The Insurance Supervision Agency will enhance and strengthen high school students and mathematicians’ financial education by providing them with trainings.
The Memorandum of Understanding with the Union of Mathematicians of Macedonia completed the successful cooperation thus far, in which ISA provided support through training to young high school students, excellent mathematicians who won a bronze medal at the International Economics Olympiad held in neighboring Greece.
The Insurance Supervision Agency (ISA) will continue to provide young mathematicians with financial education training. Simultaneously, ISA will actively support high school mathematicians in national and international competitions and Olympiads within its competencies and capabilities.
ISA and the Union of Mathematicians of Macedonia (UMM) signed a Memorandum of Understanding for the implementation of that procedure, which was signed by Krste Shajnoski, president of ISA’s Expert Council, and Gjorgi Markoski, president of UMM. The Union of Mathematicians is a professional organization that organizes our representatives’ preparations for each Economics Olympiad for high school mathematicians.
ISA, in collaboration with UMM, will provide trainings to improve high school students’ financial literacy. The MoU includes a slew of coordinated actions aimed at assisting young mathematicians with a special emphasis on financial education and greater utilization of financial products and services.
The cooperation that began in the first half of the year between ISA and UMM is strengthened and deepened by this Memorandum. Then, ISA professionals offered a training session for our high school mathematicians and economists who achieved excellent success at the Balkan Olympiad in Greece.
Specifically, for the first time, our representatives were awarded a bronze medal at the International Economics Olympiad in June of this year, which covers a team performance in the development of a business study in addition to individual achievements.
ISA shall increase its collaboration with the Faculty of Natural Sciences and Mathematics at UKIM, which is the parent organization of mathematicians from UMM, through this project.
COMPETITION ON THE OCCASION OF INSURANCE DAY ‒ NOVEMBER 1 FOR PRIMARY AND SECONDARY SCHOOL STUDENTS
Pursuant to the Decision on the announcement of Competition for primary and secondary school students for the occasion of Insurance Day ‒ November 1, the Insurance Supervision Agency publishes the following:
COMPETITION ON THE OCCASION OF INSURANCE DAY ‒ November 1
for primary and secondary school students
1-5 grade students have been assigned the following topic:
– “Insurance protects me from risks” – expressed through a work of art (drawing/digital drawing)
6–9 grade students have been assigned the following topic:
– “My investment – the insurance policy” – expressed through a literary work (song)
A total of 6 prizes will be awarded to primary school students for the selected best works, namely:
– 3 awards for the best artwork (drawing/digital drawing) for 1-5 graders;
– 3 awards for the best literary work (poem) for 6-9 graders;
The primary school students whose works are awarded will be granted a monetary prize of MKD 3,000.00, to be deposited in a bank of their choice.
Secondary school students are assigned the following topic: “Life is full of surprises, insurance is my financial security” expressed through a literary work (short story/essay)
The Short Story/Essay should be a maximum of 1,800 words in length and contain a personal opinion on the role of insurance, addressing issues such as: young people’s knowledge of what insurance means, how to buy insurance and own an insurance policy, thinking in terms of the need for financial literacy and education, the role of insurance in risk management, the role of insurance in the economy, the behavior of the young population and family habits toward insurance, and other assorted topics.
A total of three prizes will be awarded to the secondary school students for the selected best works. Students whose works have been awarded will be granted a monetary prize of MKD 6,000.00, to be deposited in a bank of their choice.
Common prerequisites applying to primary and secondary school students:
The deadline for submitting works is October 23, 2023.
Please sign your work and provide the following details:
- Name and surname of the student,
- Name of the school where the student attends classes (grade/year/municipality/village/city),
- Name and surname of a parent/guardian with residential address, and
- Contact number of parent/guardian/teacher/professor
Method of delivery of the works:
All works (drawing, poem, short story/essay) can be submitted in person or by mail to the Insurance Supervision Agency Archives. Literary works (poems, short stories/essays) and creative works (just a digital sketch) can be sent electronically to the following email address: contact@aso.mk.
Delivery address by registered mail:
“For the purpose of competition on the occasion of Insurance Day – November 1”
Insurance Supervision Agency
Makedonija st. 25, Palata Lazar Pop Trajkov, floor 5, 1000 Skopje
An Expert Committee will study and assess the works received in order to determine the best art work – drawing, the best literary work – a poem for primary school students, and the best literary work – short story/essay for secondary school students.
The list of awardees will be published on the Insurance Supervision Agency’s website, www.aso.mk, no later than October 31, 2023.
Visit the educational portal www.edukacija.aso.mk to learn more about insurance.
For additional information, please email the Insurance Supervision Agency at contact@aso.mk.
ISA issued a work permit for a new EUR 4 million-investment – a new life insurance company is being established
Following a break of six years, a new insurance company is being established on the Macedonian life insurance market in which Slovenian owners will invest EUR 4 million. This investment proves that the current ISA management in cooperation with other financial institutions is actively improving the business climate and is therefore creating conditions for investments in the insurance business.
The Insurance Supervision Agency (ISA) issued a work permit to the new insurance company “Prva Život”. This company shall offer life insurance on our insurance market. The founder and sole owner of the newly established life insurance company is the Slovenian insurance holding PRVA GROUP (SKUPINA PRVA, zavararovalniski holding, d.d).
The Slovenian group is a renowned holding that has been managing pension funds in Slovenia, Serbia, Macedonia and Kosovo for two decades. The Group has an insurance company in Slovenia, and their entry into our insurance market is expected to improve competitiveness in the sector and contribute to enriching the offer of life insurance products.
The Slovenian company invested EUR 4 million in the newly established insurance company, which is the amount of the founding capital of “Prva Život”. The funds have been deposited in a special foreign currency account of the central bank.
At the regular session, the Council of Experts of ISA adopted the decision to issue a work permit that allows “Prva Život” to perform insurance operations within the group of life insurance in class 19 – life insurance.
“Prva život” will start working within six months from the day of issuing the work permit, and the company’s headquarters will be in Skopje. Predrag Milosevski has been appointed as an executive member of the Board of Directors.
ISA obliged the company to appoint an authorized actuary within two months of the company’s registration in the Trade Register.
“Prva život” will be the sixth company on the Macedonian life insurance market, where “Croatia insurance – život”, “Triglav život”, “Grawe”, “Winner Life VIG” and “Uniqa Life” are currently operating.
During the first six months, citizens have invested over EUR 14 million in life insurance in the five life insurance companies.
Our insurance market invests in three groups of life insurance products. Investments in insurance with a savings component have the largest share in total life insurance. This product enables the insured entity to receive the invested funds increased with interest after the expiration of the insurance contract. Payments of policyholders who have this type of insurance are invested in bank deposits in government bonds or other risk-free financial instruments.
The official data of the life insurance companies shows that the biggest growth in sales is life insurance that does not have a savings component. In this case, in the event of death for the duration of the contract, the insured amount is paid to a family member or another beneficiary of the insurance. However, if the risk does not occur until the expiration of the insurance contract, all the invested funds are kept by the insurance company that assumed the risk to pay out funds in case of death of the insured person.
Life insurance in which the risk of investing the funds is assumed by the insured entity, is the newest insurance product from the range of life insurance products on our market. This product is popularly known as “Unit linked” insurance. Here, a significant part of the money is invested in investment funds, chosen by the insured entities, whose market prices depend on the movements of regional and global capital markets.