Under its competence the Agency:
- issues licenses for performance of insurance, reinsurance and coinsurance activities, brokerage and agency and other activities directly related to insurance affairs;
- issues approvals to acts and actions envisaged by the Law;
- supervises the conduct of insurance activities, by applying the Law and regulations for regulating issues in insurance area, in accordance with the jurisdiction;
- decides on complaints and appeals of policyholders and other insurance beneficiaries;
- cooperates with other supervisory bodies in the country and abroad;
- give initiatives for regulating insurance related issues;
- adopts detailed rules, regulations, guidelines, instructions and other acts, which ensures the application of the law;
- initiate the proceeding before courts and other authorities in order to ensure the application of the law;
- organize professional meetings, training, seminars and other forms of training and development for its employees and the insurance sector, in accordance with the established work plan;
- develops and monitors the development of the insurance market;
- prepare annual report on the state of the insurance market and the report on the work of the Agency, annual financial statements, annual business plan and financial plan;
- performs other tasks stipulated by law and the Statute of the Agency