Q:
A:
Privatisation of insurance company DDOR to be completed by end of year
Belgrade,
21 August 2007
Serbian State Secretary at the Ministry of Finance Slobodan Ilic said today that privatisation of the company DDOR from Novi Sad will be completed by the end of the year, and 15% of the company’s capital will belong to former and present employees and pensioners.
Slobodan Ilic at today's press conference
Author:
Tanjug
Ilic told a press conference that 11 buyers are interested in purchasing DDOR who will be invited to submit binding offers, while by the end of the year the company’s new owner will be known.
According to Ilic, 10% of the sale proceeds will be paid to the Guarantee Fund.
The bill on amendments to the Insurance Law envisages distribution of free shares to former and present employees and pensioners of insurance companies from €200 per year of employment, Ilic explained, adding that shares will be distributed for up to a maximum of 35 years of service.
Ilic pointed to the fact that it is expected that according to the amendments to the Insurance Law the deadline for separating life insurance from general insurance will be extended. He said that according to valid regulations the deadline is the end of the year.
The State Secretary said that it is being considered that obligations of separating life insurance from general insurance should be applicable only to insurance companies which were established after the new Insurance Law was adopted.
The bill on amendments to the Insurance Law should be adopted at the government session to be held on August 30, he said and expressed expectation that parliamentary debate concerning the document will conclude by the end of September and soon a new law will be prepared to regulate this area.
Ilic said that the Ministry of Finance will also propose a law on mandatory traffic insurance, a new law on public procurement and amendments to the law on securities.
According to Ilic, 10% of the sale proceeds will be paid to the Guarantee Fund.
The bill on amendments to the Insurance Law envisages distribution of free shares to former and present employees and pensioners of insurance companies from €200 per year of employment, Ilic explained, adding that shares will be distributed for up to a maximum of 35 years of service.
Ilic pointed to the fact that it is expected that according to the amendments to the Insurance Law the deadline for separating life insurance from general insurance will be extended. He said that according to valid regulations the deadline is the end of the year.
The State Secretary said that it is being considered that obligations of separating life insurance from general insurance should be applicable only to insurance companies which were established after the new Insurance Law was adopted.
The bill on amendments to the Insurance Law should be adopted at the government session to be held on August 30, he said and expressed expectation that parliamentary debate concerning the document will conclude by the end of September and soon a new law will be prepared to regulate this area.
Ilic said that the Ministry of Finance will also propose a law on mandatory traffic insurance, a new law on public procurement and amendments to the law on securities.
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