Усклађеност пословања у осигуравајућим друштвима
Compliance Function in Insurance Undertakings

Author(s): Iva Tošić, Jovana Misailović
Subject(s): Law, Constitution, Jurisprudence, Law on Economics
Published by: Правни факултет Универзитета у Источном Сарајеву
Keywords: Insurance companies; Principles of business legality; Compliance function; Key function;
Summary/Abstract: The financial crisis lead to considerable changes in the corporate governance regimes of all companies, including insurance undertakings. Therefor, it was necessary to establish new mechanisms to regain consumer's trust. The compliance function occurs as one of the forms of strengthening corporate governance in these companies. This function derives from principles of business legality, which, in addition to being one of the basic principles, is also an expression of the company's business ethics. In the Solvency II Directive, the compliance function is given a formal status within the insurance company as one of the four critical functions of the management system. In the paper, the authors analyze the basic features, tasks and importance of the newly established compliance function and its impact on improving corporate governance in insurance companies.

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