Official Gazette of the Republic of Srpska Number 87/15 UNOFFICIAL TRANSLATION RULEBOOK
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1 Official Gazette of the Republic of Srpska Number 87/15 UNOFFICIAL TRANSLATION Pursuant to Article 6 Paragraph 3 Item 1, Article 7 Paragraph 2 Item 7 and Article 9 Paragraph 1 Item 2 of the Law on Insurance Companies ("Official Gazette of the Republic of Srpska" number 17/05, 01/06 and 64/06), Articles 20 and 21 of the Law on Mediation in Insurance ("Official Gazette of the Republic of Srpska" number 17/05, 01/06 and 64/06) and Article 16 Paragraph 1 Item 2 of the Statute of the Insurance Agency of the Republic of Srpska ("Official Gazette of the Republic of Srpska " number 30/06), the Board of Directors of the Insurance Agency of the Republic of Srpska, at a meeting held on 27 December 2007, the following was brought: RULEBOOK ON THE SUPERVISION OF THE PARTICIPANTS IN THE INSURANCE MARKET I GENERAL PROVISIONS Article 1 (1) By this Rulebook, the basic competencies of the Insurane Agency of the Republic of Srpska (hereinafter: Agency) are prescribed more closely in the supervision procedure, implementation and responsibility in the supervision procedure, work direction and improvement of the insurance companies and other participants in the insurance market. (2) The main goal of this Rulebook is to establish general criteria for implementation of the legal competencies and responsibilities of the Agency in making decisions and resolutions, issuing orders and pronouncing measures depending on the type of violation, general evaluations of the quality and legality of the business of the insurance companies and others participants in the insurance market. Article 2 For the purposes of this Rulebook, participants in the insurance market shall be: a) insurance companies; b) mutual insurance companies; c) insurance agents; d) insurance representing companies; e) insurance brokers; f) brokerage insurance companies; g) insurance company subsidiaries from the Federation of BiH in the Republic of Srpska; h) company subsidiaries whose headquarters are outside of Bosnia and Herzegovina; i) the Protective Fund of the Republic of Srpska; j) authorized actuaries. Article 3 (1) Supervision for the purposes of this Rulebook, implies supervision of the performing the activities of participants in the insurance market, and in particular with regard to: 1
2 a) implementation of laws and by-laws in the field of insurance and other regulations b) the application of the prescribed standards; c) keeping business books, financial and other reports; d) submitting and publishing reports and statements relating to the operations and activities of the participants in the insurance market referred to in Article 2 of this Rulebook (2) The Agency shall perform continuous supervision, regular and extraordinary controls. (3) The Agency shall also perform special controls in accordance with the Law on Insurance Companies. Article 4 1) Applying the principles of legality and maintaining the prescribed standards are primarily the responsibilities of the managing, administration and supervising authorities in the insurance companies and other participants in the insurance market and represent minimal condition for the successful and stable functioning of the companies and other participants in the insurance market. (2) Managing, administration and supervising authorities in insurance companies and other participants in the insurance market shall, in accordance with the law, other by-law provisions and decisions of the Agency, shall timely adopt and control the application of preventive measures and activities with a goal of maintenance and preventing the decline in business quality, as well as measures to overcome already incurred irregularities, in order to make the business of insurance company or other participants in the insurance market to be solid and in accordance with the regulations. Article 5 (1) Exercising supervision and measures to eliminate unlawfulness and / or irregularities established by the Agency aim to ensure a stable,solvent, liquid and profitable insurance system of the Republic of Srpska, which protects the interests of the insured and other holders of insurance rights. (2) Under irregularities in the meaning of this Rulebook, offenses, conditions and activities of the participants in the insurance market which represent unsustainable or excessively risky business, regardless of whether regulations are breached by it. Article 6 (1) To exercise the rights of the authorized persons of the Agency during the implementation of the supervision over the operations of the insurance company is the responsibility of the supervised director and when exercising control over the operations of other participants in the insurance market, the director or person designated by the statuteis responsible. (2) Members of the administration and employees of the insurance company or other participants in the insurance market are obliged to the persons authorized to supervise, that is control, provide statements and information about all the matters important for control performing. 2
3 II TYPES AND MODE OF SUPERVISION PERFORMANCE 1. Types of supervision Article 7 (1) Types of supervision are: a) continuous b) regular control, c) extraordinary control. (2) Continuous supervision shall be carried out by constant monitoring of operations and activities of the participants in the insurance market, studying the situation and trends in the insurance market and analysis of reports and other documentation that participants in insurance market are obliged to submit to the Agency or publicly announce. (3) Regular control shall be carried out in accordance with the Control Plan, which is annually brought by the Agency. (4) Extraordinary control shall be carried out on the basis of the knowledge of the Agency or upon the report of the Agency unsustainable, irregular or unlawful business or conduct of the participants in the insurance market. 2. Continuous supervision Article 8 (1) In the event of any illegalities and/or irregularities noted accordin to documentation referred to in Article 7 Paragraph 2of this Rulebook, an analysis shall be compiled, that is information, containing findings, opinion, proposal of measures, date ofanalysis preparation, name and surname and the signature of the employee who made the analysis. (2) The finding contains information about the supervised person, a detailed description of the facts in the subject of supervision, sources on the basis of which the facts have been established and other relevant information. (3) The opinion contains the legal qualification of the observed illegalities and/or irregularities in relation to a specific regulation, and depending on the subject of the supervision and theperson supervised. (4) The proposal of measures contains one or more cumulative or alternative supervisory measures proposed, and depending on the subject of supervision and the person supervised. Article 9 (1) The analysis referred to in Article 8 of this Rulebook shall be considered at a meeting of the College of Experts of the Agency. (2) Depending on the evaluation of findings and opinions, the College of Experts may propose to the Director of the Agency that: a) adopt an analysis without taking supervisory measures, with justification of such conclusion; b) propose one or more proposed control measures, and depending on subject of supervision and persons supervised; c) initiate extraordinary control; d) make a conclusion requiring the completion of the finding, in order to completely determine the factual situation; 3
4 e) establish a different legal qualification of the observed illegalities and/or irregularities on the basis of which it can pronounce one or more supervision measures, regardless of the proposed measures; f) finds that in the analyzed case there are no illegalities and/or irregularities; g) introduce the analysis to the Agancy Board of Directors. (3) The proposals of the College of Experts referred to in Paragraph 2. of this Article may be given individually or cumulatively. (4) Data on the conclusions or measures proposed by the College of Experts, as well as on the undertaken measures by the Agency Director, are included in the analysis, in the form of an official note containing the number and date of the considered analysis, the date and the number of the meeting of the College of Experts on which the analysis is considered, data from Paragraph 2. of this Article, name and surname and signature of the service head in which the analysis is made. 3. Regular and extraordinary control Article 10 (1) Regular control shall be initiated and implemented in accordance with the Control Plan. (2) Extraordinary control shall be initiated on the basis of an analysis or information on possible violation of laws and other regulations. (3) The subject of extraordinary control shall be determined by the Agency Director. Article 11 The decision to initiate control must include: a) control subject, which must be specifically determined; b) information about the authorized persons who will perform the control; c) the deadline for the preparation of control record, which can not be longer than 20 days from the end of the control. Article 12 (1) The decision on initiatingcontrol to a supervised person shall be handed at least eight days before the start of the business review. (2) Notwithstanding the provision of Paragraph 1 of this Article, an authorized person of the Agency may hand a decision to initiate control only when the business review begins, if it was not possible otherwise to achieve the intent of the individual supervision. (3) The decision on initiating control must include legal instruction on the legal consequences that may arise if the supervised person does not act in accordance with the decision on initiating control, or if it would not be enabled the conduct of business review to an authorized person, in the 4
5 manner prescribed by the regulations and decision. (4) During the conduct of a control or a review of a business, there may be asupplement of the business reviewsubject. To request supplement shall apply in an appropriate manner the provisions of Article 11 Paragraph 1 Item a) of this Rulebook and Paragraph 3 of this Article. Article 13 In the implementation of control, and for the purpose of applying the rights and authorizatons established by the provisions of Article 7, Paragraph 2, Items 1 and 2 of the Law on Insurance Companies: a) the authorized persons of the Agency have the right to control of all insurance company business books and documents, as well as other records including those that are kept electronically, with or without prior notice to the insurance company; b) The Agency has the right to engage other authorized persons to carry out the review of the insurance company books and documents. Article 14 The control record must include: a) data on the supervised person; b) base for initiating a control procedure; c) control subject; d) dataon the authorized persons of the Agency who have performed the control; e) the period in which the control took place; f) a finding containing data referred to in Article 8, Paragraph 2 of this Rulebook; g) an opinion, which contains data referred to in Article 8, Paragraph 3 of this Rulebook; h) the instruction on remedies referred to in Article 17 of this Rulebook. Article 15 (1) Authorized persons who have exercised control shall be obliged to make and sign a record in three copies. (2) The control record shall be submitted to the Director of the Agency for inspection, and the proposal of the measures shall be submitted to the Director of the Agency for approval. (3) To the proposal of the measures based on control, shall accordingly apply the provisions of Article 8 Paragraph 4 of this Rulebook and Article 9, Paragraphs 2 and 3 of this Rulebook. Article 16 (1) A copy of the record shall be submitted to the supervised person within three days from the date of making the record. 5
6 (2) For legal entities referred to in Article 2 of this Rulebook, the content of the record is introduced to the members of the Board of Directors, Board of Executive Directors and Supervisory Board, about which the certificate is submitted to the Agency within eight days from the receipt of the record. Article 17 (1) The supervised person has the right to object to the record of the performed control. (2) Objections shall be submitted to the Agency within eight days from the date of receipt of the record. (3) The submitted objections shall not delay the execution of the decision on the imposition of the control measures. (4) If the supervised person does not file objections within the prescribed time limit, it is considered to be complied with the finding and opinion ascertained in the submitted record. Article 18 If the supervised person, within the deadline referred to in Article 17, Paragraph 2 of this Rulebook, by hisobjections disagrees with the finding from the record of the performed control, on the basis of which it is unequivocal that it did not act contrary to regulations or in a way that endangers the interests of the insured or other beneficiaries of the rights from the insurance, the Director of the Agency may: a) make a conclusion requiring the completion of the finding, in order to determine the factual situation; b) establish a different legal qualification of the observed illegalities and/or irregularities; c) find that there is no presence ofillegalities and/or irregularities in a supervised operation or activity. III MEASURES OF SUPERVISION Article 19 When the Agency is in the business and activities of the participants in the insurance market violates the provisions of laws, other regulations, standards and conditions established by work permit, the Agency may: a) towards the insurance company and the responsible persons in the company or towardsto other participant in the insurance market and to his responsible person apply one or more measures prescribed; b) set certain restrictions or requirements and order appropriate activities to prevent further deterioration; c) propose certain improvements in order to improve business. 6
7 Article 20 (1) The supervision measures of the insurance company are as follows: a) a decision to remove illegalities and/or irregularity; b) determining additional measures; c) placing funds of the insurance company under trusteeship; d) refund or additional / special reports or opinions to an independent auditor or an authorized actuary in an insurance company; e) the prohibition of investment and the prohibition of free disposal in whole or in part of the insurance company assets, or the possessions of the insurance company; f) measures against persons in a significant position; g) issuing a penalty charge notice or submitting a request for initiation of the infringement procedure; h) measures of reorganization, improvement of organization or internal control; i) revocation of the license; j) special liquidation and liquidation of the insurance company; k) deciding on the reasons for the bankruptcy of the insurance company; l) filing criminal charges against the responsible person in the insurance company, or m) other measures prescribed by law and acts of the Agency. (2) Measures shall be applied accordingly to the mutual insurance, as same as to the insurance company. Article 21 Measures of supervision over other participants in the insurance market are as follows: a) a decision to eliminate illegalities and/or irregularities; b) determining additional measures; c) an order to an authorized actuary to supplement the report or to compile additional/special report; d) warning measure of the authorized actuary; e) withdrawal of the title of the authorized actuary; f) termination of the decision on registration in the insurance agent's register; g) cancellation of the decision on registration in the insurance broker register; h) issuing a penalty charge notice or submitting a request for initiation of the infringement procedure; i) filing criminal charges against the responsible person in the insurance agency and brokerage insurance company, against intermediaries and agents, an independent auditor or an authorized actuary, or j) other measures prescribed by law and acts of the Agency. 7
8 Article 22 The Agency conducts supervision over other persons who, without the permission of the Agency perform activities or jobs of: A) insurance or B) insurance mediation. Article 23 (1) If the Agency, according to the data at its disposal, determines that some person carries out insurance activities, that is, mediation in insurance without a license of the Agency for the performance of the above affairs, shall order to that person to terminate the performance of the said tasks and may take other measures provided for bythe law and acts of the Agency (2) In the case referred to in Paragraph 1 of this Article, the authorized persons of the Agency may previously view business books and other documentation and collect evidence, in order to determine whether the person performs the insurance business, that is, insurance mediation. Article 24 (1) The Agency, in the implementation of the provisions of this Rulebook, after supervising and determining the factual situation, issuing guidelines, commands, orders, requests, requires measures (hereinafter: Acts) and delivers them to the persons they refer to. (2) The acts of the Agency referred to in Paragraph 1 of this Article shall contain: a) operational limitations covered by supervision; b) individual orders to the members of the authorities and to the responsible persons in the insurance company or with another participant; c) limits for the duration of the restriction, the period of execution of orders, commands, requests and other acts; d) the forms, content and deadlines for the delivery of special reports. (3) The acts of the Agency shall constitute an official secret in accordance with the law. Article 25 The Agency shall issue the acts referred to in Article 24 of this Rulebook in the form of conclusions or decisions, which is final and against which that person is entitled to initiate an administrative dispute at the competent court. Article 26 When imposing measures, the Agency shall impose those measures which are the most appropriate and most suitable for achieving regulatory goals, paying attention to the severity and frequency of the committed illegalities and/or irregularities of foreign insurance companies or other participants in the insurance market. 8
9 Article 27 (1) Insurance company or other participant in the insurance market, is obligatedthat within the deadline specified in the Act of the Agency, eliminate the identified illegalities and/or irregularities and submit to the Agency a report on the implementation of the measures imposed. (2) Documents and other evidenceon removing identified irregularities and/or irregularities shall be attached to the report referred to in Paragraph 1 of this Article. (3) The Agency may, on the basis of the report referred to in Paragraph 1 of this Article, recontrol the business of the insurance company or other participant in the insurance market, to the extent necessary to determine if the illegalities and/or irregularities are eliminated. (4) If the report on the implementation of the measures for elimination of illegalities and/or irregularities are incomplete, the Agency may order to the insurance company orother participant in the insurance market, to supplement the report and to set a new deadline for a submission. (5) In the event that, based on the report referred to in Paragraphs 1 and 4 of this Article, is established that illegalities and/or irregularities are not eliminated, the Agency takes other measures, in accordance with the law. Article 28 (1) The Agency monitors the execution of the imposed measures within the set deadlines, and records it in its registers. (2) The Director of the Agency may prescribe more detailed instructions in relation to treatment of the records, formation ofthe cases and keeping registers on the supervision performed, measures taken and their execution. Article 29 For failure to act in accordance with the provisions of this Rulebook, the Agency is authorized to take all other measures in accordance with its legal authority to the insurance company and the responsible persons in the company or towards other participantsin the insurance market and its responsible person,. IV FINAL PROVISIONS Article 30 This Rulebook shall enter into force on the eighth day from the day of its publication in "Official Gazette of the Republic of Srpska". Number: UO-36/07 Date: 27 December 2007 Chairman of the Board of Directors Branka Bodroža 9
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