Superintendent of Insurance: Mrs Victoria Natar
The Superintendent of Insurance is the competent authority of the insurance sector in the Republic of Cyprus and exercises all the powers granted to him by the Law on Insurance and Reinsurance Services and Other Related Issues of 2016 [Law 38(I) 2016] and by the relevant Regulations, for the purpose of protecting the policyholders and the insurance beneficiaries.
The said legislation regulates the issues relating to the taking-up, pursuit and supervision of insurance and reinsurance services and the taking-up, pursuit and supervision of insurance mediation services and other related issues.
The Superintendent of Insurance is the head of the Insurance Companies Control Service (the Service) which at all times acts on behalf of and by order of the Superintendent of Insurance.
Within the framework of its responsibilities, the Service examines applications submitted by undertakings for the issue of their licence as insurers or reinsurers, examines and analyses the insurance or reinsurance undertakings' financial statements and their system of governance in order to establish their solvency and their ability to meet their obligations and generally establishes that they operate on sound insurance principles.
Moreover, the Service examines applications and issues licenses for the registration of insurance intermediaries in the relevant Registers of the Service which are the following: Register of Insurance Agents, Register of Insurance Brokers, Register of Insurance Sub-Agents, Register of Insurance Advisors and Register of Tied-Insurance Advisors.