The Insurance Supervision Agency closely monitors the situation in the insurance sector and the potential risks that may have an impact on the same as a result of the KOVID-19 outbreak.

Simultaneously, ISA follows recommendations for risk reduction on a daily basis, as well as the consequences and effects on the insurance market of the European  Regulatory Authority EIOPA, which may apply also to the Macedonian insurance market and supervision.

The Council of Experts held a meeting on March 20, 2020, chaired by the President of the Council of Experts, Mr. Krste Chajnoski. The Council of Experts reviewed the situation in the insurance sector in context of the current situation with the KOVID virus-19.

Last quarterly data collected as of 31.12.2019 and the off-site supervision of the Agency confirm that the insurance sector is stable.

In order to facilitate the operation of the companies for insurance undertakings and other entities on the insurance market under such terms of emergency, the Council of Experts of the Supervision Agency of insurance concluded:

  1. The initiation of misdemeanor proceedings against the entities of supervision is postponed;
  2. The implementation of previously planned terrain supervisions of insurance undertakings and other entities subject to supervision is postponed;
  3. Flexibility is provided in submitting regular reports which the supervised entities are obliged to submit to the Agency during the emergency term in the country, providing also a possibility for submission of these reports 30 days after the deadlines set by Law;
  4. The supervised entities are advised to take all possible measures to maintain their capital and solvency directed towards full protection of the insured’s rights;
  5. It is recommended that the supervised entities refrain from profit allocation in form of dividends or other bonuses to members of the governing bodies as well as refrain from unproductive expenditures during the crisis;
  6. It is recommended that insurance undertakings become aware of the clients situation which means to treat them properly throughout the entire cycle starting from the client needs, purchase of the product / service, and contract renewal;
  7. There shall be delays in organizing trainings and exams for insurance sales agents and insurance brokers. The Agency continues to monitor and take appropriate measures necessary to reduce the negative impact on the insurance market stability and to protect of the insured’s rights.

Communication with the Government, Ministry of Finance and the insurance sector, the Association of Insurers and Association of insurance brokerage companies within the Economic Chamber and other relevant institutions will continue on a regular basis and shall regularly inform the public for new activities and actions to be undertaken.