Corporate Governance in Insurance Companies

Vladimir Njegomir; Rajko Tepavac

doi:10.7595/management.fon.2014.0010

Vladimir Njegomir Faculty of Law and Business studies Dr Lazar Vrkatić, Novi Sad
Rajko Tepavac University Business Academy, Novi Sad and Dunav Insurance Company, Belgrade

DOI: https://doi.org/10.7595/management.fon.2014.0010

Abstract

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 point out 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.

Author Biographies

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

Vladimir Njegomir, Assistant Professor, was born in Novi Sad in 1977. He graduated bechelor’s master’s and doctoral degrees in the field of risk management, insurance and reinsurance. He was awarded as the best student in the generation at the Faculty of Economics in Subotica. After completion of graduate studies within the stipulated time, he worked as an economic analyst in a software company based in London focused on business analysis, especially the insurance business. He was appointed as Assistant Professor of „Insurance“ at the Faculty of Law and Business Studies in Novi Sad in 2010 and since 2012 he also teaches “Risk Management in Insurance”. He was adviser for strategic planning, corporate governance and business analysis in insurance company „Dunav osiguranje“. He has been coauthor of four books „Osnovi osiguranja i reosiguranja”, „Reosiguranje”, „Osiguranje: ekonomski principi“ and „Osiguranje: ekonomsko-pravni principi“ and sole author of two books „Osiguranje“ and „Osiguranje i reosiguranje: tradicionalni i alternativni pristupi“. He has participated in projects, in scientific conferences at home and abroad, and published over 130 scientific papers in the field of risk management, insurance and reinsurance, both at home and abroad. He published in journals such as „The Geneva Papers on Risk and Insurance - Issues and Practice“, „Transformations in Business & Economics“, „Economic Thought and Practice“, „Economic Research“, „Economic Annals“ and „Economics of Agriculture“. He speaks English. He lives and works in Novi Sad.

Rajko Tepavac, University Business Academy, Novi Sad and Dunav Insurance Company, Belgrade

Ph. D. Rajko Tepavac (1957.), graduated from the Faculty of Economics, University of Belgrade, certificate of title of authorized broker - dealer acquires 2000th year, Master’s Degree in Legal and Economic Sciences 2006th Academy of Commerce in Novi Sad, then after that, in 2008th, he defended his doctoral dissertation and earned his Ph.D. in Economics. He works as a member of the Executive Board of the Company “Dunav Insurance‘’ in charge of corporate governance, strategy and product development. At the University of Business Academy, Fimek in Novi Sad, in his capacity as assistant professor, he teaches “Insurance”. He is the author of numerous books and papers, with special emphasis on different areas of security, regional development perspective, the insurance industry and legal regulation of same.