17th November 2017, Skopje – To the end of further harmonization with the EU Acquis in the field of insurance and increase of market operations, Ministry of Finance, in cooperation with the Insurance Supervisory Agency and the International and Ibero-American Foundation, worked on the Twinning Project in the last 21 months, for which a final event was held today.
Main Project objective was transposing the Directive on the taking—up and pursuit of the business of Insurance and Reinsurance – Solvency II in the new Law on Insurance.
– Directive on Solvency II sets new stricter requirements for capital adequacy, risk management process of insurance companies, risk-based supervision, as well as the manner of reporting, all to the end of protecting the insurees, i.e. the insurance beneficiaries and preventing distortions on the insurance market, Minister of Finance Dragan Tevdovski , PhD pointed out at the final event.
Minister expressed his contentment with the successful project completion, whereby Ministry of Finance and Insurance Supervisory Agency are the Beneficiary Institutions thereof, while the Spanish Directorate General of Insurance and Pensions Funds is a partner from an EU member state.
– By using the experience and professionalism of the Spanish Directorate General of Insurance and Pension Funds in the field of insurance regulation and supervision, as well as the profound experience in implementing relevant projects in the region and broader, I am confident to say that we completed a successful project – Minister Tevdovski said.