The Insurance Supervision Agency celebrated the second anniversary of its existence in the Hotel Stone Bridge, Skopje. This celebration was attended by high state's representatives, representatives of the insurance industry and representatives of various institutions with which the Agency cooperates professionally.

In his speech, the President of the Council of Experts of the Insurance Supervision Agency, PhD Klime Poposki, accentuated the achievements of the Agency as an independent regulatory authority which basic mission is legal conduction of efficient insurance on the insurance market in order to protect the policyholders’ and beneficiaries’ rights.

Also, Mr. Poposki pointed out the basic characteristics of the insurance market in the Republic of Macedonia, i.e., the market is small and dynamically evolving, with an acceptable concentration of subjects with dominant ownership of foreign investors, of which, the largest number are from the European Union.

According to the Vice Prime Minister and the Minister of Finance Zoran Stavreski, who attended the celebration, in two years, the Agency succeeded to establish itself as a professional, independent and competent regulatory authority which successfully realizes the goal for strengthening the stability, efficiency and competition on the insurance market.

 - There is no better confirmation for the right direction in which our Insurance Supervision Agency is heading, than last Report of the European Commission for the Republic of Macedonia, where the improvement of the insurance market is especially accentuated, stated Stavreski.

Also, Stavreski announced that the Government will continue to support the Agency in the development of the insurance market and therefore, he mentioned the adoption of the law which will enable realization of the project for catastrophe risk insurance Europa Re. By the end of 2012, a new Law on Insurance will be adopted, by which the European standards for solvency of insurance undertakings will be completely implemented.

 - The adoption of that law will increase the confidence in the financial stability of the insurance sector, decrease the risk of insolvency of the undertakings, and enable early warning of the insurance market supervisors for timely intervention and prevention of latter consequences, said Stavreski.

Within the celebration, an award for young research paper in the insurance and risk management area was given. A review toward the introduction of this new tradition was given by Phd. Silvana Mojsovska, a member of the Council of Experts of the Agency. She pointed out that the Agency is joining the trend started by other regulatory authorities, in order to stimulate research in the insurance area.

Nine papers for the award for young research paper in the insurance and risk management area were registered in the Competition. This year, Milan Eliskovski was awarded for the paper Economic determinants of the life insurance expenditure in the Republic of Macedonia.

Also on this event, the Agency promoted the insurance market brochure, which goal is building-up the public's sense for the insurance role in the private and social life. The brochure contains explanations and definitions of certain terms from the insurance area.