Concept and types of digital property according to the Digital Property Law

The legal framework for the regulation of digital property in the Republic of Serbia is the Law on Digital Property (“Official Gazette of RS”, No. 153/2020), which entered into force on December 29, 2020. year, and applies after the expiration of six months from the date of its entry into force, i.e. from June 30, 2021, and tax regulations and regulations governing the prevention of money laundering and terrorist financing and general rules, such as e.g. laws governing obligations and companies.

The provisions of the Law on Digital Property (“Official Gazette of RS”, No. 153/2020) regulate:

  • Issuance of digital assets and secondary trading in digital assets in the Republic of Serbia
  • Provision of services related to digital assets
  • Lien and fiduciary right on digital property
  • The competence of the Securities Commission and the National Bank of Serbia
  • Supervision over the application of this Law.

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Contract on compulsory insurance

Contract on compulsory insurance, conditions for and content were regulated by the provisions of Law on Compulsory Traffic Insurance (“Off. Herald of RS”, Nos. 51/2009, 78/2011, 101/2011, 93/2012 i 7/2013 – Constitutional Court decision).

The owners of means of transport, used for public transport, and the owners of other means of transport shall be required to sign a contract on compulsory insurance before the means of transport is used for transport and for the following types of compulsory traffic insurance:

  1. Accident insurance of passengers in public transport
  2. Third party liability insurance for owners of motor vehicles
  3. Aircraft passenger and third-party liability insurance for aircraft owners
  4. Third party boat insurance for boat owners.

In case bankruptcy proceedings are initiated against the insurance company, the concluded compulsory insurance contract shall remain valid until its expiration date.

Effects of the contract on compulsory insurance

An insurance company shall enter into a contract on compulsory insurance at policy conditions and scales of premiums applicable at the time such insurance contract is made. Continue reading Contract on compulsory insurance

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.

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