System of governance in insurance companies according to the Insurance act from 2015 in the Republic of Croatia


The Croatian Parliament has adopted the Insurance Act on 6 March 2015 which is harmonized with provisions of the Solvency II Directive, the Omnibus II Directive and the Delegated Regulation (EU) 2015/35. The Insurance Act has introduced a new system of governance in insurance companies and definedthe qualitative requirements for theestablishment of an efficientgovernance system. It has introduced key functions of the system of governance (risk management function, compliance function, internal audit function and actuarial function), implementation of the own risk and solvency assessment and supervision of insurance companies. The system of governance is based on the future business performance of a companyandonrisks.A insurance company forms the system of governance inaccordance with the nature, scope and complexityof its business activities.

Jurić Dionis