Across the local Làw on insurance supervision
Local intermediary regulation:
A) Insurance companies
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 .
companies will have to make contracts for brokerages
only with insurance broking companies with business
licence in the Republic of Macedonia .
and reinsurance business must be offered to insurance
companies with licence in the Republic of Macedonia
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
brokers must be licensed, have minimum capital and
professional indemnity cover.
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.