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Across the local Lw 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.