COUNTRY UPDATE – Serbia: Insurance 2024
(Contribution by Suzana Pavlovic, Jelena Pejovic and Mirjana Mladenovic Paripovic, Attorneys at Law in Rokas Belgrade, published in Thomson Reuters, Regulatory Intelligence, Country update – Serbia: Insurance, Oct 2024)
In Serbia, the insurance sector is regulated primarily by the Law on Contracts and Torts and the Insurance Law. These laws govern both life and property insurance, establishing rules for insurance contracts, including the rights and obligations of insurers and insured parties. The Law on Contracts and Torts outlines key aspects like contract formation, the responsibilities of insurance agents, and obligations such as disclosure, premium payments, and notification of risk changes. It also regulates specific insurance categories, including property insurance (covering damages to assets) and personal insurance (such as life insurance, which provides financial protection for individuals without necessarily compensating damages). The laws also address issues like over-insurance, sub-insurance, and exclusions of risk.
“INTRODUCTION
In the modern business environment insurance plays a vital role in ensuring stability and security, providing essential financial
protection not only for individuals but also for companies, their businesses and assets. This article offers a comprehensive analysis of
the main legal sources governing the insurance sector in the Republic of Serbia, highlighting the most significant provisions of these
regulations and providing key insights for understanding the insurance market in the Republic of Serbia. ”
Read the full chapter here: [pdf]