The National Bank of Serbia’s Executive Board has taken a decision to delicense the joint-stock insurance company ”Takovo” Kragujevac and to prohibit the disposal of its assets until the opening of liquidation proceedings. Further, the NBS filed a proposal with the Kragujevac Commercial Court concerning institution of liquidation proceedings and informed the Deposit Insurance Agency for the purpose of appointing the liquidation receiver.
The Executive Board asserted that the delicensing of “Takovo” insurance company was preceded by activities over an extended period of time seeking to ensure that the company harmonise its operation with provisions of the Insurance Law relating to adequate coverage of technical reserves. It was ascertained that the company’s financial position did not improve in the prior period, nor did the company take measures ordered by the NBS in regular supervision of its work. As all criteria for delicensing have been met under the Insurance Law, the above decision was adopted to protect the interests of insureds, insurance beneficiaries and third damaged parties, and to preserve the stability of the insurance market.
As of today, the insurance company “Takovo” may not engage in selling new insurance policies. All existing policies will remain valid until the set expiry date and all damaged persons will pursue their claim in the liquidation procedure.
Source National Bank of Serbia
