MODELS OF ORGANISATION OF GUARANTEE FUND

The concept of guarantee fund was regulated under the Law on Compulsory Traffic Insurance that came into force in 2009, with the aim of protecting passengers on public transport and third party claimants in traffic in precisely defined cases. More than seven years has passed and the guarantee fund is still not organised as envisaged, which is a topic highly debated in professional circles. The first and shorter part of the paper deals with the models of organising the protection of third party claimants against specific risks in traffic which are regulated under the EU Directives, recognised as European standards in that field. They are compulsory in all European Union member states, but are applied in exactly the same way in all other European countries, which had also been the case in our country until 2009 when these operations were divided in two parts: one part of operations to be conducted by the guarantee fund as an independent legal entity and another part of operations to be carried out by the guarantee fund as an organisational part within the Association of Serbian Insurers. This manner of separation of operations is a significant deviation from the European standards and a decades-long national experience which, justifiably enough, arouses broad interest. The second and longer part of the paper analyses factors which affect the choice of the guarantee fund organisation method with a special emphasis on and a more detailed analysis of the national practice, which should basically determine the choice of the guarantee fund organisation model in our country with entrusting the National Bank of Serbia with the monitoring and auditing activities.

Key words: insurance, motor vehicles, motor third party liability, guarantee fund, organisation models.