New Law Adopted: HDZ BiH Opens Possibility to Control the Entire Insurance Market in FBiH

Delegates of the House of Peoples of the FBiH Parliament today supported the new Law on Insurance in FBiH by a majority vote. 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.

According to the new Law on Insurance of FBiH, appeals against decisions of the Insurance Agency, which is the supervisor in the insurance sector in the Federation of BiH market, will not be permitted. 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 for potential appellants of the Agency's decisions, insurance and reinsurance companies, this will mean years of waiting and losses of millions of KM.

Dinko Musulin, proposed 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, with the help of the Insurance Supervision Agency, to control the entire insurance market in the Federation, writes Patria.

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