Regulatory Alerts2015-07-09
Decision on the Conditions and Manner of Supervision of Operations of Insurance and Reinsurance Undertakings
The Executive Board of the National Bank of Serbia issued this Decision to detail the conditions and methods for supervising insurance and reinsurance undertakings, including insurance brokers and agents. The regulation establishes frameworks for continuous monitoring, risk assessment, and both on-site and off-site examinations, while defining specific procedures for handling illegalities, irregularities, and supervisory measures such as warnings and fines. It further mandates strict oversight of outsourced activities, requiring service providers to cooperate with the regulator and ensuring the National Bank of Serbia retains full access to relevant data and premises.
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