Montenegro Insurance Industry – Governance, Risk and Compliance
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The ISA took over the task of supervising the insurance industry of Montenegro in 2006. The Montenegro insurance industry research 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 the establishment and operation of 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 regulatory framework, taxation, and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
Montenegro Insurance Market Dynamics
Article 9 of the Insurance Law permits Montenegrin insurers to underwrite and sell various types of insurance and are generally classified as life and non-life insurers. According to Article 9 of the Law, life insurance licenses can be obtained for life insurance, annuity insurance, and supplemental insurance.
Montenegro Insurance Industry License Types
The key insurance types provided by the ISA are life insurance licenses, non-life insurance licenses, reinsurance licenses, and licenses for intermediaries, including agents and brokers. To underwrite, advertise and sell insurance products in the country, insurers, and reinsurers need to be authorized by the ISA.
Key Bodies Overseeing the Montenegro Insurance Industry
The key bodies that oversee the Montenegro insurance industry are the International Association of Insurance Supervisors (IAIS) and the Insurance Supervision Agency (ISA).
Insurance Supervision Agency (ISA)
The ISA (www.ano.me) is instrumental in ensuring the stability and efficient functioning of insurance and reinsurance companies. The ISA functions under the guidelines stipulated by the Insurance Law in 2006. The primary responsibilities of the ISA in the insurance industry is to regulate and supervise the conduct of the insurance services industry in Montenegro, protect the consumers or holders of insurance contracts, provide regular updates on local and international insurance market developments, and license companies involved in the insurance business.
International Association of Insurance Supervisors (IAIS)
The IAIS (www.iaisweb.org), established in 1994, is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. In addition to members, the association also includes 135 observers representing industry associations, professional associations, insurers and reinsurers, consultants, and international financial institutions.
The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. The primary objectives of IAIS are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance markets for the benefit and protection of policyholders, and to contribute to global financial stability.
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Market Report Overview
Key License Types | Life Insurance License, Non-Life Insurance License, Reinsurance License, and License for Intermediaries, Including Agents and Brokers |
Key Bodies | International Association of Insurance Supervisors (IAIS) and the Insurance Supervision Agency (ISA) |
Scope
This report provides:
- Details of the insurance regulatory framework in Montenegro.
- 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.
- The latest key changes and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance products in the country.
- Rules and regulations pertaining to key classes of compulsory insurance and the scope of non-admitted insurance in the country.
- Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
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 Montenegro.
- Track the latest regulatory changes and expected changes impacting the Montenegro 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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What are the key license types in the Montenegro insurance industry?
The key types of licenses issued in the Montenegro insurance industry are life insurance licenses, non-life insurance licenses, reinsurance licenses, and licenses for intermediaries, including agents and brokers.
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Which other key bodies oversee the Montenegro insurance industry?
The key bodies that oversee the Montenegro insurance industry are the International Association of Insurance Supervisors (IAIS) and the Insurance Supervision Agency (ISA).
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