Macedonia Insurance Industry – Governance, Risk and Compliance
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Macedonia Insurance Industry Regulation Overview
The Insurance Supervision Agency regulates the Macedonia insurance industry along with another regulator International Association of Insurance Supervisors (IAIS).
The Macedonia insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types, including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Insurance Supervision Agency
· International Association of Insurance Supervisors (IAIS) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Professional Indemnity Insurance · Social Security Insurance · Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Macedonia Insurance Industry – Key Regulators and Legislation
Insurance Supervision Agency: The ISA undertook insurance supervision on November 1, 2009. The authority regulates the Macedonian insurance industry and is instrumental in ensuring the stability and efficient functioning of insurance and reinsurance companies. The managing body of the ISA is the Council of Experts that includes the president and four other members. It functions under the guidelines stipulated in the Insurance Supervision Law 2002. Article 158 of the Law stipulates that the ISA’s primary responsibilities include regulating and supervising the conduct of the insurance industry, issuing licenses, and protecting policyholders among others.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance; provides training and support on issues related to insurance supervision; and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
A few of the laws regulating the Macedonia insurance industry are:
- Law on Obligatory Relations 2001
- Law on compulsory traffic insurance
- Rulebooks on licensing
- Rulebooks on supervision
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Macedonia Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Macedonia insurance industry are:
- Motor Third-Party Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
- Liability Insurance
Compulsory Insurances in Macedonia
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Macedonia Insurance Industry - Company Registration and Operation
A license is required to operate in the Macedonia insurance industry. Article 32 of the law stipulates that insurers intending to operate in the country must apply for a license with ISA. Similarly, a foreign insurance company must obtain a license from the ISA to establish a branch office in Macedonia. In addition, intermediaries are required to obtain authorization from the ISA to mediate insurance products in the country.
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Macedonia Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Macedonia. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: In Macedonia, any company registered in Macedonia, or with a management office in the country, is considered a resident company. Resident companies are subject to tax on their global income, whereas non-resident companies are taxed only on income sourced from Macedonia itself. Corporate income tax is charged at 10%.
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Scope
This report provides:
- Details of the insurance regulatory framework in Macedonia.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Macedonian insurance industry is regulated by the CRCA at the regional level and by the DA at the national level.
- Composite insurance is not permitted in Macedonia.
- 100% FDI is permitted in the Macedonian insurance industry.
- Insurance companies from CIMA member states are permitted to operate in Macedonia without a license.
- Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Macedonia.
- Track the latest regulatory changes and expected changes impacting the Macedonia insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Macedonia insurance industry?
The Insurance Supervision Agency is the key regulator of the Macedonia insurance industry.
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Which other body oversees the Macedonia insurance industry?
The International Association of Insurance Supervisors (IAIS) is the regulatory body that oversees the operations of the Macedonia insurance industry.
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Which are the compulsory insurances required within the Macedonia insurance industry?
A few of the compulsory insurances required within the Macedonia insurance industry are motor third-party liability insurance, professional indemnity insurance, social security insurance, and liability insurance.
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What types of taxes are imposed upon the Macedonia insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Macedonia. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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