The Prime Minister of the Republic of Srpska Radovan Višković said that there was a lot of room for the development of the insurance sector and that the new Insurance Law would remove all deficiencies, hindrances and problems in this sphere.
During the conference on the topic “Challenges in the Insurance Sector in the Age of Global Uncertainty”, the Prime Minister Višković said that the Government of the Republic of Srpska was ready to form an expert working group with insurance companies from Srpska in order to draft a new Insurance Law, which would enable faster, stronger and easier development of this sector and in order to raise the profit, reserves and potential of insurance companies to a higher level.
He pointed out that the new law would also deal with illegal discounts causing problems for all insurance companies, the issue of related parties where reports were falsified in some way, as well as other problems whose solutions should go to the benefit of the insurance sector.
The Prime Minister Radovan Višković asked why the Republic of Srpska would take money from banks, most of which have owners all over Europe, with their branches only here, when local insurance companies could buy bonds, notes and the like in a situation when budgets need funds.
According to him, this would also mutually benefit the institutions of Srpska and the insurance sector itself.
The Prime Minister Višković pointed out that the insurance sector in Srpska was mostly based on the liability car insurance, which had been overcome, and that it must also move in other spheres, such as life insurance, agricultural insurance, and property insurance.
He stated that the Government of Srpska today determined the Proposal of the Budget of Srpska for the next year and that there was an increase from the previous 75 million KM to 180 million KM for the sphere of agriculture.
“That is 110 million KM more, and I see here a share of the pie for insurance companies as well. We want our agricultural producers to insure themselves as much as possible, especially their production so that production is protected”, said the Prime Minister of the Republic of Srpska Radovan Višković.
He added that it was desirable to insure citizens’ property more.
