Governance, Risk and Compliance - The Serbian Insurance Industry

Governance, Risk and Compliance - The Serbian Insurance Industry

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Published on Oct 29, 2015 - 39 pages

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Serbia, including:
  • An overview of the insurance regulatory framework in Serbia
  • The latest key changes, and changes expected in the country's insurance regulatory framework
  • Key regulations and market practices related to different types of insurance product in the country
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Serbia
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
  • Details of the tax and legal systems in the country
Report Highlights
  • The Serbian insurance industry is regulated by the National Bank of Serbia.
  • A new law, the Insurance Law 2014, was implemented to govern the Serbian insurance industry.
  • Composite insurance is not permitted in Serbia, with some exceptions.
  • Non-admitted insurance is not permitted in Serbia.
  • Serbia is expected to join the European Union in June 2016.
Report Scope
  • The report covers details of the insurance regulatory framework in Serbia.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Get this Report
  • Gain insights into the insurance regulatory framework in Serbia.
  • Track the latest regulatory changes, and expected changes impacting the Serbian insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.

Table of Contents

1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Health insurance
2.4.2 Aviation liability insurance
2.4.3 Motor third-party liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 National Bank of Serbia
2.5.3 Association of Serbian Insurers (ASI)
2.5.4 Association for Insurance Law of Serbia (AILS)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative Dispute Resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric's Services
3.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Serbia - Insurance Regulatory Framework Key Features
Table 3: Serbia - Life Insurance Regulatory Framework
Table 4: Serbia - Property Insurance Regulatory Framework
Table 5: Serbia - Motor Insurance Regulatory Framework
Table 6: Serbia - Liability Insurance Regulatory Framework
Table 7: Serbia - Minimum Sum Insured Under Passenger Liability Insurance for Aircraft Owners
Table 8: Serbia - Minimum Capital Requirements
Table 9: Serbia - Corporate Tax Rates for the Financial Year 2015

List of Figures

Figure 1: Serbia - Insurance Supervision and Control at Various Levels
Figure 2: Serbia - Insurance Regulatory Frameworks for Company Registration and Operation