"Gradual and timely alignment with EU regulations in insurance is the best way to meet the standards and requirements of the new Solvency II regulatory regime", as was emphasized at the meeting of the leadership of the Insurance Supervisory Agency (ANO) and the Austrian Financial Services Supervisory Agency (FMA).

The meeting was held in Budva. During the meeting, the participants exchanged their opinions on business indicators of the two insurance markets, with a special emphasis on the business of companies with Austrian capital in Montenegro, ANO reports.

It was agreed to develop further cooperation, primarily in joint supervisory activities as well as exchange best practices and experiences in insurance supervision.

Cooperation with the Austrian insurance regulator is particularly important since 5 out of 9 companies operating on the Montenegrin market are part of Austrian insurance groups, and 77% of GWP in life insurance are generated by 3 companies with capital from Austria.

The Insurance Supervisory Agency was also the organizer of the 21st meeting of the CESEE initiative in the field of insurance. This initiative brings together insurance regulators from Central, Eastern and Southeastern Europe, and the meeting was also held in Budva and was attended by about 50 participants from 14 European countries.

The Montenegrin delegation moderated the meeting segment about unit linked insurance.

The CESEE initiative in the field of insurance is a traditional gathering of insurance supervisors from Central, Eastern and Southeastern Europe, held twice a year.