What are the competencies of the Insurance Supervision Agency in FBiH

Delegates of the House of Peoples of the FBiH Parliament today supported the new Law on Insurance in FBiH with a majority of votes. The law was supported with 30 votes in favor, two against, and 14 abstentions. The Law on Insurance was presented by the Minister of Finance Jelka Milićević (HDZBiH). She explained that this law regulates the establishment, operation, supervision, and termination of insurance and reinsurance companies founded in FBiH, as well as branches not headquartered in FBiH.

Delegates from opposition parties in the House of Peoples opposed this law. Because, according to the new Law on Insurance in FBiH, appeals against the decisions of the Insurance Supervision Agency, which is the supervisor in the insurance sector in the Federation of BiH market, will not be allowed. The decisions of this Agency will be final, and parties dissatisfied with the Agency's decisions will, after this law, be able to seek justice only before the courts in FBiH. 

Court proceedings in BiH take too long, and this will mean years of waiting for justice for potential appellants of the Agency's decisions, insurance and reinsurance companies.

Dinko Musulin, nominated for this position by HDZ BiH, heads the Federal Insurance Supervision Agency. They received consent with the help of SDA. With the new Law on Insurance in FBiH, HDZ has opened the possibility to control the entire insurance market in the Federation with the help of the Insurance Supervision Agency.

According to data from the official website of the Insurance Supervision Agency of FBiH, the Agency has the following powers:

- Issuing operating licenses to insurance companies, insurance intermediaries (insurance agents and insurance brokers),
- Giving opinions on the acts of insurance companies that are legally required to adopt (insurance conditions, premium tariffs, regulations on determining transfer premiums and reserved claims, regulations on determining mathematical reserves and their application in life insurance, etc.)
- Collecting, processing, and keeping records of data submitted to the Agency by insurance companies and insurance intermediaries in accordance with legal provisions
- Exercising supervision over the business operations of insurance companies, insurance intermediaries, and related parties in the insurance sector in accordance with legal regulations
- Initiating and supervising temporary administration, liquidation, and bankruptcy proceedings, as well as financial recovery of companies
- Revoking and withdrawing operating licenses for insurance companies and insurance intermediaries in accordance with the provisions of the Law
- Initiating misdemeanor and criminal proceedings in accordance with the laws in the field of insurance
- Adopting acts regulating the operations of insurance companies, insurance intermediaries, and authorized actuaries in accordance with the provisions of the Law
- Other tasks in accordance with legal regulations