Τhe Insurance Companies Control Service (SI) is responsible for the supervision of the operations of insurance undertakings and the implementation of the Insurance Services and other Related Issues Laws of 2002-2011 and the Insurance Services and other Related Issues Regulations of 2002-2009. The said Law and Regulations regulate the way insurance undertakings carry out their business and determine the way supervision is to be exercised.
Within the framework of its responsibilities, the Service examines applications submitted by undertakings for the issue of their licence as insurers, examines and analyses the insurance undertakings’ financial statements in order to establish their solvency and their ability to pay their debts, supervises insurance undertakings’ investments in approved assets and generally establishes that insurance undertakings operate on sound insurance principles. Moreover, the Service examines applications for the registration of insurance intermediaries, i.e insurance agents, insurance brokers, insurance sub-agents, insurance advisors and tied-insurance advisors.
All the powers of the Insurance Services and other Related Issues Law are conferred upon the Superintendent of Insurance who is assisted by two Assistant Superintendents of Insurance. The Superintendent and the Assistant Superintendents of Insurance are public officers appointed by the Council of Ministers, according to Section 4 of the above mentioned Law.