Regulatory Alerts2024-10-16
Decision on the System of Governance in an Insurance/Reinsurance Undertaking
The Executive Board of the National Bank of Serbia issued this Decision to establish the mandatory governance framework for insurance and reinsurance undertakings in Serbia. It defines the core governance functions of risk management, internal controls, internal audit, and actuarial services, while detailing the identification and management of specific risks including insurance, market, counterparty, liquidity, operational, legal, and money laundering risks. The regulation further mandates comprehensive risk management strategies, strict oversight of new product introductions, and the implementation of transparent compensation policies to ensure prudent risk-taking and financial stability.
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