European Standards for Insurance Supervision With Reference to Their Implementation in the Republic of Serbia and Bosnia and Herzegovina
Abstract: Corporate scandals that have affected the financial sector have significantly impacted the operations of insurance companies and the trust of insurance service consumers in these companies. At the European Union level, this problem has been recognized, leading to the adoption of the Solvency II Directive. This Directive aims to address challenges and issues faced by insurance companies through appropriate management and supervision of their operations. Supervision includes continuous monitoring to ensure that insurance and reinsurance companies are properly conducting their business and complying with supervisory provisions. In this paper, the author attempts to analyze the supervisory provisions established with the adoption of the Solvency II Directive. In the second part of the paper, the author focuses on analyzing the existing supervisory models in the Republic of Serbia and Bosnia and Herzegovina, considering that both countries aspire to EU membership and will need to align their legislation with European provisions in the future. The author pays particular attention to the supervisory body, noting that in the Republic of Serbia, the insurance market is supervised by the National Bank of Serbia as the central bank, whereas in Bosnia and Herzegovina, a separate Agency for the Supervision of the insurance market has been established.
Key words: Solvency II Directive, insurance supervison, supervisory body, insurace companies, EU.
Rezime: Korporativni skandali koji su pogodili finsijski sektor, znatno su uticali na rad osiguravajućih društava i poverenje korisnika usluga osiguranja u ova društva. Na nivou Evropske unije, prepoznat je ovaj problem usled kog je doneta Direktiva Solventnost II, upravo sa ciljem da se adekvatnim upravljanjem i nadzorom nad radom osiguravajućih društava spreče izazovi i problemi sa kojima se ona mogu susresti. Nadzor obuhvata kontinuiranu proveru pravilnog obavljanja poslova i usklađenost društava za osiguranje i reosiguranje sa nadzornim odredbama. U radu autorka nastoji da analizira odredbe nadzora koje su uspostavljene donošenjem Direktive Solventnost II. U drugom delu rada autorka se fokusira na analizu postojećih modela nadzora u Republici Srbiji i Bosni i Hercegovini, imajući u vidu da obe zemlje pretenduju na članstvou EU, pa će u budućosti morati da usklade svoje zakonodavstvo sa evropskim odredbama. Autorka se posebno fokusira na organ nadzora, imajući u vidu da nadzor nad tržištem osiguranja u Republici Srbiji vrši Narodna banka Srbije kao centralna banka, dok je u Bosni i Hercegovini formirana posebna Agencija za nadzor tržišta osiguranja.
Ključne riječi: Direktiva Solevntnost II, nadzor osiguranja, nadzorni organ, osiguravajuća društva, EU.