The Insurance Agency of Bosnia and Herzegovina was established in 2004 under the Law on the Insurance Agency of Bosnia and Herzegovina (BiH Official Gazette, 12/04).

The Agency is an independent organisation reporting to the Council of Ministers of Bosnia and Herzegovina.

The Headquarter of the Agency is in Sarajevo.

The purpose of the Law on the Insurance Agency of Bosnia and Herzegovina is to provide that the Agency, by adhering to its general principles and goals, ensures:

• uniform implementation of the insurance law between the Entities, a smooth and efficient cooperation between the FBiH and RS Entity insurance supervisory agencies, and an equal and just implementation of the Entity laws;

• full reconciliation of the Entity insurance legislations to provide equal and just treatment of all insurance organizations in both Entities and the District of Brčko of Bosnia and Herzegovina and to provide equal legal protection to the insurers and the claimants on the territory of Bosnia and Herzegovina;

• that the insurance legislation in Bosnia and Herzegovina is and remains reconciled with the corresponding insurance-related European Union legislation;

• coordinated representation of Bosnia and Herzegovina in organizations dealing with insurance at the international level and to ensure continuous cooperation therewith;

• continuous cooperation with the Entity and the District of Brčko insurance supervision agencies in order to resolve litigations between the supervisory agencies related to uniform interpretation of the insurance legislation at the Entity and the District of Brčko levels by issuing written declarations and opinions. These written declarations and opinions will ensure uniform implementation of the insurance legislation;

• The Agency provides and maintains all relevant data about the insurance market in Bosnia and Herzegovina.

The Insurance Agency of Bosnia and Herzegovina is headed by the Director, while the Agency is managed by the Management Board.

Independent internal organization units of the Agency are:

• Department of Harmonisation of Legislation, Arbitration, Legal, Personnel and General Affairs;

• Department of International Cooperation, Finance, Statistics and Actuarial Activities.