Insurance

Subject to Insurance Law enacted in 2004, the National Bank of Serbia became responsible for insurance supervision. Another novelty first introduced by the above law was the function of consumer protection including damage claims mediation, whose purpose is to prevent insurance disputes from arising, and consideration of complaints of policyholders, insurance beneficiaries and third party claimants. This function was entrusted to the National Bank of Serbia.

In the Decision on the Protection of Rights and Interest of Policyholders, Insurance Beneficiaries and Third Party Claimants in Mediation for the Purpose of Settlement of Insurance Disputes the National Bank of Serbia prescribed detailed requirements and procedures for protecting the rights and interests of these persons.

In a bid to give additional contribution to development of the institution of consumer protection, the National Bank of Serbia joined the formation of the Centre for Mediation, established in conformity with the Law on Mediation.

By enacting secondary legislation and starting mediation operations in December 2005, the National Bank of Serbia for the first time in Serbia introduced an alternative option for resolving disputes between claimants and insurance companies through mediation. 

Mediation is an alternative way of resolving disputes, and enables parties to reconcile their interests, which must be consistent with public order, compulsory regulations and sound business practice. It is also based on mutual concessions and works to reconcile the interests of parties to speed up the resolution of the dispute at hand and obtain a mutually satisfactory solution, at lower cost and in much less time.

In protecting the rights of policyholders, the National Bank of Serbia cooperated closely with representatives of insurance companies, which were prompt to respond to National Bank’s requests and resolved the disputes at hand whenever possible.

The National Bank of Serbia has recorded positive results in implementing its consumer protection function and considering consumer complaints. For more information, please follow the link Learn More.