Governance, Risk and Compliance – The Serbian Insurance Industry

GlobalData’s 'Governance, Risk and Compliance – The Serbian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in the Serbia.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Serbia, including –

– An overview of the insurance regulatory framework in the 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 the Serbian.

– 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.

Key Highlights

– RBNZ supervises and regulates the country’s insurance industry.

– The Insurance (Prudential Supervision) Act 2010 is the principal act regulating the insurance industry in Serbia.

– Composite insurance is not permitted in the Serbia insurance industry.

– Non-admitted insurance is not permitted in Serbian.

– New Zealand’s current insurance legislation does not mandate any compulsory insurance.

– Life insurance products are exempt from GST; non-life insurance products are subject to GST at a rate of 15%.


– The report covers details of the insurance regulatory framework in the 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 buy

– Gain insights into the insurance regulatory framework in the 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

Table of Contents


1.1 What is this Report About?

1.2 Definitions


2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

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 Personal accident insurance for passengers on public transport

2.4.3 Aviation liability insurance

2.4.4 Motor third-party liability insurance

2.4.5 Marine liability insurance

2.4.6 Liability Insurance for bank deposits

2.4.7 Liability insurance for tour operators

2.4.8 Clinical trials liability insurance

2.4.9 Professional indemnity insurance for insurance brokers

2.4.10 Liability insurance for oil pollution

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

2.5.4 Association for Insurance Law of Serbia

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 Type 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 margin

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)


3.1 Methodology

3.2 Contact GlobalData

3.3 About GlobalData

3.4 GlobalData’s Services

3.5 Disclaimer

List of Tables

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 – Bonus-Malus System

Table 7: Serbia – Liability Insurance Regulatory Framework

Table 8: Serbia – Minimum Cover Under Passenger Liability Insurance for Aircraft Owners

Table 9: Serbia – Minimum Capital Requirements

Table 10: Serbia – Corporate Tax Rates for the Financial Year 2019

List of Figures

List of Figures

Figure 1 Serbia – Insurance Supervision and Control at Various Levels

Figure 2: Serbia – Insurance Regulatory Frameworks for Company Registration and Operation


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