The Association of Serbian Insurers is the legal successor of the Association of Insurance Companies of Yugoslavia, founded by insurance companies in February 1968. Following the changes in the composition of the state, the Association changed its name in March 2004 to the Association of Insurance Companies of Serbia and Montenegro, and its present name, Association of Serbian Insurers, was adopted at the General Assembly of the Association in July 2006, after the separation of Montenegro from the State Union.
The Association of Serbian Insurers is a nonprofit organization which performs duties of common interest of the members of the Association, public functions granted by law, work for the improvement and development of insurance, activities in the field of professional training of personnel, initiates passing and amending laws and other regulations in the field of insurance and discusses and resolves other issues of common interest, which are entrusted to the Association by its founders and members.
As part of granted public functions, the Association performs activities of a national insurance bureau arising from international treaties on insurance of owners of motor vehicles against third party liability for damage incurred by motor vehicles used locally or abroad; prescribes and prints forms and supervises the use of international insurance cards issued to owners of motor vehicles against liability for damage caused by using motor vehicles locally or abroad and processes compensation claims under such insurance coverage (green card); maintains the Information Centre, Compensation Body and the Loss events register; collects, processes, keeps, delivers, and/or publishes on its website data significant for carrying out operations assigned by law, including data on claims filed under each insurance policy for the implementation of the bonus-malus system, which insurance companies are obliged to submit to the Association; represents insurance companies before the state and other competent bodies in the country and before international insurance organisations; conducts operations arising in connection with liabilities of the guarantee fund within the Association; determines the amount of contributions of insurance companies for providing the funds of the guarantee fund within the Association; manages the assets of the guarantee fund within the Association; receives, assesses and liquidates claims for compensation, pays the sum insured i.e. compensation and settles recourse claims of the guarantee fund within the Association in cases foreseen by law; determines the amount of contribution to be paid by insurance companies for the provision of funds for carrying out the operations of the Association assigned to it under law; adopts the Code of Conduct in compulsory insurance operations, and conducts other tasks defined by law.
The founders of the Association are insurance and reinsurance companies that are established and engaged in insurance business in the territory of the Republic of Serbia in accordance with the law governing the establishment of insurance companies, which have founded the Association with their pecuniary capital or property stakes. The founders of the Association are also its members. The Association of Serbian Insurers has 19 members. The members are all insurance companies carrying out operations in the area of compulsory traffic insurance in accordance with the law, as well as insurance and reinsurance companies that are licensed and engaged in insurance business in the territory of the Republic of Serbia in accordance with the law governing the establishment of insurance companies and which joined the Association under the terms specified in the Statute of the Association.
There are 14 existing expert commissions within the Association, reflecting the presence of all members of the Association. The expert commissions within the Association of Serbian Insurers are: