Bosnia and Herzegovina Insurance Industry – Governance, Risk and Compliance
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Bosnia and Herzegovina Insurance Industry Regulation Overview
The Insurance Supervisory Agency of Federation of Bosnia and Herzegovina (Agencija za nadzor osiguranja Federacije Bosne i Hercegovine — NADOS) and Insurance Agency of the Republic of Srpska (Агенција за осигурање Републике Српске — AZORS) act as the regulator of the Bosnia and Herzegovina insurance industry. The Insurance Agency of Bosnia and Herzegovina (Agenciji za osiguranje u Bosni i Hercegovini — AZOBiH) is the other supervisor. The Bosnia and Herzegovina Insurance Industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Insurance Supervisory Agency of Federation of Bosnia and Herzegovina (Agencija za nadzor osiguranja Federacije Bosne i Hercegovine — NADOS)
· Insurance Supervisory Agency of Federation of Bosnia and Herzegovina (Agencija za nadzor osiguranja Federacije Bosne i Hercegovine — NADOS) · Insurance Agency of Bosnia and Herzegovina (Agenciji za osiguranje u Bosni i Hercegovini — AZOBiH) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Bosnia and Herzegovina Insurance Industry – Key Regulators and Legislation
Insurance Supervisory Agency of Federation of Bosnia and Herzegovina: The NADOS, a legally independent and non-profit organization under the Government of FBiH, is the supervisory authority of the insurance industry of the country. Some of the insurance regulatory and supervisory activities carried out by the agency include licensing insurers to operate the insurance business and revoking licenses of insurers and intermediaries.
Insurance Agency of Bosnia and Herzegovina: The AZOBiH is instrumental in ensuring the stability and efficient functioning of insurance and reinsurance companies. It functions in accordance with the guidelines stipulated in the Law on Insurance Agency of Bosnia and Herzegovina. The agency’s primary responsibilities include implementing insurance laws and regulations and creating efficient cooperation between the Insurance Supervisory Agencies of FBiH and the Republic of Srpska.
The key piece of legislation governing the Bosnia and Herzegovina insurance industry is:
- Law on Insurance Agency of Bosnia and Herzegovina of 2004
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Bosnia and Herzegovina Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Bosnia and Herzegovina insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Liability Insurance
Bosnia and Herzegovina Insurance Industry Analysis by Compulsory Insurances
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Bosnia and Herzegovina Insurance Industry - Company Registration and Operation
The Insurance Act 2017 states that the NADOS must authorize insurers and reinsurers before the commencement of insurance activities in FBiH. Intermediaries must be authorized by the regulator as well and registered in a special register maintained by the NADOS, to mediate insurance products in the country.
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Bosnia and Herzegovina Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Bosnia and Herzegovina. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: A company is said to be a resident of FBiH/RS if it is incorporated or managed in FBiH/RS and if it is registered in Brčko District (BD), then it is a resident of BD. Residents in FBiH/RS/BD are taxed on their worldwide income while non-residents are taxed on the income earned in FBiH/RS/BD.
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Scope
This report provides:
- Details of the insurance regulatory framework in Bosnia and Herzegovina
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- The insurance industry of Bosnia and Herzegovina is regulated by the Insurance Supervisory Agency of Federation of Bosnia and Herzegovina, the Insurance Agency of Bosnia and Herzegovina, and the Insurance Agency of the Republic of Srpska.
- Composite insurance is not permitted in Bosnia and Herzegovina.
- Motor third-party liability, passengers’ accident liability, aviation third-party liability, and workmen’s compensation are compulsory classes of insurance in Bosnia and Herzegovina.
- Non-admitted insurance is not permitted in the insurance industry of Bosnia and Herzegovina. However, there are exceptions to the rule, as described in the non-admitted insurance section.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Bosnia and Herzegovina.
- Track the latest regulatory changes and expected changes impacting the Bosnia and Herzegovina insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
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Frequently asked questions
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Which are the key regulators of the Bosnia and Herzegovina insurance industry?
The Insurance Supervisory Agency of Federation of Bosnia and Herzegovina (Agencija za nadzor osiguranja Federacije Bosne i Hercegovine — NADOS) and Insurance Agency of the Republic of Srpska (Агенција за осигурање Републике Српске — AZORS) are the key regulators of the Bosnia and Herzegovina insurance industry.
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Which are the other bodies overseeing operations in the Bosnia and Herzegovina insurance industry?
The Insurance Agency of Bosnia and Herzegovina (Agenciji za osiguranje u Bosni i Hercegovini — AZOBiH) oversees the Bosnia and Herzegovina insurance industry.
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Which are the compulsory insurances required within the Bosnia and Herzegovina insurance industry?
Some of the key compulsory insurances required within the Bosnia and Herzegovina insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and liability insurance.
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What are the types of taxes imposed upon the Bosnia and Herzegovina insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Bosnia and Herzegovina. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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