Усклађеност и контрола усклађености пословања у акционарским друштвима за осигурање у српском праву и по концепту Солвентност II

Tošić, Iva (2022) Усклађеност и контрола усклађености пословања у акционарским друштвима за осигурање у српском праву и по концепту Солвентност II. Doctoral thesis, Univerzitet Union u Beogradu.

Text Iva S. Tošić - doktorska disertacija.pdf - Accepted Version Available under License Creative Commons Attribution Non-commercial No Derivatives. Download (2MB)

Abstract

The subject of the research is compliance function as a newly established function of the governance system in insurance companies, as well as the insurance supervision. The compliance function basically represents the materialization of one of the basic principles of business - the principle of business legality. In Solvency II Directive, this function gets a formal status within the insurance company, as one of the four key functions of the system of governance. The paper analyzes this function, its legal nature, and determines the duties and responsibilities of this function. The second part of the paper refers to the insurance supervision established by the new supervision regime, as well as the analysis of the regulatory framework of the Republic of Serbia with recommendations for its improvement.The author has not stopped only at the description. The paper analyzes the shortcomings of the Serbian legal system regarding to compliance function and insurance companies supervision and offers solutions to overcome the existing shortcomings. Except critic, affirmative comments have been expressed, followed by a scientific explanation. Apart from the positive-legal and comparative methods, exegetical, historical legal, multidisciplinary, functional, dialectical and logical methods were also used.The author has exercised scientific methods on collected materials and data, and achieved new knowledge about compliance function and insurance companies supervision. Due to the new knowledge, the legislature may rely on this dissertation during seeking for more righteous and more feasible legal solution connected to complince function and insurance supervision and when implementing the provisions of the Solvency II Directive into the legislation of the Republic of Serbia.The dissertation consists of Introduction, Conclusion, General and Special Part divided into fourteen chapters, five in the general and nine in the special part. Positive legal regulations in both domestic and in the leading legal systems, as wll as the EU law have been used as legally relevant materials. Apart from the analysis of legal regulations, judicial practice was also considered. Due to the subject-matter and the title of dissertation, special attention has been dedicated to legal science. In that respect, the works and papers of numerous authors, both domestic and foreign, whose opinions and standpoints are mentioned in considerable numbers of references, are analyzed herein. Dissertation is based upon several hypotheses: 1) principle of business legality has long tradition, while the provisions of the Solvency II Directive make it more concrete and specifically aimed at insurance companies due to their importance in the financial sector; 2) separation of the compliance function, carried out by the latest amendments to the Solvency II Directive, from the function of internal control indicates the increased importance given to this function 3) it is necessary to engage compliance officer in every insurance company, which gives this function a formal status within the company; 4) for the successful implementation of the compliance function, the cooperation between compliance officer and the legal department is necessary; 5) insurance companies supervision is aimed primarily at the protection of insuarnce consumers and has key importance for the establishment of an adequate corporate governance system; 6) it is recommended to engage a special body for insurance companies supervision instead of the current regime in which the National Bank of Serbia performes this function, as well as the eventual adoption of a special Act that would regulate insurance companies supervision. Consequently, the author makes suggestions for changing the positive law in the Republic of Serbia in order to eliminate the observed normative deficiencies.

Actions (login required)

View Item