MEASURES OF THE SERBIAN NATIONAL BANK AGAINST THE INSURANCE COMPANY IN THE EVENT OF FAILURE BY THE RULES OF THE RISK MANAGEMENT

Vladimir Čolović

Authors

Vladimir Čolović The Institute for comparative law, Belgrade

Abstract

The Insurance Law of Republic of Serbia especially regulates the actions of the National Bank of Serbia if the insurance company does not follow the rules of the risk management. The National Bank of Serbia is supposed to conduct supervision of insurance companies. Risk management determines the business of an insurance company. Proper use of the methods for risk control and the instruments through which we can reduce the consequences of the risk realization lead to a positive operating of an insurance company and a successful execution of the insurance contract. This paper discusses risk management, the regulation of this area in the EU law, i.e., the application of the Directive „Solvency II“, as well as the solutions in Serbian legislation in this area. Attention is paid to the specific provisions of the Draft of the new Insurance Act relating to the supervision of the branches of insurance companies from other countries. The current legislation does not contain such provisions.

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