Report on the Legal Framework of the Insurance Sector in FYR of Macedonia
The scope of this report – by Rokas (Skopje) – is to present the legal regime framework related to
insurance in FYR of Macedonia, some of them are below.
1-REGULATION
Law on insurance supervision (Official gazette no. 27/02 and changes in the official gazette 64/12) secondary
legislation acts (rulebooks) ;
Law on obligations (official gazette no. 18/2001 and changes)
Law on compulsory traffic insurance (Official Gazette no. 88/2005, 70/2006;26/2008; 81/2008;47/2011;
135/2011)
2-INSURANCE AND REINSURANCE COMPANIES, BRANCH OFFICES OF FOREIGN INSURANCE COMPANIES AND DIRECT PROVISION OF INSURANCE SERVICES, WHEN APPLICABLE
According to article 7 from the Law on insurance supervision (official Gazette no. 27/02), the re/insurance services
may be provided by insurance companies, established as share holding companies in the Trade Registry, with head
office in FYR of Macedonia, that holds a license for carrying out insurance activities by the Insurance Supervision
Agency (solely for the classes of insurance that they have been granted license); branch office of a foreign
insurance company that has been granted a license for carrying out insurance activities by the Insurance
Supervision Agency, and insurance company from a member state that has established a branch office on the
territory of FYR of Macedonia or has been authorized to directly carry out insurance activities on the territory of FYR
of Macedonia, in accordance with the Law on insurance supervision.
3-INSURANCE SUPERVISION
The Supervision Department of the Insurance Supervision Agency (ISA) accomplishes work that is related to
conducting the on-site and off-site supervision over the insurance companies (life & non-life), the insurance
brokerage companies, insurance agencies, insurance brokers, insurance agents, actuaries and the National Green
Card Bureau. The ISA is also authorized to issue and withdraw licenses to insurance companies for carrying out
insurance activities, for introduction of a new class of insurance, for transfer of insurance contracts to another
insurance company, insurance agents, gives consent for change of statute, for change of the articles in the
incorporation act of the insurance company, approval to Insurance agency consents, license to perform activities for
representation in insurance, license for insurance broker, license for insurance brokerage companies, license for
branch office of the foreign brokerage companies; issues consent for appointing executive member of the managing
board; license for work as an authorized actuary. The ISA keeps registers for insurance undertakings, insurance
brokerage companies, insurance agencies, insurance brokers, insurance agents, certified actuaries, register of
banks who are working with issues for representation in insurance
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