Tasks and responsibilities of the Agency
The Insurance Act sets out the Insurance Supervision Agency’s supervisory responsibilities for the insurance industry in the Republic of Slovenia. Its main responsibility is to supervise insurance undertakings, insurance agencies, insurance brokerage companies, insurance agents and insurance brokers. The Agency also conducts supervision of legal persons involved in insurance undertakings (if required for the purpose of supervising an insurance undertaking’s operations) as well as the supervision of insurance undertakings within an insurance group, insurance holding company or joint-venture insurance holding company.
In 2000 the Agency was given additional assignments, not only within the scope of its extended competencies and duties pursuant to the Insurance Act, but also under the Pension and Invalidity Insurance Act (PIIA-1), in accordance with which it is responsible for issuing authorisations to pension companies and monitoring their operations. The Agency is also responsible for preparing and issuing implementing regulations in accordance with the Insurance Act.
The scope of the Agency’s activities can be divided into five major groups:
- granting authorisations, approvals, opinions, decisions and orders to the following: insurance undertakings; insurance agencies; insurance brokerage companies; insurance agents or brokers; banks for insurance brokerage; the Slovene Insurance Association; insurance undertakings in an insurance group; and pension companies;
- monitoring, collecting and verifying reports and notifications by insurance undertakings and other entities that are required to submit reports to the Agency and/or notify it of certain facts and circumstances in compliance with the provisions of the Insurance Act or other relevant acts;
- conducting examinations and audits of the operations of insurance undertakings and pension companies;
- imposing supervisory measures in accordance with the Insurance Act;
- preparing and issuing implementing regulations pursuant to the Insurance Act.