European regulation of insurance market – challenges of the implementation in Montenegro


  • Милијана Нововић University of Montenegro - Faculty of Economics, Podgorica
  • Милан Лакићевић University of Montenegro - Faculty of Economics, Podgorica



insurance market, solvency, solvency margin, capital adequacy, regulatory


Market position and competitive advantage of insurers in the integrated Montenegrin insurance market, can be sustained by improving professionalism, taking into account the needs of the insured, strengthening of financial capacity with the aim that insurers accept the big risks, introducing of sophisticated insurance products, as well as by adjusting the business for competitive strategy of global market. Implementation of European insurance legislation in order to integrate Montenegrin into European insurance market is a big challenge for all insurance market subjects. Considering the size and specificity of Montenegrin insurance market, it is necessary that when creating new and changing valid legal solutions, regulator takes into account not only the deadlines for the adjustment of insurance companies’ businesses with EU regulations, but also the stability of the insurance market in Montenegro. In order to establish an adequate institutional framework for integration into the European market, the Insurance Supervision Agency of Montenegro should adopt legislation in line with European Union directives and the fundamental principles of the International Association of Insurance Supervisors. By implementing the „Solvency II” project, with a proactive and adequate control of the business, the insurance companies will have to identify and evaluate the risks they are exposed, to anticipate market changes, to improve internal controls and to maintain its financial stability. All mentioned will have the positive in?uence on the future prosperity of the insurance market .


Download data is not yet available.


Commision of the European Communities. Proosal for a Directive of the European Parlament on the taking up and pursuit of the business of the insurance and reinsurance, Solvency II. Brussels, February 2008.

Grounfwork for the Solvency II project. Solvency Assesment Models Compared. CEA and Mercer Oliver Wyman, 2005.

Пак, Ј. Право осигурања. Београд: Универзитет Сингидунум, 2011.

Кришто, Ј. Solvency II – основе и захтјеви пете квантитативне студије. Осигурање: хрватски часопис за теорију и праксу осигурања, број 9, 2010.

Нововић, М. Управљање имовином и обавезама осигуравајућих компанија у функцији заштите од ризика каматне стопе: докторска дисертација. Подгорица: УЦГ, 2010.

Нововић, М., Пурић, Р. Импликације интеграционих процеса на конкурентност са посебним освртом на тржиште осигурања у Црној Гори. Сарајево: СОРС, 2011.

Milward, B. Globalization? Internationalisation and Monopoly Capitalizm: Historical Processes and Capitalist Dynamism. Edward Elgar Publising, 2003.

Report of European Commission, Internal market and services DG, MARKT/2507/ 05, Brusells

Sigma, Swiss Re. Solvency II: an integrated risk approach for European insurers. No.04/2006

Увод у Солвентност II. Београд: Сектор за послове надзора над обављањем дјелатности осигурања, јул 2008.;




How to Cite

Нововић, М., & Лакићевић, М. (2013). European regulation of insurance market – challenges of the implementation in Montenegro. Acta Economica, 11(18), 169–189.



Review article