Report on the Legal Framework of the Insurance Sector in Serbia
The scope of this report – provided by IKRP i partneri d.o.o. Beograd (member of Rokas international network) – is to present the legal regime framework related to insurance in the Republic of Serbia, some of them follow below
REGULATION
- Insurance Law (Official gazette RS no 55/2004, 70/2004 61/2005, 61/2005, 85/2005, 101/2007, 63/2009, 107/2009 and 99/2011);
- Law on mandatory traffic insurance (Official gazette RS no 51/2009, 78/2011, 101/2011 and 93/2012);
- Law on road safety (Official gazette RS no 41/2009, 53/2010 and 101/2011);
- Law on National Bank of Serbia (Official gazette RS no 72/2003, 55/2004, 85/2005, 44/2010, 76/2012 and 106/2012);
- Law on consumer protection (Official gazette RS no 73/2010).
INSURANCE AND REINSURANCE COMPANIES, BRANCH OFFICES OF FOREIGN INSURANCE INSURANCE COMPANIES AND DIRECT PROVISION OF INSURANCE SERVICES, WHEN APPLICABLE
Insurance services in the Republic of Serbia may be provided by a locally incorporated company that has been granted operating licensed by the National Bank of Serbia (NBS). Exceptionally the persons and assets can be
insured with a foreign company in case of risks which can not be insured in Serbia and in cases prescribed by the Government. Local insurance companies are obliged to obtain reinsurance with local reinsures. The possibility of
reinsurance abroad exists in case an insurance company cannot cover the risk surplus locally.
Insurance companies may be set up as a joint stock companies or mutual insurance companies with the minimum share capital prescribed under the law. Reinsurance services on the other hand may be performed only by such joint
stock company that has obtained a licence for the performance of reinsurance activities.
The registration of insurance companies is performed with the Companies registry held with the Business Registers Agency.
According to the law, foreign insurance/reinsurance service providers shall become entitled to provide their services locally through their branch offices upon expiration of 5 year as of Serbia joining the WTO (World Trade Organisation)
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