The global financial and economic crisis (2007–2009) clearly showed how disruptions in the financial system can cause serious negative consequences for the financial system and for the economy in general. It also showed that, in order to maintain a sound and stable financial sector, in addition to maintaining monetary stability and the supervision of individual banks and other financial institutions, a separate set of policies is needed that ensures a systemic approach to monitoring risks in the financial sector. This set of policies is known as macroprudential policy. Its aim is to help prevent and reduce systemic risk and strengthen the resilience of financial institutions to shocks, thereby contributing to the maintenance of financial stability.
On August 9, 2022, the Law on Financial Stability entered into force, establishing the legal framework for the implementation of the macroprudential policy of the Insurance Supervision Agency with respect to the insurance sector. The Insurance Supervision Agency is responsible for achieving and maintaining financial stability by implementing macroprudential policy and taking macroprudential measures toward the insurance market institutions to which it has issued a license.
In accordance with the Law on Financial Stability, every competent regulator of the financial system is obliged to monitor and identify systemic risks, determine macroprudential instruments and take macroprudential measures for the segment of the financial system within its competence. Mutual cooperation and coordination of the activities of the competent regulators is carried out through the Financial Stability Committee.
In implementing macroprudential policy, the Insurance Supervision Agency participates in the work of the Financial Stability Committee and the relevant subcommittees.
Macroprudential measures determine the level of macroprudential instruments in order to prevent, reduce or eliminate systemic risks in individual segments of the financial system or in the financial system as a whole. In accordance with the law, the macroprudential measures of the Insurance Supervision Agency are analyzed through defined macroprudential indicators, on which the Agency will regularly inform the public starting in April 2024.
FINANCIAL STABILITY INDICATORS FOR THE INSURANCE MARKET, 2023
FINANCIAL STABILITY INDICATORS FOR THE INSURANCE MARKET IN 2024
FINANCIAL STABILITY INDICATORS FOR THE INSURANCE MARKET, 2025