Croatia Insurance Industry – Governance, Risk and Compliance
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The Croatia insurance industry report is the result of extensive research into the insurance regulatory framework in the country. It provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health, marine, aviation, and transit insurance.
The report also specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Furthermore, the report includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Croatia insurance industry?
The Croatian insurance industry is supervised by the Croatian Financial Services Supervisory Agency (Hrvatska Agencija Za Nadzor Financijskih Usluga-Hanfa). Hanfa was established in 2005 by integrating the Croatian Securities Commission, the Agency for Supervision of Pension Funds and Insurance, and the Insurance Companies Supervisory Authority. The main objectives of this agency are to safeguard the stability of the financial system in Croatia and supervise the legitimacy of the supervised entities’ operations. Hanfa also grants authorization to companies to carry out insurance and mediation activities.
What are the key license types issued in the Croatia insurance industry?
The key types of insurance licenses issued in the Croatian insurance industry are life insurance licenses and non-life insurance licenses. Under life insurance license, companies can provide insurance contracts related to life assurance, annuities, supplementary insurance linked with life insurance, unit-linked business, tontines, assurance with paid-up sum assured, marriage assurance and birth assurance, and pension funds.
Under a license for non-life insurance, companies can provide insurance contracts related to personal accident insurance, health insurance, land motor vehicles insurance, railway locomotives and rolling stock insurance. Other insurance contracts are – aircraft insurance, water vessels insurance, goods in transit insurance, property, fire, and natural disasters insurance, other property insurance, motor vehicle liability insurance, aircraft liability insurance, marine liability insurance, general liability insurance, credit insurance, security guarantees, insurance of miscellaneous financial losses, insurance of legal protection, and assistance insurance.
Croatian insurance industry, by license type
For more license type insights, download a free report sample
Which other key associations oversee the Croatian insurance industry?
The key associations that oversee the Croatian insurance industry are the International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), and the Federation of European Risk Management Associations (FERMA).
International Association of Insurance Supervisors
The IAIS is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in over 140 countries. The IAIS formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. It works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance operations for the benefit and protection of policyholders, and to contribute to global financial stability.
European Insurance and Occupational Pensions Authority
The EIOPA is a part of the European System of Financial Supervision, is an independent advisory body to the European Parliament and the Council of the EU. The main responsibilities of the EIOPA are to support the financial system, maintain the transparency of the markets and financial products, and provide protection to policyholders, pension scheme members and beneficiaries.
Federation of European Risk Management Associations
The FERMA is a member of the International Federation of Risk and Insurance Management Associations (IFRIMA). It aims to lead and enhance the effective practice of risk management, risk financing and insurance in Europe. The main objectives of FERMA are to monitor new regulations and standards besides detecting early issues which can impact the risk management and insurance sectors. FERMA also sets up surveys and benchmarks to identify and share current practices and maintains two-way communication with national associations on the development and application of risk management. It also establishes technical alliances and ad hoc coalitions with other stakeholders.
Market report scope
Key license types | Life Insurance License and Non-life Insurance License |
Key associations | International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and Federation of European Risk Management Associations (FERMA) |
Scope
- The report covers details of the insurance regulatory framework in Croatia.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments about the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
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 Croatia.
- Track the latest regulatory changes and expected changes impacting the Croatian 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 about various types of insurance products.
Table of Contents
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Frequently asked questions
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What are the key license types issued in the Croatian insurance market?
The key types of insurance licenses issued in the insurance market in Croatia are life insurance licenses and non-life insurance licenses.
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Which are the key associations overseeing the Croatian insurance market?
The key associations that oversee the insurance market in Croatia are the International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), and the Federation of European Risk Management Associations (FERMA).
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