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, in accordance with the Insurance Law (RS Official Gazette, No 139/2014 and 44/2021).

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

Carrying on Insurance Agency Activities

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 personentrepreneur (hereinafter: 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.

Continue reading Insurance agency

Reporting obligation to NBS in respecct of foreign operations

Reporting obligation to NBS (National Bank of Serbia) in respect of foreign operations governing the following two regulations:

  • Decision on Reporting Requirements in Respect of Foreign Operations (RS Official Gazette, Nos 87/2009 and 40/2015) and
  • Guidelines for Implementing the Decision on Reporting Requirements in Respect of Foreign Operations (RS Official Gazette, No 87/2009 and 40/2015).

Reporting entities and reporting titles to NBS in respect of foreign operations

Decision on Reporting Requirements in Respect of Foreign Operations (RS Official Gazette, Nos 87/2009 and 40/2015) by its provisions regulate the reporting entities and the titles of reporting to NBS in respect of foreign operations Continue reading Reporting obligation to NBS in respecct of foreign operations

Enforcement of claims from client’s accounts

Enforcement of claims from client’s accounts (Enforced collection) shall be realized in accordance with the provisions of articles 47. to 49. of Law on Payment Transactions (FRY Official Gazette, Nos 3/2002 and 5/2003, RS Official Gazette, Nos 43/2004, 62/2006, 111/2009, 31/2011 and 139/2014). The execution titles, the order of fulfilment of the execution titles and the procedure of realization of the enforced collection are regulated by those legal provisions.

Enforced collection – titles and the order of fulfilment of titles

Enforcement of claims from client’s accounts shall be made against all of the client’s accounts with banks in which the client holds funds, and shall be made on the basis of:

  • enforceable decisions issued by tax, customs and other competent bodies – according to the time of receipt
  • enforceable court decisions, other execution titles, legal authorisations – according to the time of receipt
  • creditors’ orders in respect of matured securities, bills of exchange or mandates given by the debtor to its bank and its creditor – according to the time of receipt Continue reading Enforcement of claims from client’s accounts