Insurance

In its role of supervising the activities of insurance undertakings, the NBS strives to protect and strengthen the financial stability of the insurance market forming part of a modern, efficient and stable financial sector, with the aim of protecting the rights and interests of the insured and other insurance beneficiaries.

In the performance of its tasks, the NBS is authorised to issue and revoke a licence to carry on insurance activities, perform supervision of insurance activities and carry on other related activities.

Supervision means assessing: the legality of the conduct of insurance activities, the system of governance in the undertaking, market behaviour, investment activities, accounting and reporting, activities of managing bodies and abidance by the code of professional conduct in insurance and actuarial profession, sound business practices and business ethics.

It is our task to ensure that insurance undertakings are at all times financially able and ready to settle their obligations towards the insured, insurance beneficiaries and third damaged parties, and that the insurance producers are adequately prepared to meet the insurance needs of the citizens and business entities.