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PROJECT DELIVERABLES Nikolay Petkov Resident Twining Adviser

“EU Support for Sustainable Capacity Building of the Insurance Agency of Bosnia and Herzegovina and the FBiH and RS Insurance Supervisory Agencies”. Twinning project BA 07 IB FI 01. PROJECT DELIVERABLES Nikolay Petkov Resident Twining Adviser. Twinning project BA 07 IB FI 01.

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PROJECT DELIVERABLES Nikolay Petkov Resident Twining Adviser

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  1. “EU Support for Sustainable Capacity Building of the Insurance Agency of Bosnia and Herzegovina and the FBiH and RS Insurance Supervisory Agencies” Twinning project BA 07 IB FI 01 PROJECT DELIVERABLES Nikolay Petkov Resident Twining Adviser

  2. Twinning project BA 07 IB FI 01 General information • This project is funded by the European Union and is implemented by the Bulgarian Financial Supervision Commission • Budget: EUR 799,875 • Duration: 27 months (including 24 months implementation of the action). The starting date of the project is April 21, 2010.

  3. Beneficiaries • Insurance Agency of Bosnia and Herzegovina (IABiH) • Insurance Supervisory Agency of Federation of Bosnia and Herzegovina (ISAFBiH) • Insurance Agency of Republika Srpska (IARS)

  4. Member state partner Bulgarian Financial Supervision Commission (BFSC)

  5. Project’s Structure • Development of the administrative capacity of the IABiH and of the Entity agencies; • Development of the information exchange and statistical service; • Development of the legislation and the supervisory practices: • Development of the legislation, • Development of the arbitration functions of the IABiH, • Development of the reporting function of the IABiH, • Development of the function of the IABiH related to the insurance of export credits. • Motor Third Party Liability Insurance and interaction with the Green Card Bureau: • General Issues of MTPL insurance • Interaction with the Green Card Bureau

  6. Project’s Achievements: Training strategy • Mid- and long-term training strategy developed and implemented:

  7. Project’s Achievements: Training strategy

  8. Project’s Achievements: Laws and bylaws drafting-1

  9. Project’s Achievements: Laws and bylaws drafting-2

  10. Project’s Achievements: Advice Statistical Service • Extensive analysis of activity of gathering of statistical information - conclusions, proposals and recommendations made. • Proposed functional tool for pooling information from entity agencies for the purposes of State level aggregation of data: • Output tables • Input tables • Links to the existing statistical tables of the Entity agencies The tool is customised and ready to use without further investment. • Risk matrix prepared to aid the analysis of the financial reports and risk based supervision: • assessment of the probability or risk of an insurer’s failure, and • the impact of such a failure on supervision authority achieving its statutory objectives (i.e. protecting the interest of customers and market stability). The tool is customised and ready to use without further investment.

  11. Project’s Achievements: Advice in other areas

  12. Other Results • Establishment of effective cooperation between the IABiH and the Green Card Bureau of BiH • Three workshops held for establishing contact and pattern of work in pursuit of common goals; • Operative agreement reached on draft protocol on cooperation and exchange of information.

  13. Participants in the activities • 152 experts from Bosnia and Herzegovina • 11 from IABiH; • 14 from ISAFBiH; • 18 from IARS, • 38 from other government institutions in BiH, • 62 from non-government institutions and insurance companies, • 9 journalists. • 16 guests from other countries (Albania, Bulgaria, Croatia, Macedonia, Montenegro, Romania, Serbia, Services of the European Union).

  14. Expertise involved from MS partner • 539 working days • 35 EU MS experts in Sarajevo and Banja Luka • 29 experts from the BFSC, • 2 experts from the Bulgarian Export Insurance Agency, • 1 expert from the Bulgarian National Bank, • 1 expert from the Bulgarian Ministry of Finance, • 1 expert from the Insurance Supervisor of Romania and • 1 expert from the Insurance Supervisor of Slovenia.

  15. Conclusion Project results are an important step towards the preparation of the beneficiary country for the negotiation process to EU accession

  16. Conclusion Project provided: • Full database of documents to enable harmonisation of the BiH legislation with the requirements that are to be expected in the process of accession to the EU; • Comprehensive database of reference materials enabling upgrade of capacity of the beneficiary agencies. • The overall effect of the project deliverables can lead to: • Creation better business environment • Integrity of the market and supervision thereof; • Smooth accession of BiH insurance sector to the Common EU Market of services. • Increased competition, protection of customers and better conditions for foreign investments in Bosnia and Herzegovina.

  17. Conclusion Project contributed to: • enhance cooperation with international and domestic stakeholders; • skills, knowledge and contacts development which can enable independent development of the State and Entity Insurance agencies both • in their ongoing activities and • in the upcoming process of accession to the EU.

  18. “EU Support for Sustainable Capacity Building of the Insurance Agency of Bosnia and Herzegovina and the FBiH and RS Insurance Supervisory Agencies” Twinning project BA 07 IB FI 01 Thank you for your attention!

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