ANNEX II OF THE CIMA TREATY

MISSIONS AND STATUTES OF THE NATIONAL INSURANCE DIRECTORS

1) GENERAL POWERS

The National Insurance Departments, organized by the Member States, act as intermediaries for the Commission's action in the Member States.

They provide in particular in the Member States :
  • promotion of the insurance sector;

  • safeguarding the interests of policyholders and beneficiaries of insurance and capitalization contracts;

  • protection of savings held by insurance companies in return for technical provisions;

  • the role of expert and immediate adviser in matters of insurance with national authorities;

  • general supervision of the insurance market.

They communicate to the Commission all the information on the state of the companies and the development of the market so that the latter is able to take the appropriate decisions.

2) SPECIFIC ATTRIBUTIONS

The National Insurance Departments ensure compliance with the application of regulations: application of single legislation, study of insurance contracts intended for the public, visa.

They can monitor the progress of disputes arising on the market between insurers on the one hand and between insurers, policyholders and beneficiaries of contracts on the other hand.

They shall communicate to the Commission the results of the technical checks which they carry out. They collect the necessary data: statistics, assessment, studies, surveys.

They carry out a pre-study of accreditation request files.

They can manage the insurance contracts taken out by the State and ensure the correct drafting of their clauses.

They authorize the exercise of the profession of intermediary and ensure compliance with the professional qualification and solvency rules which apply to this profession.

They exercise control over the technical experts who assist in the assessment of claims and the proper performance of contracts.

3) SPECIAL STATUS OF INSPECTORS AND CONTROLLERS

Member States are recommended to define in due time a special statute for insurance inspectors and supervisors whose powers have been listed above..