29th April 2024, Skopje – At todays’ session, the Commission for Motor Vehicle Liability Insurance reviewed the submitted report from the National Insurance Bureau with regards to the increased prices based on premium for insurance operations.
At the meeting, the Commission suggested to the National Insurance Bureau and the regulator, i.e. the Insurance Supervision Agency, to advise the insurance undertakings to put on hold the decisions regarding the increase of the part of the premium for carrying out motor vehicle liability insurance and reinstating it at the set level applicable before 25th April 2024, informing the Commission thereof.Such suggestion is aimed at ensuring transparency and predictability of the processes, having in mind that the undertakings have neither individually nor via the National Insurance Bureau notified the regulator and the Commission of their plan to increase the costs related to premium for insurance operations. Hence, no inclusive approach was applied, implying no cooperation with all stakeholders in the decision making process was established.
At today’s session, the Commission requested the Insurance Supervision Agency to prepare an analysis for the rationalization and validity of the adopted decisions by the insurance undertakings in direction of end user protection, with the aim of providing comprehensive information for objective and transparent decision making.
In this vein is the regulator’s recommendations for putting on hold the decision for increase of costs by the insurance undertakings. Meanwhile, the regulator requested from the insurance undertakings via the NIB to contribute towards the preparation of the analysis and draft conclusions for premium tariff change for owners of motor vehicles pertaining to third-party liability damages.
At the meeting, the Commission decided, as soon as possible the regulator’s analysis is provided, to call a session and to review the provided information with the aim of reaching appropriate conclusions.
