Insurance Supervision Agency (ISA)
The Insurance Supervision Agency (ISA) was established in 2009. Its mission is to promote fair and efficient functioning of the insurance market with the objective of protection of the rights of the insurance policyholders and beneficiaries. This is achieved by creating a modern and efficient insurance sector, that offers quality insurance services and that promotes further development of the financial sector in the country.
Managing body of the ISA is the president and 4 other members of the Council of experts.
Basic principles of ISA
Responsibility – The ISA reacts promptly and on a comprehensive manner, committed towards achievement of the mission and the strategic goals as an insurance supervision authority.
Competence – The ISA strives to perform its authorisations in a manner that ensures efficient realization of its strategic goals in accordance to the highest standards of the profession and at rational costs.
Accountability – In performance of its activities the ISA implements the highest ethical standards in the communication and the cooperation with all the stakeholders in the insurance supervision process.
Transparency – The ISA regularly discloses all the relevant information about the insurance market and the insurance services offered in the Republic of North Macedonia.
The ISA is authorised 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 authorised to issue and withdraw licences, consents, to issue measures and sanctions, to adopt secondary insurance regulation and to propose amendments of the primary insurance regulation. The ISA initiates the procedures to become full member of the relevant european and international insurance supervision associations and initiates cooperation with counterparts from the region with an objective of further development of sound and stable insurance markets. More…