Mediation in Insurance Sector

"There are more than 20 insurance companies in Bosnia and Herzegovina (BiH); their total assets reached the value of € 362 million in 2006, and the assets growth rate index was 105% for 2006/2005. The insurance sector alone participates with 4% in the whole financial services sector.

Triglav BH Insurance is one of the leading BiH insurance com- panies, one which has been present in the national market since 1993.

Because of good experiences with out-of-court dispute resolution, Triglav BH insurance decided to accept the process of mediation as one way of resolving disputes within the company. Right now, they are working on developing the company-level dispute resolution policy, a document that would make the me- diation method compulsory for the signatories of the insurance contracts through introduction of a clause on out-of-court dis- pute resolution. The same document would define the method of informing general public on the orientation of the Company towards resolving the dispute through mediation, along with an invitation to the debtors, as well as the creditors, to use this method to resolve their disputes." 

Web-link: http://www.wbginvestmentclimate.org/advisory-services/regulatory-simplification/...
Source: World Bank Investment Climate
Language: English