CRNA GORA NA PUTU KA JEDINSTVENOM EVROPSKOM TRŽIŠTU OSIGURANJA: OSVRT NA NOVE EU REGULATORNE OKVIRE
MONTENEGRO ON THE WAY TOWARDS A UNIFORM EUROPEAN INSURANCE MARKET: A REVIEW OF THE NEW EU REGULATORY FRAMEWORK

Summary/Abstract: The integration of Montenegro into the single European insurance market requires harmonizing legislative and regulatory frameworks with European standards. This paper highlights the importance of the Solvency II Directive, which mandates that insurance companies adopt a comprehensive and integrated risk management system to ensure adequate protection for policyholders by maintaining sufficient capital to absorb unforeseen losses. Additionally, the paper provides an overview of IFRS 17, which marks a significant transformation in the accounting treatment of insurance contracts, necessitating fundamental changes in revenue recognition, liability assessment, and risk management practices. Furthermore, the paper discusses the unique characteristics of the Montenegrin insurance market and emphasizes the need to develop effective strategies to address the challenges of integrating the Montenegrin insurance sector into the single European market.

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