INSURANCE LAWPublished in the Službeni glasnik RS, Nos. 139/14 of 18 December 2014 and 44/21 of 29 April 2021
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Chapter I BASIC PROVISIONS
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Scope of the Law
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Insurance Business
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Insurance Company and Reinsurance Company
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Voluntary Basis
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Insurance Operations
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Coinsurance
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Reinsurance Operations
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Classes of Life Insurance
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Classes of Non-life Insurance
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Insurance Groups and Sub-groups
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Compulsory Traffic Insurance
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Voluntary Health Insurance
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Supervision of Insurance Business
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Administrative Procedure
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Protection of Rights and Interests of Insurance Service Beneficiaries
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Data Register
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Prohibition of the Use of the Term “Insurance/Reinsurance”
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Application of the Law Governing Companies and Other Laws
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Operating Principles
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Scope of the Law
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Chapter II INSURANCE COMPANY AND REINSURANCE COMPANY
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1. Common Provisions
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2. Joint Stock Insurance/Reinsurance Company
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3. Participation and Related Persons
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4. Qualified Participation
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5. Licence to Carry out Insurance Activities, Founding Meeting and Entry into Register
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1. Licence to Carry out Insurance Activities
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2. Founding Meeting
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3. Registration
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1. Licence to Carry out Insurance Activities
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6. Organisation and Management of Joint Stock Insurance Company
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Bodies of Joint Stock Insurance Company
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a) The Assembly
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b) Supervisory Board
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c) Executive Board
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Bodies of Joint Stock Insurance Company
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7. Other Provisions Relating to Joint Stock Insurance/Reinsurance Company
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8. Mutual Insurance Company
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9. Insurance Operations Carried out by an Insurance Company in a Foreign Country
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1. Common Provisions
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Chapter III INFORMATION FOR POLICYHOLDERS
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Information for Policyholders Prior to the Conclusion of an Insurance Contract
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Information for Policyholders during Validity Term of the Insurance Contract
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Contents of Notifications and Manner of Informing
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Information for Policyholders Prior to the Conclusion of an Insurance Contract
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Chapter IV INSURANCE BROKERAGE AND AGENCY ACTIVITIES
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1. Insurance Brokerage
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2. Insurance Agency
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3. Common Provisions
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1. Insurance Brokerage
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Chapter V FUNDS, LIABILITIES, CAPITAL AND OPERATION OF INSURANCE COMPANY
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1. Insurance Premium and Insurance Funds
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Insurance Premium
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Insurance Funds
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Technical Provisions
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Insurance Premium
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2. Capital Adequacy
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3. Investment of Insurance Funds
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4. Business Records, Financial Reporting and Liquidity Maintenance
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1. Keeping Business Records and Financial Reporting
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2. Liquidity Maintenance
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1. Keeping Business Records and Financial Reporting
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1. Insurance Premium and Insurance Funds
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Chapter VI SYSTEM OF GOVERNANCE
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1. System of Governance in Insurance Company
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2. Risk Management
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3. System of Internal Controls
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4. Internal Audit
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5 Actuarial function
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1. System of Governance in Insurance Company
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Chapter VII CONFIDENTIALITY
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Confidentiality Requirement
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Collecting, Keeping and Using Personal Data
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Confidentiality Requirement
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Chapter VIII REPORTING TO THE NATIONAL BANK OF SERBIA BY INSURANCE COMPANY
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Regular Reporting
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Quarterly Reporting
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Statistical Data
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Contents of Reports and Accuracy of Data
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Reporting at the Request of the National Bank of Serbia
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Regular Reporting
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Chapter IX AUDIT OF FINANCIAL STATEMENTS
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Performing an Audit
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Prior Approval of a Selected Audit Firm
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Obligations of an Audit Firm
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Verification of Audit Report
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Notification of the Audit Supervisory Authority
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Performing an Audit
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Chapter X INSURANCE SUPERVISION
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1. Supervision
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2. Measures of Supervision
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1. Types of Measures and Fines
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2. Letter of Warning
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3. Public Disclosure of Information
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4. Measures for Eliminating Illegalities and Irregularities in Operation of an Insurance Company
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5. Measures Due to Non-Compliance with the Rules on Risk Management
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6. Dismissal and Suspension of a Member of Management
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7. Interim Measures
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8. Receivership
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9. Insurance Portfolio Transfer
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10. Operating Licence Revocation
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11. Responsibility for Damage Caused by Execution of Duties Established by this Law
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1. Types of Measures and Fines
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3. Additional Supervision
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1. Supervision
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Chapter XI WINDING UP, LIQUIDATION AND BANKRUPTCY OF SUPERVISED ENTITIES
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Reasons for Winding Up
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Application of Provisions of the Law on Bankruptcy and Liquidation
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Reasons for Winding Up
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Chapter XII INSURANCE PORTFOLIO TRANSFER
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Application for Obtaining Approval for Insurance Portfolio Transfer
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Deciding on the Application for Obtaining Approval for Insurance Portfolio Transfer
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Obligations of a Company in the Process of Insurance Portfolio Transfer
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Rejection of an Application for Obtaining Approval for Insurance Portfolio Transfer
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Legal Consequences of Insurance Portfolio Transfer
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Application for Obtaining Approval for Insurance Portfolio Transfer
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Chapter XIII CHANGES IN STATUS, LEGAL FORM AND ASSOCIATION OF INSURANCE COMPANIES
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1. Status Changes
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2. Change of Legal Form
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3. Associations of Insurance Companies
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1. Status Changes
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Chapter XIV PROVISIONS TO BE IMPLEMENTED FOLLOWING ACCESSION OF THE REPUBLIC TO THE WORLD TRADE ORGANISATION, AND/OR THE EUROPEAN UNION
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1. Provisions to be applied following Accession of the Republic to the World Trade Organisation
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1. Carrying out Insurance and Reinsurance Activities
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2. Carrying out Insurance/Reinsurance Activities via Branch
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3. Carrying out Insurance Brokerage/Agency Activities through a Branch
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1. Carrying out Insurance and Reinsurance Activities
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2. Provisions to be Applied following Accession of the Republic to the European Union
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1. Meaning of Certain Terms
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2. Carrying out Insurance/Reinsurance Activities in another Member State
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3. Insurance/Reinsurance Activities an Insurance/Reinsurance Company of Another Member State Carries out in the Republic
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4. Special Provisions Referring to a Branch of an Insurance Company of the Swiss Confederation
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5. Carrying out Insurance Brokerage/Agency Activities in another Member State
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6. Insurance Brokerage/Agency Activities that an Insurance Brokerage/Agency Company and/or Insurance Broker/Agent of Another Member State Carries out in the Republic
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7. Matching Core Capital Amount
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8. Coinsurance in the European Union
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1. Meaning of Certain Terms
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1. Provisions to be applied following Accession of the Republic to the World Trade Organisation
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Chapter XV PENAL PROVISIONS
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1. Criminal Offences
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2. Fines
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3. Offences
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1. Criminal Offences
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Chapter XVI TRANSITIONAL AND FINAL PROVISIONS
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1. Transitional Provisions
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2. Final Provisions
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1. Transitional Provisions
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ARTICLES NOT INCLUDED IN THE FINAL TEXT (Službeni glasnik RS, No. 44/21)
LAW ON AMENDMENT AND ADDITIONS TO THE INSURANCE LAW
