BANCASSURANCE UNDER COMMUNITY LAW

VOJVODIĆ MILJKOVIĆ Nevenka (Visoka škola za poslovnu ekonomiju i preduzetništvo, Beograd),
STOJKOVIĆ Milica (Visoka škola za poslovnu ekonomiju i preduzetništvo, Beograd), mstojkovic1@yahoo.com

In this paper, the issue of bancassurance as a key distribution channel for life and some non-life insurance services is considered. The analysis is based on the experiences gained and the practical application of bancassurance in developed and developing countries. According to the authors\' findings, the emergence of bancassurance should be seen first and foremost through the alignment of insurers\' goals to reduce sales costs and increase income, as well as through the goals of banks to generate additional income and expand the range of banking services. The legislation of the Republic of Serbia establishes a normative framework in which insurance companies can market their products through bancassurance. From the point of view of Community law, bancassurance is a common banking practice. In this sense, the paper analyses the bancassurance practice that exists in the European Union market. The conclusions reached by the authors through the application of statistical-mathematical and other scientific methods, as well as the application of logical reasoning methods, point to certain advantages and disadvantages of this practice, which can ultimately be useful for the harmonisation of domestic legislation with EU law.

Keywords: Bancassurance, life insurance, non-life insurance, Community law