{"id":8184,"date":"2021-02-02T14:38:41","date_gmt":"2021-02-02T14:38:41","guid":{"rendered":"https:\/\/zslawv2.52improvements.com\/insurance-based-investment-products-review-of-some-legal-issues\/"},"modified":"2026-07-06T07:57:19","modified_gmt":"2026-07-06T07:57:19","slug":"insurance-based-investment-products-review-of-some-legal-issues","status":"publish","type":"post","link":"https:\/\/www.zslaw.rs\/sr\/insurance-based-investment-products-review-of-some-legal-issues\/","title":{"rendered":"Insurance-based investment products \u2013 review of some legal issues"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large is-resized\"><a href=\"http:\/\/www.zslaw.rs\/wp-content\/uploads\/insurance-1.jpg\" rel=\"prettyPhoto[gallery-3UNX]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zslaw.rs\/wp-content\/uploads\/insurance-1-1024x683.jpg\" alt=\"\" class=\"wp-image-8186\" width=\"432\" height=\"288\"\/><\/a><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Since enactment of the new Insurance Law in 2015, insurance undertakings in Serbia are provided with opportunity to offer to their clients insurance products where sum of insurance is wholly or partially exposed to market fluctuations and policyholders assumes investment risk. Such products &#8211; sometimes referred to as \u201eunit-linked insurance products\u201c, are collectively known as \u201einsurance based investment products\u201c under IDD and PRIIPS regulation on the EU level.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although this is well known and highly sought after product on developed insurance markets of the EU, IBIPs have not yet achieved significant presence on the Serbian insurance market. Considering that this is a relatively new type of insurance on Serbian insurance market, our associate Nikola Filipovi\u0107 provided review of some key legal issues regarding insurance based investment products in his paper for \u201eTokovi Osiguranja\u201c academic journal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The paper points out key differences between investment based and traditional life insurance. The key difference rises from right of the policyholder to choose investment funds, where the premium will be invested, which at the same time shifts investment risk to the policyholder. This is contrary to the traditional life insurance where investment risk is borne by the insurance undertaking. Following analysis of the position of the ECJ on legal qualification of such contracts (as insurance contracts), the paper points out different conduct recruitment that applied for distribution of investment products under MiFID regime and insurance products linked to investment product under IMD\/Third Life Insurance Directive regime, concluding that such differences were one of the key impetuous behind&nbsp;<a href=\"https:\/\/www.zslaw.rs\/market-conduct-regulation-in-serbian-insurance-sector\/\">reform of the conduct rules<\/a>&nbsp;and adoption of the IDD.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Paper is available at:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"http:\/\/tokoviosiguranja.edu.rs\/publications\/osvrt-na-dva-pitanja-u-vezi-sa-investicionim-uslugama-osiguranja\/\" target=\"_blank\" rel=\"noopener\">Serbian language version<\/a><\/li><li><a href=\"http:\/\/tokoviosiguranja.edu.rs\/en\/publications\/osvrt-na-dva-pitanja-u-vezi-sa-investicionim-uslugama-osiguranja\/\" target=\"_blank\" rel=\"noopener\">English language version<\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">For any questions or additional information on insurance \u2013 related matters, contact Nikola Filipovi\u0107,&nbsp;<a href=\"mailto:nikola.filipovic@zslaw.rs\">nikola.filipovic@zslaw.rs<\/a>&nbsp;, Ivan Ljubisavljevi\u0107,&nbsp;<a href=\"mailto:ivan.ljubisavljevic@zslaw.rs\">ivan.ljubisavljevic@zslaw.rs<\/a>&nbsp;or your regular contacts at the office.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Investicioni proizvodi osiguranja \u2013 osvrt na neka pravna pitanja<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Od stupanja na snagu Zakona o osiguranju 2015. osiguravaju\u0107a dru\u0161tva u Srbiji imaju mogu\u0107nost da svojim klijentima ponude osigranja \u017eivota u kojima vrednost osigurane sume stoji u direktnoj vezi sa vredno\u0161\u0107u jedinice investicionog fonda u koje su, po izboru ugovara\u010da osiguranja investirana premija. U pitanju su osiguranja koja se u praksi nazivaju nekada nazivaju \u201eunit-linked\u201c osiguranja (i ako je \u201eunit linked\u201c samo jedna od vrsta investicionih proizvoda osiguranja), a koja su na nivou EU su kolektivno definisana kao investicioni proizvodi osiguranja odnosno \u201einsurance based investment products\u201c prema Direktivi 2016\/97 (Direktiva o distribuciji osiguranja) i Uredbi 1268\/2014 (Uredba o dokumentima sa klju\u010dnim informacijama za maloprodajne investicione proizvode i investicione proizvode osiugranja).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I ako je u pitanju dobro poznata (i veoma tra\u017eena) vrsta osiguranja na razvijenim tr\u017ei\u0161tima EU, ovakva vrsta osiguranja jo\u0161 uvek nije \u0161iroko rasprostranjena na tr\u017ei\u0161tu Srbije. Budu\u0107i da je u pitanju relativno nova vrsta osiguranja, na\u0161 saradnik Nikola Filipovi\u0107, ukazao je na neke klju\u010dne pravne probleme koji se mogu javiti u vezi sa investicionim proizvodima osiguranja u stru\u010dnom radu za nau\u010dno-istra\u017eiva\u010dki \u010dasopis \u201eTokovi Osiugranja\u201c.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na prvom mestu, ukazuje se na razlike izme\u0111u investicionih proizvoda osiguranja i tradicionalnih \u017eivotnih osiguranja. Naime osnovna razlika proisti\u010de upravo iz prava koje ugovara\u010d ove vrste osiguranja ima (da izabere fondove u koje \u017eeli da se investiraju sredstva od premije), usled \u010dega ugovara\u010d osiguranja preuzima na sebe investicioni rizik. Nasuprot ovome u tradicionalnim \u017eivotnim osiguranjima ovaj rizik snosi osiguravaju\u0107e dru\u0161tvo. Kako je ESP zauzeo stav da su ovakvi ugovori (i ako hibridni, tj. delom osiguranje a delom investiciona usluga) po svojoj pravnoj prirodi ipak jesu ugovori o osiguranju, do\u0161lo je do neobi\u010dne situacije u kojoj su se na su\u0161tinski iste finansijske proizvode primenjuje razli\u010diti regulatorno-pravni re\u017eim u zavisnosti od njihove formalne kvalifikacije. Upravo su razlike izme\u0111u pravnog re\u017eima predvi\u0111enog za finansijske usluge (MiFID) i re\u017eima predvi\u0111enog za usluge osiguranja (IMD i Tre\u0107a Direktiva \u017divotnog osiguranja) bile jedan od osnovnih razloga&nbsp;<a href=\"https:\/\/www.zslaw.rs\/market-conduct-regulation-in-serbian-insurance-sector\/\">za sveobuhvatnu reformu pravila tr\u017ei\u0161nog pona\u0161anja<\/a>&nbsp;u sektoru osiguranja i usvajanje Direktive o distribuciji osiguranja.<\/p>\n\n\n\n<ul class=\"wp-block-list\" id=\"block-f64b986d-b8c5-4304-8615-e20a7591eaf8\"><li><a href=\"http:\/\/tokoviosiguranja.edu.rs\/publications\/osvrt-na-dva-pitanja-u-vezi-sa-investicionim-uslugama-osiguranja\/\" target=\"_blank\" rel=\"noopener\">Srpska verzija<\/a><\/li><li><a href=\"http:\/\/tokoviosiguranja.edu.rs\/en\/publications\/osvrt-na-dva-pitanja-u-vezi-sa-investicionim-uslugama-osiguranja\/\" target=\"_blank\" rel=\"noopener\">Engleska verzija<\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Ukoliko imate bilo kakvih pitanja ili su Vam potrebne dodatne informacije mo\u017eete se obratiti Nikoli Filipovi\u0107u,&nbsp;<a href=\"mailto:nikola.filipovic@zslaw.rs\">nikola.filipovic@zslaw.rs<\/a>&nbsp;, Ivanu Ljubisavljevi\u0107u,&nbsp;<a href=\"mailto:ivan.ljubisavljevic@zslaw.rs\">ivan.ljubisavljevic@zslaw.rs<\/a>&nbsp;ili Va\u0161em redovnom kontaktu u kancelariji.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since enactment of the new Insurance Law in 2015, insurance undertakings in Serbia are provided with opportunity to offer to their clients insurance products where sum of insurance is wholly&#8230;<\/p>","protected":false},"author":3,"featured_media":90128,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[42],"tags":[57,66,74],"class_list":["post-8184","post","type-post","status-publish","format-standard","has-post-thumbnail","category-insights","tag-ivan-ljubisavljevic","tag-nikola-filipovic","tag-jovana-jovanovic"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.zslaw.rs\/sr\/wp-json\/wp\/v2\/posts\/8184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zslaw.rs\/sr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zslaw.rs\/sr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zslaw.rs\/sr\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zslaw.rs\/sr\/wp-json\/wp\/v2\/comments?post=8184"}],"version-history":[{"count":1,"href":"https:\/\/www.zslaw.rs\/sr\/wp-json\/wp\/v2\/posts\/8184\/revisions"}],"predecessor-version":[{"id":90314,"href":"https:\/\/www.zslaw.rs\/sr\/wp-json\/wp\/v2\/posts\/8184\/revisions\/90314"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zslaw.rs\/sr\/wp-json\/wp\/v2\/media\/90128"}],"wp:attachment":[{"href":"https:\/\/www.zslaw.rs\/sr\/wp-json\/wp\/v2\/media?parent=8184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zslaw.rs\/sr\/wp-json\/wp\/v2\/categories?post=8184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zslaw.rs\/sr\/wp-json\/wp\/v2\/tags?post=8184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}