The master's thesis examines the effectiveness of insurance supervision in Slovenia and Austria within the framework of the European regulatory system Solvency II. The main focus is on how organizational structure, available resources, and supervisory practices influence supervisory effectiveness. The aim of the research is to compare the operations of the Slovenian Insurance Supervision Agency and the Austrian supervisory authority, the Financial Market Authority, and to identify key differences as well as potential areas for improvement. The research is based on a comparative analysis, including a review of legislation, annual reports, and relevant academic and professional sources for the period 2020–2024. Descriptive, comparative, and analytical methods are applied to assess both the compliance of the two systems with Solvency II requirements and the effectiveness of their functioning. The results show that both supervisory systems are formally compliant with European regulations; however, they differ in practice. The Austrian supervisory authority demonstrates a higher level of organizational development, stronger digital support, and greater availability of resources, which enables more effective supervision. This confirms that greater human and financial resources have a positive impact on supervisory effectiveness, while the Slovenian system, despite its compliance, lags behind primarily in terms of implementation and process optimization. The thesis contributes to a better understanding of differences between national supervisory systems and offers concrete recommendations for improving supervisory effectiveness in Slovenia. The findings have practical implications for the development of regulation, the improvement of supervisory practices, and the strengthening of the stability of the insurance market.
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