Insurance laws North Macedonia
North Macedonia's insurance sector operates under a structured legal and regulatory framework designed to ensure market stability, consumer protection, and alignment with international standards.
📜 Key Legislation
1. **Law on Insurance Supervision (2002, Official Gazette No. 27/02)**This foundational law establishes the legal basis for insurance supervision in North Macedonia. It outlines the responsibilities of the Insurance Supervision Agency (ISA), including licensing, regulatory oversight, and enforcement within the insurance sector
2. **Law on Obligations (2001, Official Gazette No. 18/2001)**This law governs contractual relationships, including insurance contracts, in North Macedonia. It provides the general legal framework for obligations arising from agreements between parties, including insurers and policyholders
3. **Law on Compulsory Traffic Insurance (2005, Official Gazette No. 88/2005)**This legislation mandates third-party liability insurance for motor vehicles operating within North Macedonia. It aims to protect individuals and property from damages caused by motor vehicle accidents
🏛️ Regulatory Authority
*Insurance Supervision Agency (ISA)
Established in 2009, the ISA is an independent regulatory body responsible for overseeing the insurance market in North Macedoni. Its primary objectives includ:
Licensing and Supervision Granting licenses to insurance companies, brokers, agents, and actuaries, and conducting both on-site and off-site supervisio.
Policyholder Protection Ensuring the rights of policyholders are upheld and promoting transparency within the insurance secto.
Regulatory Development Proposing amendments to existing insurance laws and regulations to adapt to evolving market condition. The ISA operates under the guidance of a Council of Experts, comprising a president and four other members, who are responsible for strategic decision-making and oversigh.
📊 Licensing and Operational Requirement insurance entities in North Macedonia must adhere to specific licensing and operational standards, includig:
*Capital Adequacy:Meeting minimum capital requirements to ensure financial stabiliy.
*Solvency Margins: Maintaining solvency margins as per regulatory standards to cover potential liabilitis.
*Operational Transparency: Implementing transparent business practices and maintaining accurate recors.
The ISA provides detailed guidelines and rulebooks outlining the procedures and documentation required for obtaining and maintaining licenss.
🧾 Consumer Protection and Oversigt
North Macedonia's insurance laws emphasize consumer protection throgh:
*Complaint Handling: Establishing procedures for addressing complaints from policyholders and beneficiares.
*Transparency Initiatives: Promoting public awareness and financial literacy regarding insurance produts.
*Market Surveillance: Monitoring market practices to prevent fraudulent activities and ensure fair competiton.
🌐 International Alignment
North Macedonia's insurance regulatory framework aligns with international standards, including those set by the International Association of Insurance Supervisors (IAIS). The ISA actively participates in regional and international cooperation to enhance the development and stability of the insurance market.
RELATED Blog
0 comments