Compliance of Insurance Business with the Company Law
Pursuant to Article 20 of the Insurance Law, insurance companies, insurance brokerage companies, insurance agencies and agencies providing other insurance services are subject to the law regulating the legal status of companies, unless regulated otherwise by the Insurance Law.
Given the above, insurance companies and other entities subject to supervision must conform to the Company Law as from 1 February 2012 in matters of their organisation and activities which are not regulated by the Insurance Law, while any changes must be registered within three months of the effective date of this Law.
However, under Article 592 of the Draft Law Amending the Company Law, which is in parliamentary procedure, the deadline for harmonisation of articles of association, by-laws and statutory bodies of joint-stock companies is extended until 30 June 2012, and the deadline for registration of changes until 15 July 2012. The amendments also envisage that the provisions of articles of association, by-laws and other general enactments which do not contravene the Law shall apply to joint-stock companies until such time as they are brought into full compliance with the Law, whereas the existing management boards will be discharging the functions of management boards as defined by the Company Law.
The Serbian version of the Draft Law Amending the Company Law is available at:
Further, a new Insurance Law is currently in preparation. The new Law will, inter alia, regulate matters related to statutory bodies of insurance companies. The Law should be adopted before the above deadlines for harmonisation with the Company Law expire. The draft text of the Insurance Law will be published on NBS’s website.
Insurance Supervision Department