Insurance companies
Insurance is a type of activity aimed at protecting individuals from specific risks in case of an accidental and unavoidable event in exchange for certain compensation.
The types of Insurance are:
- Life insurance.
- Non-life insurance.
- Reinsurance.
These types of insurances, on their turn, are devided into classes.
Market Access
We set market entry requirements for insurance companies and to ensure that insurance services are allowed to provide by those institutions, which have sufficient financial resources to meet their obligations to policyholders and which will contribute to ensuring fair, competitive market that maintains stability of the financial system and benefits consumers.
Supervision of Insurance companies
Insurance company supervision is carried out using a risk-based and forward-looking supervision (RBS) approach.
The supervisory process represents a continuous set of processes for setting supervisory priorities, planning, implementation, and ensuring accountability.
The implementation of supervisory work includes sequential steps of risk identification, assessment, supervisory intervention, and follow-up for insurance companies. In turn, risk identification and assessment work is carried out through on-site inspections and studies in separate areas, as well as through remote supervision.
Under the supervision of insurance companies, the business models of insurance companies, corporate governance systems, as well as risks threatening capital and their management are assessed. In the context of assessing the quality and compliance of management and risk management, the assessment is carried out both for individual insurance companies in general and for each risk, as well as for the insurance system as a whole.
Supervisory actions are accompanied by simultaneous work with insurance companies and communication of results.
Exit from the Market
List of insurance companies licensed by the Central Bank