About us

National Bureau of Montenegro Insurers is an institution founded for purpose of pursuing common interests of insurance companies conducting compulsory and other insurance business in Montenegro. After the declaration of independence of Montenegro in May 2006, there was a need of forming an institution which will represent common interests of insurance companies, and also protect the insured’s’ interests. National Bureau of Montenegro Insurers was established on 2nd April 2007 by the Decision of Assembly consisting of representatives of "Lovćen osiguranje"-AD, "Montenegro osiguranje"-AD and "Magnat osiguranje"-AD. The agreement on establishing National Bureau was signed on this occasion. The Assembly of National Bureau later approved membership of Swiss osiguranje, Delta Generali and Uniqa osiguranje.
Basically National Bureau acts as a coordinator on insurance market. Primarily it refers to the fact that conditions, tariffs, compulsory insurance premium and other criteria are adopted by bodies of Bureau. Bureau also has a task to follow up adopted decisions as well as their market implementation. One of significant objectives of National Bureau is to establish Ethic Code for insurance market. The Bureau's obligation is to perceive all irregularities and to correct them in cooperation with insurance companies and relevant state institutions. The Association – National Bureau is compulsory legal entity established for the purpose of pursuing common interests of insurance companies performing compulsory traffic insurance in the country. The Membership in Association is compulsory for insurance company conducting motor third party liability insurance. Insurance companies are obliged to financially contribute to Association to enable it to fulfil its legal obligations. The organization, business, management, financing and other relevant issues are prescribed by Association Bylaws.

ASSOCIATION BUSINESS ACTIVITY



The Association conducts following business activities:

1
Represents insurance companies in international insurance organizations;

2
2) Handles and settles claims and files recourses for amounts paid for: - International agreements on compulsory traffic insurance, for damages occurred in the country and abroad („green card“); - Uninsured motor vehicles and trailers, aircrafts and vessels as well as passengers in public transport; - Death, bodily injury or impaired health caused by the .use of unknown motor vehicle, aircraft, vessel or other means of transport; - Claimants who were not able to receive the compensation, due to the liquidation of the responsible insurer;

3
Prescribes and prints forms of international insurance card (green card) for its members;

4
Manages departments in accordance with Article 48 paragraphs 2 and 3 of this Law;

5
Collects statistical and other data and prepares statistical reports in accordance with this Law;

6
Proposes to the competent State authority: - criteria for determining amount of compulsory contributions for operations of Association and regular contributions to Guarantee Fund; - deposits and bank guarantees for insurance companies in order to guarantee fulfillment of obligations for which Association is liable;

7
Determines tariffs for payment of costs for handling the claims as refer to in item 2 above;

8
Performs other activities for which it has been authorized by insurance companies and competent State authority;

9
Prescribes the method of calculating the tariffs and premiums for compulsory insurance;

10
Prepares business plans and financial reports;

11
Cooperates with the associations of other countries for the purpose of more complete and comprehensive exercise of the rights of insured, victims and its members;

12
Prescribes the ethics Code in compulsory insurance business;

13
Publishes the rules of its operations,

14
Performs other business prescribed by this Law

The component State authority shall determine the criteria and amounts of deposits and bank guarantees as referred to in item 6 paragraphs 1 above, upon the proposal of the Association.

ORGANIZATION

The regulatory state authority approves Bylaws of Association. The Association consists of the following departments:
  • Green Card Bureau
  • Guarantee Fund
  • Information Center.
  • The above mentioned departments are not legal entities. The Association is established in the legal frame of an enterprise.