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.
Kick-off conference: The official start of the Twinning project ‘Support to Regulation of Financial Services’
With regard to the official start of the Twinning project ‘Support to Regulation of Financial Services’, the Kick-off conference was held with the aim to present the project to all the stakeholders in the financial system of Montenegro, and also to the general public. The conference was held on 27 June, 2018 with the official start at 6 P.M. in CentreVille hotel in Podgorica.
The Twinning project ‘Support to Regulation of Financial Services’ is financed by the European Union and its goal is to further harmonize the legislation in financial services field with the Union regulations and to strengthen regulatory and supervisory capacities. The beneficiary institutions in the project are: the Insurance Supervision Agency, Central bank of Montenegroand Capital Market Authority and. The project will last 24 months and will be realized in cooperation with the consortium consisting of the, , the Federal Financial Supervisory Authority (BaFin) and the Croatian Financial Services Supervisory Agency (HANFA), De Nederlandsche bank,l Bundesbank and Croatian National bank.