which specially regulates the procedure of making decisions about conditions and tariff of compulsory insurance, especially third - party liability insurance. the regulation envisages that the undertaking shall notify the national bank of serbia of the planned change in the premium tariff in motor third party liability insurance. also, the undertaking is obliged to prepare and submit the analysis of justifiability of the change in the premium tariff, taking into account in particular its profitability, the proportion of mutual payments in concluded contracts, impact on the protection of rights and interests of users of compulsory insurance and the impact of this change on the solvency and financial position of the undertaking. the goal is clear – to assess the need and grounds for premium increase in this type of compulsory insurance. the regulation further envisages a higher degree of responsibility for members of management and certified actuaries who take part in decision making in insurance undertakings, because at all times, and now more than ever, we are obliged to abide by the rules of sound risk management and rules of the 3 / 6 bis - central bankers'speeches insurance industry and, it goes without saying, also in accordance with good business practices and business ethics. slide 6 : establishing best business standards is imperative in addition to regulatory measures, with its supervisory activities the national bank of serbia gave an impetus for the necessary improvements in the insurance market. for example, in the area of life insurance sale, we observed a need to adequately verify the health status of the insured before he is accepted into insurance. if such verification is not conducted, it is clear that the insurance claim must be paid out regardless of the health status of the insured before entering the insurance contract. supervision revealed that only a smaller number of insurance undertakings have not adopted our recommendations entirely and we will remain committed to that goal. we also detected some omissions pertaining to the way clients are informed about the collective insurance of pensioners and the way it is contracted. proper provision of information may not be neglected in any area, especially not with mass insurances where the scope of insured persons is wide and they include sensitive categories of the insured, such as pensioners or students. we are pleased that insurance undertakings have understood our message and removed the irregularities we detected during supervision procedures. not only that, we also see that undertakings are ready to provide the same rights to their users in other supervised areas, at their own initiative, regardless of when the insurance has begun. such an approach sends an unamb

, better their lives and hence, contribute to the progress of society at large. for the purpose of encouraging development of small and medium - sized enterprises, the government has so far provided private entrepreneurs with access under favourable terms to two apex global loans of the european investment bank in the amount of eur 65 million, two credit lines worth eur 63. 25 million from the government of the republic of italy, and the ear revolving credit fund in the amount eur 15 million. everything else, from coming up with a good idea, developing a good project to successful business realization, the entrepreneurs have had to do by themselves. it is encouraging that an increasing number of people is willing to take the leap into the waters of big small business and that the media is willing to provide coverage.