JURISDICTIONS OF THE AGENCY
By the legal framework, which is arranged the insurance area in the Republic of Srpska are regulated the Agency’sjurisdictions, which can be grouped into regulatory, supervisory and consumers’ protection.
1. The Agency in the framework of its regulatory jurisdictions:
- passes bylaw regulations (rulebooks, instructions, orders and decisions),
- analyzes the existing bylaw regulation, in the aim of its improving and in accordance with the changes of the legal framework and market circumstances,
- passes individual acts (decisions and conclusions), issues and revokes work licences, gives and revokes authorizations, conducts the entry and deleting from the registry kept by the Agency, applies the prescribed supervisory measures and issues or revokes the rest of the authorities and approvals,
- participates in the design of transposition and correlation tables in relation to the EU Directives in the field of insurance, in cooperation with the other competent bodies,
- performs self-evaluation of the compliance of the domestic regulation with the ICP principles issued by the International Association of Insurance Supervisors (IAIS).
2. Supervisory jurisdictions of the Agency are:
- the supervision of the fulfillment of the conditions for establishing of insurance companies and companies for management of voluntary pension funds and voluntary pension funds,
- the supervision of fulfillment of conditions for authorization and entry in the registry of intermediaries in the insurance and authorized actuaries,
- the supervision of fulfillment of conditions necessary for issuing various approvals to the participants on the insurance market,
- keeping of the prescribed registries of the insurance companies, insurance intermediaries, authorized actuaries and voluntary pension funds,
- continuous supervision -off-site supervision (legal, financial and accounting and actuary) of the participants on the insurance market, studying the state and movements on insurance market and with the report analysis and other documentation which the participants at the insurance market deliver to the Agency,
- regular and extraordinary controls (on-site supervision) of the participants on the insurance market, in the framework of which is performed the review of the business books and other documentation, the review of the mode of keeping business books, the review of business proceedings and procedures and also the review of the other documents necessary for supervision conducting,
- supervision over the operations of the Protective Fund,
- the exchange of information in the area of supervision and other regulators of the financial market,
- development of the Agency’s Information System in the aim of more efficient implementing of the basic functions.
3. Agency’s jurisdictions related to the consumer protection are:
- continuous supervision over the application of conditions and tariffs at the insurance,
- continuous supervision over the existence and application of the internal procedures in the insurance companies for the insurance sale (conclusion of contracts) and for the resolving of claims and requests for the payment of the insured sums and the sums for insurance,
- the incentive for the strengthening of the trust of the public and the insurance service (via Ombudsman, education,preventive action and other necessary measures),
- collaboration and coordination of work with the other supervisory bodies of the financial sector, in order to preserve its effectiveness, stability and ensuring the protection of rights of all users of the financial services, in accordance with the Law on the Committee for the Cordination of the Supervision of the Financial Sector of the Republic of Srpska.