A N N O U N C E M E N T in respect of the unauthorized performance of insurance operations on the territory of the Republic of North Macedonia

Pursuant to the monitoring of the insurance market condition in the country, especially of the advertising and sales of insurance products, the Insurance Supervision Agency has lately detected cases of offering, advertising and concluding insurance contracts with foreign insurance companies (especially from the Republic of Bulgaria) which do not possess a license issued by the Insurance Supervision Agency, to perform insurance operations.

The Insurance Supervision Agency states that performing insurance operations, representation in insurance or insurance brokerage operations without the permission of the Agency is a criminal act for which, pursuant to the Law on Insurance Supervision, a penalty of three months to five years is prescribed.

The Insurance Supervision Agency warns that in the event of identifying entities which perform insurance operations, representation in insurance or insurance brokerage operations without the permission of the Agency, all measures and sanctions prescribed by law shall be taken against the respective entities.

At the same time, the Agency informs the legal entities and natural persons who perform activities as well as the citizens of the Republic of North Macedonia that in accordance with the Law on Insurance Supervision, they can only conclude insurance contracts in the insurance companies licensed by the Insurance Supervision Agency.

Due to all the above, the Agency appeals to the citizens to be wary which insurance companies they buy insurance policies from, especially due to the fact that there is a chance for them in future, not to be able to exercise their rights arising from the insurance contracts, for which they have duly paid the insurance premium, provided they buy the policies from unauthorized foreign insurance companies.

The Insurance Supervision Agency informs the citizens that the website of the Agency (www.aso.mk) provides information on all the entities which are authorized to perform insurance operations, representation in insurance or insurance brokerage operations on the territory of Macedonia.