The scope of jurisdiction

Under its competence the Agency:

  1. issues licenses for performance of insurance, reinsurance and coinsurance activities, brokerage and agency and other activities directly related to insurance affairs;
  2. issues approvals to acts and actions envisaged by the Law;
  3. supervises the conduct of insurance activities, by applying the Law and regulations for regulating issues in insurance area, in accordance with the jurisdiction;
  4. decides on complaints and appeals of policyholders and other insurance beneficiaries;
  5. cooperates with other supervisory bodies in the country and abroad;
  6. give initiatives for regulating insurance related issues;
  7. adopts detailed rules, regulations, guidelines, instructions and other acts, which ensures the application of the law;
  8. initiate the proceeding before courts and other authorities in order to ensure the application of the law;
  9. 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;
  10. develops and monitors the development of the insurance market;
  11. 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;
  12. performs other tasks stipulated by law and the Statute of the Agency