The mission of the Agency is the implementation of the efficient regulation and supervision in the area of:
- insurance (insurance companies, intermediaries in the insurance),
- voluntary pension insurance (funds and management companies),
- with the aim of protection and ensuring of the trust of the insured, third entities of the insurance users and members of the voluntary pension funds, with the creation of conditions for a stable and transparent functioning of the insurance market in the RS.
The Agency harmonizes the rules of operation and work of the subjects at the insurance market and the rules and principles of supervision with the internationally accepted standards of insurance supervision.
The Agency supervises and undertakes measures necessary to ensure the legality of work and operation of the subjects on the insurance market, over which it has legal authorizations for the supervision.
The vision is the continuous development of the Agency as the independent and modern regulator and supervisory body, that is, the strengthening of the Agency position through the implementation of the regulatory and supervisory function in accordance with the best practice and international standards in this area.
By the action of the Agency on these basics is created the assumptions to be built a regulated, modern, efficient and fair insurance market in the Republic of Srpska, including also the capitalized pension insurance, which the users ensure services, that is, the insurance products in the quality, reliable and transparent mode. Thereby the insurance market becomes an important segment of the overall financial sector in the Republic Srpska and BiH, as well as the support to the economic development as a whole
The basic functioning principles of the Agency
The basic principles on which is established the functioning of the Agency are:
- the economic and efficient approach to the regulation and supervision,
- the objective and impartial approach to the implementation of the supervision,
- standardization of the supervisory procedures,
- transparency in the conducting of the activites.
Strategic goals of the Agency are:
- the construction of the competencies in the supervision, openness towards the constructive interaction with all stakeholders,
- stimulating of the competitive environment and the assistance in development of self-regulation of all authorized participants,
- regulation and supervision based on the risk- gradual improvement of the approach to the supervision by moving the focus from the control of the legality of operations to the supervision which is based on the assessment risk in the operation of the supervised persons and on the management of those risks,
- maintaining of the active position in BiH, the relations of coordination with the other institutions from the insurance area, the application of the EU and other international standards,
- the increase of trust of the public in the services and insurance market products and the voluntary capitalized pension insurance,
- the construction of the effective politics in the area of the development and the use of the human resources,
- optimization of the structure, processes and procedures in relation with the use of the information technologies.