Transition to a market economy by the countries of the former Yugoslavia : the case of the insurance market and disclosure duties of insurance intermediaries

Abstract

This article examines the convergence of the laws of the countries of the former Yugoslavia with rules introduced by the European Union on the disclosure duties of insurance intermediaries. The purpose is to analyse the transition to a market economy in the insurance industry, which is essential in the neutralization of the risks that are inherent in such an economy. This article analyzes the rules related to the proper fulfilment of insurance needs by insurance intermediaries, which had no counterparts in the previous socialist economy. Thus far, the European rules on insurance intermediation are still at the level of minimal harmonization and some countries of the former Yugoslavia are not members of the EU.