Insurance Supervision Agency is the regulatory authority responsible for supervision and control of insurance companies and other legal and individual persons providing activities within insurance industry.
Insurance Supervision Agency supervises activities of insurance companies, subsidiaries of foreign insurance companies, insurance brokerage companies, insurance agencies, entrepreneurs-insurance agents, agencies for provisions of ancillary insurance services and other companies, provided that they have organized a special unit for performing these tasks that is professionally and technically qualified for performing other services in insurance.
The Agency was established by Montenegro in accordance with the Insurance Law (OGM 78/06 and 19/07).
The Agency is independent legal entity conducting activities under its scope of work and competences in accordance with the Insurance Law, and is responsible to the Parliament of Montenegro.
Goals and Principles
The basic goal of the Agency is to protect the interest of the insured and other insurance beneficiaries, in order to ensure sustainability and reliability of the insurance market that is based on free competition and equal operating conditions. In performing its activities, the Agency adheres to the following principles:
- equality of all subjects of the insurance market in Montenegro
- transparency of supervisory process
- effectiveness and efficiency of business