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Life insurance policy is:
 

RS Protection Fund
Monday, 23 May 2011

 

Address/Head Office: Vidovdanska bb, 78000 Banja Luka

Telephone: 051/226-091

E-mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Web: www.zfrs.org

 

The RS Protection Fund was established on 28 April 2006, and it operates under supervision and control of the RS Insurance Agency.

The executive bodies of the RS Protection Fund include: Assembly, Managing Board, and Director. The Protection Fund is run by the Managing Board which members are appointed by the Assembly.

The Protection Fund Assembly consists of persons authorized by members of the RS Protection Fund.

The Managing Board has five members, appointed and dismissed by the RS Protection Fund Assembly.

The Managing Board appoints and dismisses the Director.

All insurance companies conducting motor insurance operations in the RS (regardless if their head office is in the RS or FBIH) are mandatory members of the RS Protection Fund. The same also applies to subsidiaries of foreign-based insurance companies that provide motor insurance services in the RS.


Legal Framework:

  1. Law on Insurance against Motor Liability and other Provisions on Compulsory Insurance against Liability

  2. Internal acts of the RS Protection Fund

Fund’s Activities:


The RS Protection Fund pays claims in accordance with Article 15 of the Law on Insurance against Motor Liability and other Provisions on Compulsory Insurance against Liability (''RS Official Gazette'' No. 17/05).

The RS Protection Fund is obliged to pay to the injured parties the compensation stipulated in Article 14 (3) of the Law on Insurance Companies in Private Insurance in case of damage to persons or property due to a road accident:

  • When the person responsible for the accident remains unknown (in all cases when accidents take place on the territory of the RS; the Protection Fund is obliged to provide compensation only for damage suffered by persons);

  • When an accident has been caused by a vehicle for which the obligation from Article 3 of the Law on Insurance Companies has not been fulfilled, and the vehicle is in the ownership of a person residing in the RS;

  • When special liquidation proceedings have been instituted against an insurance company registered in the RS due to bankruptcy or revocation of license.

 

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2018 Statistics of Insurance Market in BiH

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