Pursuant to Articles 69 and 71 of the Law on Insurance (Official Gazette of Montenegro, No 78/06) and Rulebook on the Content and the Manner of Taking the Professional Exam for Conducting Insurance Brokerage or Agency Activities (Official Gazette of Montenegro, No 47/09), the Insurance Supervision Agency hereby issues the:

The insurance companies, auditors of their financial reports, institutions for accounting and auditing, and other interested parties, are hereby invited to take part in the public consultations concerning the Draft Chart of Accounts for Insurance Companies and Draft Rulebook on the Manner of Valuation of Assets of Insurance Companies.

The candidates, who were scored with “not passed” for a maximum of two subjects in the examination held on 6 December 2009, can take a repeated professional exam for conducting insurance agency or brokerage activities.

Hereby we inform the candidates who have passed the professional exam for conducting insurance agency or brokerage activities, that the following documents are to be submitted for the issuance of authorisations, pursuant to Articles 60 and 71 of the Law on Insurance (Official Gazette of Montenegro, 78/06 and 19/07):

Dear representatives of the Government,  Twinning Project Partners,

Ladies and Gentlemen,

It is always a pleasure to take part in gatherings celebrating the commencement of new activities and projects. A particular pleasure lies in the fact that this Project addresses a quite challenging task, precisely the process of adjustment to the European standards.  Furthermore, partnership with such prominent institutions always represents a particular obligation and challenge.

It is my pleasure that the Insurance Supervision Agency, as the regulator of the insurance market of Montenegro, will be the beneficiary of this Twinning Project. Harmonization of the Montenegrin financial supervisory framework with the relevant European standards is not only the objective of this Project, but also one of our core strategic directions.

Today, Tuesday 15 December 2009 in Hotel “Podgorica”, the opening ceremony and seminar on the occasion of the official commencement of the Twinning Project “Strengthening the Regulatory and Supervisory Capacity of the Financial Regulators” was held.

This Project funded under the Instrument for Pre-Accession Assistance (IPA) amounts to 1.2 million euro and managed by the Delegation of the European Union to Montenegro will be implemented over a period of 18 months.  The leading EU Member State partner institution for this Project is the Bulgarian National Bank in consortium with the Central Bank of the Netherlands and the Bulgarian Financial Supervision Commission.

The opening ceremony and seminar on the occasion of the official commencement of the EU funded Twinning Project “Strengthening the Regulatory and Supervisory Capacity of the Financial Regulators” will take place on Tuesday 15 December 2009 at 09:00.

The speakers at the seminar will be Igor Lukšić Ph.D., Deputy Prime Minister and Ministry of Finance, Clive Rumbold, Deputy Head of Delegation of the European Union to Montenegro, Ivan Iskrov, Governor of the Bulgarian National Bank, Ljubiša Krgović, Governor of the Central Bank of Montenegro, Carel van den Berg, Coordinator the Center for Technical Cooperation, Central Bank of the Netherlands, Zoran Đikanović, President of the Council of the Securities Commission and Vladimir Kavarić, President of the Council of the Insurance Supervision Agency.  The moderator of the seminar will be Daniela Bobeva, Project Leader, Bulgarian National Bank.  First part of the seminar from 09:00 to 11:15 will be open for media representatives.

Hereby we inform the candidates who have applied to take a professional exam for conducting insurance intermediary activities, that the exam is to take place on 6 December 2009 in the Hall 1 (ground floor) of the Faculty of Economics in Podgorica starting at 15:00.

All candidates are kindly asked to bring along their identity cards or passports for identification purposes.