“FIRST initiative” has approved to the Insurance Agency of the Republic of Srpska the project: “BiH 10295: “FIRST initiative”

is a partner organization in which is involved World Bank, through IBRD and IDA, together with the International Monetary Fund and other donors and is established in the aim of providing technical support to the financial sector of the underdeveloped and medium developed countries.

The project is financed by the donor funds and will be realized in the form of technical assistance of the consultants of the World Bank in the period January 2013 to September 2014. The users are, except of the Insurance Agency of the Republic of Srpska, Insurance Agency in BiH and the Insurance Supervisory Agency FBiH.

Basic objectives of this project are:
1. Providing of the technical assistance in creating the model of liberalization of the obligatory insurance of MTPL,
2. . Developing of the actuarial tools necessary for determining of the premium rates and technical reserves of the obligatory insurance for MTPL,
3. Proposing of the regulatory framework of the obligatory insurance of MTPL based on the respective EU Directives and commitments from Stabilization and Association Agreement with EU, but also on good international practice of the liberalization of MTPL obligatory insurance market,
4. Better protection of interests of the third injured parties, when the claims of the obligatory insurance of MTPL are concerned.

Insurance Agency of the Republic Srpska expects that the successful realization of the Project shall give contribution to the improvement of the obligatory insurance market from MTPL in the Republic of Srpska and BiH in the context of its liberalization. Liberalization of obligatory insurance market in the Republic of Srpska is one of the guidelines of the Government of the Republic of Srpska and is defined in the Economic Policy of the Republic of Srpska for 2013.