Insurance Supervision

Pursuant to the Insurance Law (the “Official Gazette of the RS”, No. 55/2004) and the Law on Supplementing the Law on the National Bank of Serbia (the “Official Gazette of the RS”, No. 55/2004) oversight of insurance activity has been entrusted to the NBS. Thereby the first step was taken towards introducing an integral supervision of the entire financial sector. Central bank independence and autonomy, infrastructure and staff capacity for performing supervisory tasks as well as linkage between banks and insurance companies were the main advantages deciding that the NBS be invested with such authority.

Within its new function the NBS will carry out surveillance of insurance activity; issue licenses for performing insurance, reinsurance, intermediation and agency operations as well as those directly associated with insurance activity; giving approval for legally required enactments and actions; adopt regulations prescribed by law; process statistical and other data, and consider complaints filed by the insured and other insurance beneficiaries.

Transparent procedures of decision making and imposing corrective measures, as well as orientation towards the future with a view to continued implementing financial sector reforms are the basic principles the NBS will follow in exercising supervision in the insurance domain.