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Sunday 15 December 2019

Insurance Market

The Insurance Supervision Agency (ISA) was established in 2009. The Insurance Supervision Law sets the legal grounds for the establishment and performance of the authorizations of the ISA. ISA has a status of a legal person and is obliged annually to report to the Parliament.

Managing body of the ISA is the president and 4 other members of the Council of experts.

The ISA is authorized to perform supervision over the insurance undertakings, insurance brokerage companies, insurance agencies, insurance brokers and agents, all the related parties defined by the Insurance Supervision Law as well as supervision over the activities of the National Insurance Bureau (the Green Card Bureau). The ISA is also authorized to issue and withdraw licenses, consents, to issue measures and sanctions, to adopt secondary insurance regulation and to propose amendments of the primary insurance regulation. The ISA shall initiate the procedures to become full member of the relevant European and international insurance supervision associations and shall initiate cooperation with counterparts from the region with an objective of further development of sound and stable insurance markets.

At the insurance market, , which are directly under supervision of the ISA,  we can detect the following market players:

1.     Insurance undertakings

2.     Insurance Brokerage Companies

3.     Insurance Agencies

4.     Insurance Brokers

5.     Insurance agents

6.     Certified Actuaries

7.     Banks with Insurance advocacy

At the market there are also institutions and companies which are not supervised by the ISA .
Their activities is related toward state pension and disability insurance, fully funded pension insurance, health insurance and deposit insurance funds, as well as agency for supervision of the fully funded pension insurance companies and funds:

PIOM – State Pension and Disability Insurance Fund of the Republic of Macedonia

MAPAS – Agency for Supervision of the Fully Funded Pension Insurance

FZOM – Health Insurance Fund of Macedonia,

Deposit Insurance Fund,

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