Across the local Lаw on insurance supervision and

Local intermediary regulation:

A) Insurance companies

      ·   Legal entities and physical persons doing business in the Republic of Macedonia , and citizens of the Republic of Macedonia shall be insured by companies licensed in the Republic of Macedonia .

      ·   Insurance companies will have to make contracts for brokerages only with insurance broking companies with business licence in the Republic of Macedonia .

      ·   Insurance and reinsurance business must be offered to insurance companies with licence in the Republic of Macedonia , first.

      ·   No risks can be written by a non-licensed insurer on a direct basis, except in circumstances where there is no local market for the risk, or for some other reason provided for under the local laws.

B) Insurance brokers

      ·   Insurance brokers must be licensed, have minimum capital and professional indemnity cover.

      ·   The Ministry of Finance licenses individual brokers and at least two licensed employees are needed before a broking company can apply for a business licence from the Supervision and Insurance Department.