Hanfa’s Annual Report for 2022
The Croatian Financial Services Supervisory Agency (Hanfa) published its Annual Report for 2022.
After recovery in 2021, the economic growth of developed countries continued at comparatively lower rates in 2022. The war in Ukraine, the increase of inflation followed by a turn in the monetary policies of central banks along with an increase of interest rates, marked 2022 and significantly determined the supervisory activities of Hanfa along with its other regular activities.
Risks supervised entities were exposed to were analysed continuously during 2022, and supervisory activities were directed particularly to risk management systems, investment processes and valuation of investments as well as the process of distribution of financial products. Supervisory activities were also directed to the financial sector as a whole, testing its resistance to unlikely but plausible macroeconomic and financial shocks of systemic nature.
Within activities in the area of consumer protection, in 2022, Hanfa received a total of 166 complaints, 22 complaints fewer, or 11.7% less compared to 2021. Most complaints still related to the insurance area (101 complaints, or 61% of the total number of received complaints).
A total of 79 educational activities were carried out in 2022 and directly attended by more than 3,600 participants; indirectly, more than 2,200 persons attended them by means of watching the monthly online lectures of Hanfa via its YouTube channel.
In 2022, Hanfa implemented 225 licensing procedures. An educational programme and 12 examination sessions for testing knowledge and acquiring qualifications took place during the year. Since July 2022, exams for performing the distribution of insurance and/or reinsurance have been organised through the joint infrastructure of the Central State Office for the Development of the Digital Society. The exam has been taken via the e-građani system.
In 2022 Hanfa once again actively took part in the preparation of new laws and amendments to the existing laws aimed at harmonising the Croatian regulatory framework of the capital market to that of the EU. In 2022, the Hanfa Board adopted 96 ordinances in almost all areas of its competence, as well as one guideline and four official positions. The most significant legal regulation adopted in 2022, influencing the operation of all supervised entities by Hanfa, and in the preparation of which Hanfa took part, is the Act on the Introduction of the Euro as the Official Currency in the Republic of Croatia[1].
All the above-mentioned activities were carried out through 42 meetings of the Board, which adopted 1,030 decisions that regulated the sector of financial services or the operation of Hanfa itself.
More details and the Annual Report are available in Croatian here.
Note: *unaudited data as of 31 December 2022
