Until Serbia becomes a member of the WTO and the EU, foreign investment in insurance is subject to local incorporation requirement. Following to its membership, branches of foreign insurance companies from WTO and EU/EEA/Switzerland will be permitted.
"Insurance activity
Article 2.
The insurance activity consists of insurance activities, including co-insurance, reinsurance activities, insurance mediation activities and insurance representation activities.
Insurance company and reinsurance company
Article 3.
The insurance company is a legal entity with its seat in the Republic, which is entered in the register of the competent authority based on the license of the National Bank of Serbia to perform insurance business.
The reinsurance company is a legal entity with its headquarters in the Republic, which is entered in the register of the competent authority based on the license of the National Bank of Serbia for the performance of reinsurance operations.
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INSURANCE COMPANY AND REINSURANCE COMPANY
Section 1. Common provisions
Carrying out insurance and reinsurance operations
Article 20.
Insurance and reinsurance operations are performed by an insurance company and a reinsurance company from Article 3 of this law.
Insurance/reinsurance business cannot be performed by anyone except the company referred to in paragraph 1 of this article, except in the case referred to in article 7, paragraph 6 of this law.
The insurance company can perform operations only of those types of insurance for which it has received a license from the National Bank of Serbia.
An insurance company is established as a joint-stock company or as a mutual insurance company, and a reinsurance company is established only as a joint-stock company.
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Section 2. Joint stock company for insurance/reinsurance
Establishment and business name
Article 23.
A joint-stock insurance company may be established by one or more domestic and foreign legal or natural persons (hereinafter: founders) under the conditions of this law.
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Section 8. Mutual Insurance Company
Activity
Article 70.
The Mutual Insurance Company is a legal entity with its seat in the Republic, which is entered in the register of the competent authority based on the license of the National Bank of Serbia to perform insurance operations.
The mutual insurance company performs insurance activities exclusively in the interest of its members (insureds) according to the principle of reciprocity and solidarity.
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The founders
Article 71.
A mutual insurance company can be established by legal entities and natural persons.
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Chapter IV - BUSINESS OF MEDIATION AND REPRESENTATION IN INSURANCE
Section 1. Insurance mediation
Brokerage jobs in insurance and reinsurance
Article 85.
Insurance brokerage includes insurance and reinsurance brokerage.
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Performing insurance mediation activities
Article 86.
The insurance brokerage business is exclusively performed by an insurance brokerage company based in the Republic, which is registered in the register of the competent authority on the basis of a license from the National Bank of Serbia for the performance of these businesses.
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Chapter XIV - PROVISIONS APPLICABLE AFTER THE REPUBLIC'S ACCESS TO THE WORLD TRADE ORGANIZATION, REGARDING THE EUROPEAN UNION
Section 1. Provisions that apply after the accession of the Republic to the World Trade Organization
1. Carrying out insurance and reinsurance business
Carrying out insurance work
Article 232.
Insurance business may also be performed by a branch of a foreign insurance company that performs such business based on the permission of the National Bank of Serbia for the establishment of a branch, in accordance with this law.
A person with a registered office or residence in the Republic may also conclude an insurance contract with the branch from paragraph 1 of this article.
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3. Performing mediation/representation work in insurance through the branch
Performing mediation/representation work in insurance
Article 236.
Mediation/representation in insurance may also be performed by a branch of a foreign company for mediation/representation in insurance, which performs these activities on the basis of the license of the National Bank of Serbia for the establishment of a branch, in accordance with this law.
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Section 2.
Provisions that apply after the accession of the Republic to the European Union [...]
3. Insurance/reinsurance business performed by an insurance/reinsurance company of another member state in the Republic
Insurance/reinsurance business performed by an insurance/reinsurance company of another member state
Article 244.
Insurance/reinsurance business may also be performed by an insurance/reinsurance company of another member state which, in accordance with this law, has the right to perform such business in the Republic through a branch or directly.
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4. Special provisions relating to the branch of the insurance company of the Swiss Confederation
Branch of the insurance company of the Swiss Confederation
Article 249.
The provisions of this law, which refer to the branch of a foreign insurance company, apply to the branch of the insurance company of the Swiss Confederation that will perform non-life insurance business in the Republic, except for the provisions of Article 234, paragraph 1, point. 3) and 4) and Article 235, paragraph 2, point 10) and paragraph 5, point 2) of this law. [...]" (Law about insurance,
"Official Gazette of RS", no. 139 of December 18, 2014, as amended [google translaition])
Law about insurance, "Official Gazette of RS", no. 139 of December 18, 2014, as amended [google translaition]
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