FINANCIAL STABILITY AND INSURANCE COMPANIES IN THE CONTEXT OF PROPOSED AMENDMENTS OF THE DIRECTIVE 2009/138/EC

Ranaldi, Valentina and Kostić, Jelena (2022) FINANCIAL STABILITY AND INSURANCE COMPANIES IN THE CONTEXT OF PROPOSED AMENDMENTS OF THE DIRECTIVE 2009/138/EC. In: XXV Međunarodna naučna konferencija Prouzrokovanje štete, naknada štete i osiguranje. Insitut za uporedno pravo, Beograd, pp. 447-458. ISBN 978-86-80186-83-2

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Abstract

Insurance companies contribute to financial stability by stabilizing financial markets. In this context, it’s important to ensure the financial stability of the insurance companies themselves. After the pandemic caused by the COVID-19 virus, the consequences in the field of business operations are felt both at the national level and at the level of the European Union. That is why it was necessary to improve the management mechanism in crisis situations when economic problems appear that can represent a risk for the stability of financial operations. This should improve the protection of insurers, as well as the position of consumers who buy insurance products in other member states. Following the pandemic caused by the COVID-19 virus, the European Commission proposed an amendment to Directive 2009/138/EC (Solvency II Directive). In this paper, we will first analyze the opinion from the Annual Report of the National Bank of Serbia on the stability of the financial system in 2021 at the level of the Republic of Serbia, and then at the opinion of the European Insurance and Occupational Pensions Authority (EIOPA) in connection with the revision of the Solvency II Directive. In the last part of the paper, we point out the importance of the solutions contained in the proposed amendments to the aforementioned Directive, which after adoption and entry into force, must be implemented not only in the national legislation of the EU member states, but also in the legislation of countries that have the status of candidates for membership in the Union, such as the Republic of Serbia.

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