LIBERALIZACIJA OSIGURANJA OD AUTOMOBILSKE ODGOVORNOSTI U BOSNI I HERCEGOVINI
LIBERALIZATION OF MOTOR THIRD PARTY LIABILITY INSURANCE IN BOSNIA AND HERZEGOVINA

Summary/Abstract: By enacting of the new entities' Laws on Mandarory Insurances in Traffic a certain level of harmonization of domestic legislation with the European aquis has been reached in Bosnia and Herzegovina in this matter. Rights and obligations of the contractual parties in a contract on insurance of civil noncontractual liability for damage caused to the third parties by use of a motor vehicle have been prescribed in detail. These Laws also contain numerous changes that were introduced with purpose of protection of the third parties who have the rights from this contract. Due to outstanding importance and respect of the public interest, limitation of market competition in the matter of mandatory insurances in our country is still in force. One of the most important changes is enactment of the provisions that limit the state intervention in determination of prices of the insurance premium and prescription of the policy terms and conditions. By these provisions the gradual liberalization and deregulation has to be implemented. Freedom of determination of the premium tarrifs and policy terms and conditions is guaranteed by the EU legislation on insurance. Although these new Laws initially prescribed the strict deadlines for process of liberalization, by recent Amendments on the mentioned Laws these deadlines were postponed for one year. Having in mind the nowadays global changes in political and economic field, we come to a question whether the market of Bosnia and Herzegovina is ready to face with the chalenges that liberalization might bring, or should this process be postponed for some more time.

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