Staff of the Insurance Supervision Agency of Montenegro participated at the study tour visit to the Malta Financial Services Authority (MFSA).
The study tour is organized as part of the project “Strengthening capacities of the Ministry of Finance to efficiently plan, analyze and manage the public finances in support to country’s aspirations for sustainable development and EU integration”, being implemented in cooperation with the Ministry of Finance and the Capacity Development Program (CDP). Since the end of 2009, the Insurance Supervision Agency is being provided with expert and technical assistance to be used to improve its regulatory capacities over the following two-year period.
Representatives of the MFSA held a two-day seminar for the staff of the Agency, where they were familiarized with the organizational structure of the MFSA, legislation that governs the insurance market of Malta, process of licensing of insurance companies, as well as insurance brokerage and agency companies. Furthermore, procedures for internal control, as well as on-site and off-site control over the insurance market undertakings were subjects of discussions.