Serbia's Deposit Insurance Agency (DIA) invited on Thursday expressions of interest from insurance companies for taking over the insurance portfolio of local insurer Takovo Osiguranje which is undergoing liquidation proceedings. In late July, the National Bank of Serbia (NBS) delicensed Takovo Osiguranje and petitioned a local court to initiate liquidation proceedings.

The central bank said at the time that Takovo Osiguranje had failed to align its operations to the respective regulations on adequate coverage of technical reserves after being instructed to do so by the NBS.

The deadline for filing expressions of interest is September 20, DIA said in a statement.

After filing expressions of interest, all interested parties will be granted access to details on Takovo Osiguranje's insurance portfolio.

The Serbian market of around 7.2 million is now served by 23 insurance companies. Read the full story SERBIA seeks expressions of interest for TAKOVO Osiguranje portfolio