MONTENEGRO: Memorandum signed between the insurance supervision agencies of Montenegro and Austria

30 June 2022 —
Insurance Supervision Agency of Montenegro and the Austrian Financial Markets Regulatory Authority (FMA) signed a memorandum, the agency said on its website.

"The signed memorandum is just an upgrade of a very good basis for cooperation that we already had through the previous agreement with the Austrian FMA. The memorandum additionally creates preconditions for exchange of best practices, as well as more frequent communication and cooperation with one of the most respectable insurance market regulators in Europe. The fact that it is a regulator from Austria is especially important to Montenegro, considering that in the total share capital of Montenegrin insurance companies, capital from Austria participates with 52%, and that five out of nine Montenegrin insurers have a parent company based in Austria", pointed out Uros ANDRIJASEVIC, President of the agency Council.

The memorandum defines in more detail the cooperation based on mutual trust and understanding in the field of supervision of insurance companies on the principles and procedures of the best European and international practice. Among other things, the Memorandum defines joint direct and indirect supervision of insurance companies in Montenegro and Austria, exchange of practices related to supervision and management of insurance products, technical cooperation, especially in IT system supervision, research, and analysis of insurance market data, as well as cooperation in the field of prevention of money laundering and terrorist financing, limited to the scope of competences and responsibilities of the two regulators.

The exchange of signed memorandum was organized within the Global Seminar of the International Association of Insurance Supervisors (IAIS), held in Dubrovnik.