Governance, Risk and Compliance - The Macedonian Insurance Industry

Published: Dec, 2015 | Pages: 38 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's Governance, Risk and Compliance - The Macedonian Insurance Industry report is the result of extensive research into the insurance regulatory framework in Macedonia.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Macedonia, including:

An overview of the insurance regulatory framework in Macedonia.

The latest key changes, and changes expected in the country's insurance regulatory framework.

Key regulations and market practices related to different types of insurance product in the country.

Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Macedonia.

Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

Details of the tax and legal systems in the country.

Scope
The report covers details of the insurance regulatory framework in Macedonia.

The report contains details of the rules and regulations governing insurance products and insurance entities.

The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to Buy
Gain insights into the insurance regulatory framework in Macedonia.

Track the latest regulatory changes, and expected changes impacting the Macedonian 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 product.

Key Highlights
The Macedonian insurance industry is regulated by the Insurance Supervision Agency.

100% foreign direct investment is permitted in the Macedonian insurance industry.

Composite insurance is not permitted in Macedonia; however a life insurer can operate health and accident insurance.

Non-admitted insurance is prohibited by law. However, reinsurers and risk not covered by domestic insurers are exceptions.

Motor third-party liability and workmen's compensation insurance are compulsory.

 Table of Contents
1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Personal accident insurance for passengers carried by public transport
2.4.3 Aviation third-party liability insurance
2.4.4 Third-party liability insurance for motor boat owners
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Insurance Supervision Agency (ISA)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric's Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions 
Table 2: Macedonia - Insurance Regulatory Framework Key Features 
Table 3: Macedonia - Life Insurance Regulatory Framework 
Table 4: Macedonia - Property Insurance Regulatory Framework 
Table 5: Macedonia - Motor Insurance Regulatory Framework 
Table 6: Macedonia - Liability Insurance Regulatory Framework 
Table 7: Macedonia - Minimum Cover for Aircraft Third-Party Liability, per Accident per Aircraft 
Table 8: Macedonia - Corporate Tax Rates for the Financial Year 2015