INSURANCE AGENTS AND AGENCY OPERATIONS.

Unlike other economic entities, companies in particular, legal insurance agents must comply with the special terms and conditionsstipulated under the Insurance Law. These special terms and conditions refer to education, qualifications, professional experience. For example, a company director may not necessarily be employed at the company, whereas a shareholding company director must be employed at the shareholding company, and if the company does not have a director, it must have an employed president of the Managing Board. The National Bank of Serbia approves the draft decision on appointing members of management and may revoke the approval given to a management member.
A shareholding insurance company director performs insurance agency operations pursuant to the rules applicable to legal agents of companies.
Insurance agents may be legal and natural persons, and in some casesinsurance brokers – if granted a licence for performing such operations by the National Bank of Serbia.
The terms and conditions for performing insurance agency operations, the scope of authorization and agent’sliability are precisely stipulated