SERBIA: New insurance law in first half of 2014 (Krstic)

6 January 2014 —
Serbian Finance Minister Lazar Krstic said on Monday that amendments to the Insurance Law would extend the deadline by which insurance companies have to separate operations relating to life and non-life insurance and liberalize the natural disaster insurance market.

Elaborating on the amendments to the law at the Serbian parliament, Krstic said that the new insurance bill will be presented to MPs in the first half of 2014.

The minister explained that the intention was to pass the new law in 2013, but its adoption was postponed until 2014 due to lengthy consultations with insurance companies, and public debate.

As specified, the new bill is being drafted, and that is why amendments to the valid law, which are being presented to the parliament today, just extend the deadline by one year in which the companies will have to separate their operations relating to life and non-life insurance, so instead of having to do that by the end of 2013, they will have to ensure this by the end of 2014.

The amendments to the law envisage the compliance with the obligation that Serbia assumed by joining the World Bank project aimed at enabling the re-insurance against natural disasters and catastrophic risks, which includes floods, droughts and earthquakes.

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SERBIA: New insurance law in first half of 2014 (Krstic)
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