UDC: 005.21:334.72.021 ; 658.1:368

DOI: 10.7595/management.fon.2014.0010

Corporate governance in all companies, including insurance companies, includes the rules, regulations and institutions that regulate the way in which the governance and control of these companies is performed and implement them in practice. The basic requirement of development and implementation of corporate governance is the improvement of all of the economic indicators, primarily the long-term sustainable development in the interests of the owners and all other stakeholders, including policyholders, creditors, employees, government and the wider community. The aim of the paper is to analyse the application of corporate governance in the insurance in the world and in Serbia. Since there is no generally accepted framework for standardisation of corporate governance, as it differs depending on the specifics of each individual insurance company, the subject of the research in the paper is a general framework of corporate governance applicable to all insurance companies with necessary calibration to the level of individual companies. In the paper we first pointout the importance of the application of corporate governance in the insurance and specifics of the legal framework of corporate governance in insurance companies in Serbia and then analyse the quality of corporate governance, reporting on the implementation of corporate governance and international principles.

Keywords: insurance, insurance companies, corporate governance, principles, Serbia.

Vladimir Njegomir¹, Rajko Tepavac²

¹Faculty of Law and Business studies Dr Lazar Vrkatić, Novi Sad

²University Business Academy, Novi Sad and Dunav Insurance Company, Belgrade.

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