Establishment and legal status
The Insurance Supervision Agency was established pursuant to the Insurance Act, and commenced operations on 1 June 2000, which was when the Government of the Republic of Slovenia appointed the first Council of Experts and Director of the Agency. The Agency, which is the central supervisory institution in the insurance industry, has the following key objectives: to mitigate and eliminate irregularities in the Slovenian insurance industry; to protect policyholder interests; and to facilitate the smooth functioning of the insurance industry generally, all of which have a positive effect on the country’s overall economic health.
The Agency is a separate legal entity and completely independent regarding the implementation of its tasks and responsibilities. It is accountable to the National Assembly for the work it performs. The Agency also has its own rules of procedure, which set out its internal organisation structure and operations in great detail. The Agency’s annual accounts and financial plan are approved by the Government of the Republic of Slovenia, whereas the monitoring of the regularity, effectiveness, effectiveness and efficiency of the use of the Agency’s funds is performed by the Court of Auditors.