REZIME

Posljednjih godina sektor osiguranja u Bosni i Hercegovini (BiH) raste ali ostaje sitan. Krajem 2013. ukupna imovina osiguravajućih kompanija iznosila je 1.2 milijarde KM ili oko 5 posto imovine finansijskog sektora. Prodiranje osiguranja je nisko – oko 2.1 posto BDP, što rezultira velikim neosiguranim rizicima. Sektor je u 2013. sakupio 527 miliona KM u premijama, što je u odnosu na prethodnu godinu rast od 4.3 posto. Sektor neživotnih osiguranja iznosi preko 80 posto od premija osiguranja, uključujući oko dvije trećine od obavezne police osiguranja od opće odgovornosti prema trećim osobama (MTPL). Oko polovina imovine sektora osiguranja drži se u bankama.

Deset osiguravajućih kompanija, koje obuhvataju 40 posto tržišta ne-životnog osiguranja, imaju niske margine solventnosti i u bliskoj budućnosti mogu tražiti superviziju. Možda ne bi došlo do prave ocjene oporavka sektora pošto solventnost potrebnog kapitala ne obuhvata sve relevatne rizike. Iako likvidnost ne predstavlja veliki rizik s obzirom na visok udio bankarskih depozita u imovini, jedan broj osiguravatelja uveliko zavisi od nekretnina a imaju i ogromna potraživanja. Životno osiguranje je relativno novo i ima nisku stopu rizika.

MTPL osiguranje je i dalje pod pritiskom pošto sudionici na tržištu nisu uvijek popustljivi kad je riječ o zakonskoj tarifi. U nekim slučajevima zbog konkurentnosti je došlo do nedovoljnih premija za preuzete rizike. Sudionici na tržištu zaobilaze odredbe za tarife i provizije. Tehničke odredbe uveliko zavise od stava imenovanih aktuara koji rade za kompanije pošto se za odredbe ne zahtijevaju spoljne aktuarske revizije. Aktuarske revizije se provode ali su potrebne nezavisne revizije tehničkih odredbi.

Odredbe osiguranja su se poboljšale u oba entiteta ali nivo usklađenosti između entiteta i sa smjernicama EU još je nedovoljan. Očekuje se da će Osiguravajuća agencija Bosne i Hercegovine (BiH-IA) potaknuti usklađenost odredbi na nivou entiteta u okviru BiH kao i sa smjernicama osiguranja EU. Iako u entitetima nema značajnih razlika u glavnim zakonima za reguliranje aktivnosti osiguranja - Zakon o osiguranju, Zakon o ugovoru, Zakon o posredništvu i MTPL zakon - bilo je povremenih razlika u pravnom okviru pošto je više puta došlo do amandmana. Postojeće različitosti i njihov uticaj na efikasnost i odlučnost supervizije ogledaju se u ovoj procjeni.

Od FSAP-a 2006., svaka agencija za nadzor je pokazala izvjestan napredak. Raniji FSP je pokazao da Agencija za superviziju osiguranja u Republici Srpskoj (RS-ISA) nije operativna. Međutim, otad je postignut napredak vrijedan pohvale: broj osoblja je udvostručen i zapošljava profesionalce sa pravnim i aktuarskim iskustvom; a djeluju i operativni procesi i interne kontrole, kao i priručnici za nadzor i inspekciju. Tako je RS-ISA u poziciji da nadgleda tržište. FBIH-ISA je preuzela funkciju stare Agencije osiguranja (ISA). Iako je FBIH-ISA naslijedila znatan broj iskusnog osoblja, problemi ostavštine omeli su svježu smjenu u novoj agenciji. Stoga je i napredak FBiH-ISA dosta ograničen.

Iako djeluju operativni procesi i interne kontrole, nedostaju priručnici za superviziju i inspekciju te se supervizija uveliko oslanja na nekolicinu iskusnih radnika.

EXECUTIVE SUMMARY

The insurance sector in Bosnia and Herzegovina (BiH) has been growing in recent years but remains small. The total assets of the insurance companies stood at KM 1.2 billion, or about 5 percent of the financial sector assets as of end-2013. Insurance penetration is low at about 2.1 percent of GDP, resulting in vast uninsured risks. The sector collected KM 527 million in premiums in 2013, a 4.3 percent increase from a year earlier. The nonlife insurance sector collects over 80 percent of the insurance premium, including about two-thirds from the mandatory Motor Third Party liability insurance (MTPL). About half of insurance sector assets are held in bank deposits.

Ten insurance companies, accounting for 40 percent of the nonlife market, have low solvency margins and may require supervisory action in the near future. The sector’s resilience could be understated since the Solvency I capital requirements do not incorporate all the relevant risks. While liquidity is not a major risk given the high share of bank deposits in assets, a few insurers are heavily exposed to real estate and hold large amounts of receivables. Life insurance is relatively new and has low interest rate risk.

MTPL insurance remains under pressure as market participants are not always compliant with the statutory tariff. In some cases, competition has led to insufficient premiums for the risks assumed. Market participants are bypassing regulations for tariffs and commissions. Technical provisions depend heavily on the views of appointed actuaries working for the companies while the regulations do not call for external actuarial audits. Actuarial reviews are carried out but of independent reviews of technical provisions are necessary.

Insurance regulation has improved in both entities but the level of harmonization between entities and with the EU directives is still insufficient. It is expected that the Insurance Agency of Bosnia and Herzegovina (BiH-IA) will enhance the harmonization of entity-level regulations within BiH as well as with the EU insurance directives. While the main laws regulating insurance activities: the Insurance Law, Contract Law, the Law on Intermediaries and the MTPL law do not have significant disparities across the entities there have been occasional differences in the legal framework as the amendments have been carried out at different times. The existing disparities and their implications on the effectiveness and decisiveness of the supervision are reflected in this assessment.

Since the 2006 FSAP, each supervisory agency has shown some progress. The previous FSAP found the Insurance Supervision Agency in the Republika Srpska (RS-ISA) not operational. However, commendable progress has been achieved since then: the staff has been doubled and has a mix of professionals with legal and actuarial backgrounds; operational processes and internal controls, as well as supervisory and inspections manuals are in place. As a result, the RS-ISA is well positioned to supervise the market. The FBIH-ISA took over the function of the old Insurance Supervision agency (ISA). While the FBiH-ISA inherited a number of experienced staff, the legacy problems hindered a fresh turn-around for the new agency. Hence, the progress at the FBiH-ISA has been fairly limited.

While the operational processes and internal controls are in place, supervision and inspection manuals are missing and the supervision is heavily reliant on a few experienced staff know-how.

I pored napretka koji su postigle ISA, ostaju važni izazovi:

• Treba ažurirati promišljen okvir kad se liberaliziraju tarife MTPL, kad tržište raste ili postane kompleksnije. Sadašnji okvir koji prati Solventnost I nije rizično osjetljiv i kao takav nije pogodan za modernu superviziju. Liberalizacija tarifa će vjerovatno koristiti korisnicima. Ipak, da bi se izbjegla destabilizacija sektora, tarife treba liberalizirati samo kad se u okvir supervizije uključe rani sistemi upozorenja, testiranje stresa i solventnost na bazi rizika zajedno sa ljestvicom za intervencije koje bi mogle izazvati brze korektivne akcije.

• Hitno treba pojačati zaštitu korisnika i finansijsku pismenost. Obje agencije za superviziju bave se žalbama ali sa neodgovarajućim resursima. U RS je naimenovan ombudsmen za sektor osiguranja, ali ga nema u FBiH. Treba izdati i implementirati odredbu na osnovu standarda IAIS o zaštiti korisnika.

• Treba razviti nacionalnu strategiju da bi se u pitanjima osiguranja podigla opća finansijska pismenost. Ovaj napor zahtijevaće učešće svih sudionika i treba razmotriti da li BiH-IA treba preuzeti vođstvo u ovoj inicijativi.

• Treba da bude očuvana nezavisnost FBiH-ISA, kao i jača pravna zaštita osoblja u oba ISA. FBiH-ISA nema dovoljno osoblja da bi ispunila svoje obaveze. Sastanak menadžera se ne bazira na propisanim pravnim zahtjevima. Revizija Zakona o osiguranju je odložena a predloženi zakon MTPL je predočen BiH-IA bez FBiH-ISA ili uključenja MoF. Pravna zaštita je omogućena samo direktoru koji otpušta osoblje a troškovi pravne odbrane u obje ISA ne snose odgovarajuće ISA.

• Treba razviti grupnu superviziju i makrobonitetnu superviziju.

• U obje ISA nedostaju ključne nadzorne ovlasti. Nedostaje nadzorna ovlast da se uklone članovi nadzornog odbora u obje ISA. RS-ISA nema snagu da ispuni prazninu glasačkih prava kvalificiranih dioničara dobijenih bez njihovog odobrenja. Treba da se razjasni pravna snaga FBiH-ISA da imenuje privremenog administratora bez povlačenja licence osiguravatelja. Na kraju, u obje ISA nema ovlasti za smjenjivanje članova odbora.

Notwithstanding the progress made by the ISAs, important challenges remain:

• The prudential framework will need to be updated once the MTPL tariffs are liberalized, the market grows, or becomes more complex. The current framework that follows Solvency I is not risk sensitive and, as such, inappropriate for modern supervision. Liberalization of tariffs will likely benefit consumers. However, to avoid destabilizing the sector, the tariffs should only be liberalized after the supervisory framework includes early warning systems, stress testing and a risk-based solvency together with a ladder for interventions that could trigger prompt corrective actions.

• Consumer protection and financial literacy has to be urgently strengthened. Both supervisory agencies handle complaints but with inadequate resources. An Ombudsperson for the insurance sector is appointed in the RS, but there is none in the FBiH. Regulation should be issued and implemented based on the IAIS standards on consumer protection.

• A national strategy to raise overall financial literacy in insurance matters should be developed. This effort will require the participation of all stakeholders and consideration should be made on whether the BiH-IA should take the lead on this initiative.

• The independence of the FBiH-ISA needs to be safeguarded and the staff legal protection has to be strengthened in both ISAs. The FBIH-ISA is understaffed to discharge its obligations. The appointment of managers is not based on the prescribed legal requirements. The revision of the Insurance Law has been delayed and a proposed MTPL law was presented to the BiH-IA without the FBiH-ISA or the MoF involvement. The legal protection is provided only to the director leaving out the staff and the legal defense costs in both ISAs are not clearly to be met by the corresponding ISA.

• Group supervision and macroprudential supervision need to be developed.

• A few key supervisory powers are missing in both ISAs. The power to remove members of the supervisory board in both ISAs is missing. The RS-ISA lacks the power to enforce the voiding of voting rights of qualified shares acquired without its approval. The FBiH-ISA’s legal powers to appoint a temporary administrator without withdrawing the license of the insurer need to be clarified. Finally, the power to remove board members is absent in both ISAs.