Regulatory Alerts2016-03-10
Added · Updated
Law on Compulsory Traffic Insurance
The Republic of Serbia enacted this law to mandate compulsory traffic insurance for public transport passengers, motor vehicle owners, aircraft, and boats, while establishing a Guarantee Fund and defining the role of the Association of Serbian Insurers. The legislation sets minimum sum insured limits for passenger accidents and third-party liability, requiring owners to secure coverage before using transport and submit policy conditions to the National Bank of Serbia for regulatory compliance. It further regulates claim procedures, imposing strict deadlines on insurers to assess and settle compensation while granting claimants the right to file lawsuits if insurers fail to meet these obligations.