“You can’t make money in Serbia, and you pay taxes abroad”

“You can’t make money in Serbia, and you pay taxes abroad”

The Governor of the National Bank of Serbia (NBS), Jorgovanka Tabaković, stated today at the Serbian Insurance Days that our country does not change its commitment to the European path, as it will NBS to harmonize the rules of liberalization with that.

“These rules will benefit citizens, domestic companies and the state, and not to make a profit here and to benefit only or mostly parent companies outside Serbia.” We are all witnesses that this attitude has begun to be advocated by much stronger economies, under the principle of paying taxes where you make a profit. “, Tabaković emphasized in Arandjelovac.

As she said, the law must be respected, and the penalty for non-compliance cannot be part of the cost that is included in the transaction.

She said yes Insurance days must show how to improve the quality of life and live insured against all the risks that we are able to anticipate and see.

This year, economic growth is seven percent

The governor pointed out that at the global level, the pandemic has the potential to affect the insurance sector directly through health shock and indirectly on finances.

“Serbia managed to get out of the crisis in record time. Our GDP reached the pre-crisis level already in the first quarter of this year, and for that we needed three quarters. Serbia will achieve about seven percent economic growth this year. “Formal employment in the private sector is six percent above the pre-crisis level, which has reached its highest level in more than 10 years,” Tabakovic said.

She said that for the first three quarters of this year, a positive temporary net result in the amount of 6.7 billion dinars was achieved in the insurance sector.

According to her, in the third quarter, the balance sheet total of the insurance sector increased by 6.7 percent, to 334.14 billion dinars, capital increased by 4.9 percent, to 68.4 billion dinars, and technical reserves increased by 6, 3 percent, to 221.6 billion dinars.

“Insurance and reinsurance companies have preserved the value of the investment portfolio and provided technical reserves for the execution of obligations under insurance contracts. The total premium has increased by 9.7 percent this year, to 88.6 billion dinars, and this growth rate is higher than the average growth rate for the same period in the previous 10 years, “the governor pointed out.

According to her, there is an increase in premiums in as many as 17 types of insurance.

“The segments that are continuously recording growth are property insurance, life insurance and voluntary health insurance. “These policies have become more important than ever before, because the first two policies provide insured persons with economic security, while in the case of the third policy, they enable easier access to quality medical treatment,” said Tabaković.

The problem is inadequate information of insurance policyholders

The governor mentioned as one of the problems on the insurance market the issue of adequate information of users in the pre-contractual phase, regardless of the type of insurance being concluded, specifying that “the content of information provided to the insurance contractor is still sometimes unclear, inaccurate or inadequate”.

She also emphasized the importance of timely handling of compensation claims, in a fair manner and with explanations that are clear to users.

“The right to compensation for these persons is and must remain inviolable, as a result of which this aspect will continue to be intensively present in our immediate controls,” she said, adding that the NBS pays special attention to crop and fruit insurance.

Tabakovic also reminded that users of financial services in Serbia, among the first in Europe, can conclude financial contracts at a distance, given the possibility of their video identification, with full transparency, security and protection of their rights.

“The NBS has also enabled instant payments of insurance premiums using the QR code, which some companies have offered to their clients, and I urge everyone to make this service available,” she said.

Insurance premium growth in 2021 by 10 percent

The President of the Management Board of the Association of Insurers of Serbia, Ivana Soković, stated that the goal is not only to adapt to changes, but also to grow and progress.

“The results in our business this year are above expectations, and the data of the Serbian Chamber of Commerce show that the insurance premium for the first nine months of 2021 increased by 10 percent compared to the same period last year. Here, I would first of all point out the growth of the premium of voluntary health insurance, which is almost 22 percent, and then the property insurance against fire of 10 percent “, stated Soković.

She added that life insurance also increased by seven percent, and that the technical reserves of insurance and reinsurance companies for the first six months of this year, compared to 2020, increased by 7.2 percent.

“The essence is that all participants in the insurance market, insurance companies, reinsurance, intermediaries, agents, but also our insured, with their responsible behavior should contribute to stability, further growth and development,” Sokovic emphasized.

According to her, in cooperation with the NBS and the Ministry of Finance, the Association of Insurers is working on the preparation of amendments to the Law on Compulsory Traffic Insurance, as well as on the project of the National Risk Assessment of Money Laundering and Terrorist Financing.

“We have established cooperation with the Basic Public Prosecutor’s Offices based in Belgrade on the process of digitalization of data exchange that UOS has been conducting with the Ministry of Interior for a long time, and in this way we will improve the efficiency of resolving compensation claims in criminal cases,” Sokovic concluded.

Source: BIZLife

Photo: YOU


Source: BIZlife by www.bizlife.rs.

*The article has been translated based on the content of BIZlife by www.bizlife.rs. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!