The two Captains Regent jointly exercise the functions of Head of State according to the principle of collegiality. They represent the State and are the guarantors of the constitutional order of the Republic of San Marino, as they supervise the functioning of state institutions and the conformity of their action with the constitutional principles and with the legislation in force. In that context, the Captains Regent promulgate all acts having the force of law and regulations adopted by the Parliament (Great and General Council) and the Government (Congress of State). They may enact Decrees falling under their competence (Regency Decrees) having non-regulatory value, but rather a declarative nature. Together with the functions of Heads of State, they jointly preside over the Great and General Council, without the right to vote, and coordinate the meetings of the Congress of State. Moreover, they preside over the Judicial Council (self-government body of the Judiciary) and the Conference of the Heads fo the Township Councils (rappresentatives of local authorities).

They take office on 1 April and 1 October of each year. They are elected by the Great and General Council from among citizens by origin above twenty-five years of age, by an absolute majority and a secret ballot. During their six-month term of office, they have the right to be addressed as “His/Her Excellency” and are authorized to wear the insignia of Grand Master of the Order of San Marino.