The EU funded Twinning project “Support to the Insurance Agency of BiH” was launched at a press conference in Sarajevo on 31 March 2008. In the following nine months, the 250,000 € Twinning Light Project will be implemented in partnership with the Bulgarian Financial Supervision Commission (FSI).
With an overall objective to stimulate the development of a single insurance market in BiH, this project also aims at ensuring efficient and transparent insurance regulation, monitoring and coordination, arbitration, transparent information sharing and reporting.
In his address, H.E. Ambassador Dimitris Kourkoulas, Head of the European Commission Delegation to BiH, explained the benefits of Twinning as an instrument used in context of EU assistance. In that regard, he pointed out that “this partnership between the administration of a member state and administration of a candidate country or a potential candidate country also helps to build long-term relationships between the old, new and future EU member states”.
In the light of the Twinning project with Bulgarian partners, Ambassador Kourkoulas reminded participants that since its establishment in 2006, the BiH Insurance Agency contributed to overcome the fragmentation of the market and the current objective was to reinforce and strengthen the Agency. Ambassador Kourkoulas said that up-to date the EU assistance in insurance sector amounted to 2.75 Million Euro, while additional 800,000€ was planned under IPA 2007.
Ambassador of Bulgaria to BiH, H.E. Mr Andrej Transki expressed his hope that experience of Bulgarian Insurance Supervision Commission would be useful to their BiH colleagues and said: “I am convinced that it will be skilfully implemented in BiH to help move this country closer to the European Union.”
Director of the BiH Insurance Agency, Mr. Samir Omerhodžić gave a brief overview of the institutional framework of the insurance sector, and presented current results and future activities of the Agency. He reminded that one of the priorities under the European Partnership document was the creation of a single economic space in Bosnia and Herzegovina, where the insurance sector was vital part of that process. In that regard, Mr. Omerhodžić expressed his satisfaction that the European Commission had recognised notable progress in the insurance sector, at the last Reform Process Monitoring (RPM) session.“I express my sincere hope that this and forthcoming projects will contribute largely to the necessary harmonisation of the insurance market in BiH in the context of the possible signing of the Stabilisation and Association Agreement with the EU.” concluded Mr. Omerhodžić.
Chairman of FSI Bulgaria, Mr. Apostol Apostolov, expressed his hope for a successful cooperation with BiH colleagues and his willingness to provide BiH experts with extensive Bulgarian experience during the project in order to open insurance market of BiH. His deputy, Ms Ralitsa Agayn – Guri announced the participation of the most experienced Bulgarian lawyer in the Twinning project, previously involved in drafting of the entire Bulgarian legislation in insurance sector.
