The insurance as the business activity
is conducted, as theirs only
business activity, by insurance companies
which can be incorporated
as joint stock companies or companies
for mutual insurance. Such
business activity can be conducted
upon the Approval of National Bank
of Serbia. It is prescribed by the Law
on Insurance that the branch office
of foreign legal entity could also
perform such activity upon the Approval
of National Bank of Serbia.
However, this provision of the Law
shall be applied five years following
the membership status acquisition
of Republic of Serbia in World Trade
Organization.