Within the framework of the project "Support to the Regulation of Financial Services in Montenegro", experts from the Financial Supervisory Authority of Germany (BaFin) carried out an expert mission aimed at further improving the insurance supervision system in Montenegro, the Insurance Supervision Agency said.

Through the exchange of European experiences and EU best regulatory practices, BaFin experts provided significant support to the Insurance Supervision Agency (ANO) in strengthening risk-based supervision, in line with the Solvency II framework. This modern regulatory approach enables a more efficient assessment of the risks to which insurance companies are exposed, an overview of the scope and potential impact of these risks, an assessment of the quality of risk management, as well as the adequacy of the capital that companies have to cover their liabilities.

Cooperation with BaFin experts represents an important step towards modernizing the regulatory framework, strengthening the stability of the insurance sector and further harmonizing Montenegro with European standards of financial supervision.