Basic Presumptions for Regulation of Bankruptcy of the Insurance Companies // Osnovne pretpostavke za regulisanje stečaja osiguravajućih društava

Abstract

Bankruptcy proceedings against insurance companies are a special bankruptcy procedure, due to the specific nature of the insurance activity, as well as the status of insurance companies themselves. However, the fact is that, in this procedure, the general bankruptcy procedure is applied, and the rules of the special bankruptcy procedure must also be harmonized with these rules. The basic question that arises in this article is related to the presumptions that need to be defined in order to regulate this area, and, in addition, the important issue is also the way of regulating this area. Namely, the author in the article raises the question whether this matter should be regulated by a law that will refer only to bankruptcy of insurance companies or by the “statutory” law regulating the establishment and operation of this entity. Also, the author in this article also defines the basic presupmtions for bankruptcy of insurance companies, which refer to payrolls (in relation to the type of insurance), bankruptcy administrator, supervision of the operation of these entities, as well as to the transfer of an insurance portfolio that has its specifics in regarding the situation when it is not about bankruptcy. The author criticizes the solutions in the legislation of the Republic of Srpska and the Republic of Serbia, and gives proposals for future regulation of this matter. In addition, the author also represents the part of the EU Directive “Solvency II” referring to the liquidation (bankruptcy) of insurance companies.