Insurance agency

Insurance agency activities shall be the activities of initiating, proposing or carrying out the tasks of preparation and conclusion of insurance contracts on behalf and for the account of an insurance undertaking. Insurance agency activities shall be carried on by a legal person or natural person – entrepreneur based on an insurance agency contract, under Insurance Law (RS Official Gazette, No 139/2014).

The insurance agency contract shall be kept on the business premises of the contracting parties.

Insurance agency, as an exclusive activity, shall be carried on by:

  • An insurance agency undertaking with its head office in the Republic of Serbia, registered with a competent authority based on its license to carry on insurance agency activities issued by the National Bank of Serbia;
  • A natural person – an entrepreneur (from now on: insurance agent) with its head office in the Republic of Serbia, registered with a competent authority based on its license to carry on insurance agency activities issued by the National Bank of Serbia.

A bank, with its head office in the Republic of Serbia and established following the law governing banks (from now on: the Bank), a financial leasing provider with its head office in the Republic of Serbia and established under the law governing financial leasing and the public postal operator with its head office in the Republic of Serbia and established following the law governing postal services may, as a supplementary activity, carry on insurance agency business based on prior approval of the National Bank of Serbia for carrying on these activities. Continue reading Insurance agency

Insurance brokerage undertaking

Conditions for the establishment and operation of an insurance brokerage undertaking as well as conditions for carrying on insurance and reinsurance brokerage are regulated by provisions of the Insurance Law (RS Official Gazette, No 139/2014).

Insurance brokerage activities include insurance and reinsurance brokerage activities.

Insurance brokerage activities shall be activities related to introducing the insured and/or policyholder to an insurance/reinsurance undertaking for the purpose of negotiating the conclusion of an insurance/reinsurance contract, preparation for the conclusion of these contracts, as well as providing help in exercising the rights arising from such contracts, in particular in settlement of claims for damages.

Insurance brokerage activities shall be carried on, as an exclusive activity, by an insurance brokerage undertaking with its head office in the Republic of Serbia, registered with the competent authority based on its license to carry on such business issued by the National Bank of Serbia. Exceptionally an insurance brokerage undertaking may also carry on activities that are directly or indirectly related to insurance business, and the National Bank of Serbia shall prescribe such activities more closely as well as the manner and terms in which they are carried on. Continue reading Insurance brokerage undertaking

Insurance of persons – general rules and excluded risks

The Law of Contract and Torts by the provisions of Articles 942 to 953 governs general rules as well as risks that are not covered by the life insurance contract.

General rules

Determination of the Insured Amount

In contracts of insurance of persons (life insurance and accident insurance), the amount of insurance to be paid by the insurer on the occurrence of the insured event, shall be determined in the insurance policy by agreement between the contracting parties.  Continue reading Insurance of persons – general rules and excluded risks