmarktaufsicht in Österreich had a working visit to the Insurance Supervision Agency of Montenegro
With the view of organized, planned and efficient completion of activities and tasks under its scope of competences, the Agency continuously works on strengthening the cooperation with international organizations and institutions responsible for insurance sector, as well as national insurance supervisors.
Insurance Supervision Agency is full member of the International Association of Insurance Supervisors – IAIS. Thus, the Agency was facilitated to establish close cooperation and exchange of information with insurance supervisors in the world, which is of great importance for strengthening supervision in this sector, and therefore enhancement of the overall financial stability in the country. – www.iaisweb.org.
Since its establishment the Agency has been undertaking steps to strengthen institutional cooperation and exchange of the best international practice with other supervisors from the neighbouring region through establishment of bilateral cooperation with them. For the purpose of efficient performance of regulatory function, the Agency established intensive cooperation and contacts with the Austrian financial market regulatory authority - FMA, Insurance Agency of Bosnia and Herzegovina, Insurance Agency of the Republika Srpska, Insurance Supervision Agency of the Federation of Bosnia and Herzegovina, Insurance Supervision Agency of Slovenia, Croatia Agency for Supervision of Financial Services, National Bank of Serbia, Insurance Supervision Agency of Macedonia and Central Bank of the Republic of Kosovo.
Memoranda of Understanding have been signed with: