- citations in SCIndeks: [2]
- citations in CrossRef:0
- citations in Google Scholar:[
 ]
- visits in previous 30 days:5
- full-text downloads in 30 days:3
|
|
|
2014, vol. 61, iss. 3, pp. 587-602
|
|
Agricultural insurance under the Solvency II Directive
Upravljanje i poslovanje osiguravajućih društava u uslovima Solventnost II direktive
aUnion University, Faculty of Law and Business Studies 'dr Lazar Vrkatic', Novi Sad, Serbia bUniversity of Business Academy in Novi Sad, Serbia + Dunav osiguranje, Beograd cUniversity 'Union - Nikola Tesla', Faculty of Civil Engineering Management, Belgrade, Serbia + Skupština grada Beograda, Gradska uprava, Beograd
email: vnjegomir@eunet.rs, miloje.obradovic@fim.rs
Abstract
Solvency II Directive represents a new framework of unique solvency regulation of insurance and reinsurance companies in the European Union. Although it has not yet been implemented in national legislations, it can be concluded, based on the directive wording and conducted quantitative studies, that it will have implications on agricultural producers since they are the users of insurance services. The aim of the research presented in this paper is to analyse the implications of the new directive to agricultural producers since they are the insureds and the main actors of agribusiness. Firstly, the paper gives an overview of the basic features of the new regulatory framework and then it points at the issues and the needs for intensive application of Directive in order to improve the insurance business in Serbia. The process will direct the settlement of major claims, the ones that are typical of catastrophic risks in agriculture, towards the insurance, while the expectations from the government will be directed towards the regulation of the setting and economic measures (development and investment subsidies, cooperative movement). In addition, the paper points at the demands of the new regulation and analyses the implications of the new regulation regarding the settlement of claims resulting from major flood since it represents the example that proves the basic postulate.
Sažetak
Direktiva Solventnost II predstavlja novi okvir jedinstvene regulacije solventnosti osiguravajućih i reosiguravajućih društava na nivou Evropske Unije. Iako još uvek nije implementirana u nacionalna zakonodavstva, na osnovu teksta direktive i sprovedenih kvantitativnih studija, može se zaključiti da će ona imati implikacije na poslovanje poljoprivrednih proizvođača kao korisnika usluga osiguranja. Cilj istraživanja prezentovanih u radu jeste analiza implikacija na poljoprivredne proizvođače kao osiguranike i nosioce agrobiznisa. U radu je prvo dat pregled osnovnih karakteristika novog regulatornog okvira sa osvrtom na ambijent problema i potreba intenzivne primene kriterijuma iz Direktive kao puta za rešavanje unapređenja delatnosti osiguranja u Srbiji. Isti proces će pitanja rešavanja velikih šteta,tipičnih za katastrofalne rizike u poljoprivredi, usmeriti na osiguranje a očekivanja od države usmeriti ka regulativi pravljenja ambijenta i ekonomskim merama (subvencije za razvoj, ulaganja, zadrugarstvo). Zatim je ukazano na zahteve koje nameće nova regulativa i konačno analizirane su implikacije nove regulative uz pritisak rešavanja šteta od velike poplave kao primera koji dokazuje osnovnu postavku.
|
|
|
|
References
|
|
|
*** (2010) Consultation on the level 2 implementing measures for Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). Brussels: DG Internal Market and Services, Insurance and Pensions Unit, November
|
|
|
*** (2009) Directive 2009/138/EC of The European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). Official Journal of the European Union, L 335, 17.12
|
|
|
*** (2003) Design of a future prudential supervisory system in the EU: Recommendations by the Commission services. Brussels: European Commission, MARKT/2509/-EN, Internal Market DG, 3 Mar
|
|
|
*** (2002) Study into the methodologies to assess the overall financial position of an insurance undertaking from the perspective of prudential supervision. European Commission, Contract no: ETD/2000/BS-3001/C/45, May
|
|
|
EC (2006) Amended framework for consultation on solvency II: MARKT/2515/06. Brussels: European Commission, April
|
|
|
EIOPA (2011) Report of the fifth quantitative impact study (QIS5) for solvency II. Frankfurt: European Insurance and Occupational Pensions Authority
|
|
4
|
Jorion, P. (2001) Value at risk: The new benchmark for managing financial risk. New York: McGraw-Hill
|
|
|
MSRE, Wyman, O. (2010) Solvency 2: Quantitative & strategic impact: The tide is going out. Morgan Stanley Research Europe, September 22
|
|
4
|
Njegomir, V. (2011) Osiguranje. Novi Sad: Ortomedics book
|
|
|
Njegomir, V. (2011) Osiguranje i reosiguranje - tradicionalni i alternativni pristupi. Zagreb: Tectus
|
|
|
Njegomir, V. (2011) Sistemski rizik i osiguranje. Računovodstvo, vol. 55, br. 1-2, str. 89-114
|
|
2
|
Njegomir, V. (2006) Specifičnosti upravljanja kapitalom u osiguravajućim društvima. Računovodstvo, vol. 50, br. 7-8, str. 59-68
|
|
8 
|
Njegomir, V. (2008) Uloga tržišta kapitala u upravljanju rizikom osiguranja. Industrija, vol. 36, br. 4, str. 95-118
|
|
3
|
Njegomir, V. (2009) Solvency II direktiva i njen uticaj na upravljanje rizikom u osiguravajućim društvima. Finansije, vol. 64, br. 1-6, str. 272-306
|
|
|
Njegomir, V., Tepavac, R., Počuča, M. (2013) Kapacitet međunarodnog sektora osiguranja i reosiguranja - implikacije katastrofalnih šteta. Međunarodna politika, vol. 64, br. 1149, str. 137-156
|
|
|
PricewaterhouseCoopers (2011) Risk of delay: Getting pillar 3 on track. London
|
|
|
PricewaterhouseCoopers (2010) The forgotten pillar: Time to bring disclosure onto the radar. London
|
|
|
Ratings Fitch (2011) Solvency II set to reshape asset allocation and capital markets. in: Insurance Rating Group Special Report, Fitch Ratings, New York
|
|
2
|
Tepavac, R. (2009) Institucionalni investitori na finansijskom tržištu. Beograd: Filip Višnjić
|
|
|
|
|