The Insurance Supervision Agency (ISA) was established in 2009. The Insurance Supervision Law sets the legal grounds for the establishment and performance of the authorisations of the ISA. ISA has a status of a legal person and is obliged annualy to report to the Parlament.

Managing body of the ISA is the president and 4 other members of the Council of experts.

The ISA is authorised to perform supervision over the insurance undertakings, insurance brokerage companies, insurance agencies, insurance brokers and agents, all the related parties defined by the Insurance Supervision Law as well as supervision over the activities of the National Insurance Bureau (the Green Card Bureau). The ISA is also authorised to issue and withdraw licences, consents, to issue measures and sanctions, to adopt secondary insurance regulation and to propose amendments of the primary insurance regulation. The ISA shall initiate the procedures to become full member of the relevant european and international insurance supervision associations and shall initiate cooperation with counterparts from the region with an objective of further development of sound and stable insurance markets.

Mission
The Insurance Supervision Agency was set up as an independent regulatory authority that shall promote fair and efficient functioning of the insurance market with the objective of protection of the rights of the insurance policyholders and beneficiaries.

This objective shall be achieved by creating a modern and efficient insurance sector, that will offer quality insurance services and that shall promote further development of the financial sector in the country.

Basic principles
Responsibility - The ISA shall react promptly and on a comprehensive manner, committed towards achievement of the mission and the strategic goals as an insurance supervision authority.

Competence - The ISA shall strive to perform its authorisations in a manner that shall ensure efficient realization of its strategic goals in accordance to the highest standards of the profession and at rational costs.

Accountability - In performance of its activities the ISA shall implement the highest ethical standards in the communication and the cooperation with all the stakeholders in the insurance supervision process.

Transparency - The ISA shall regularly disclose all the relevant information about the insurance market and the insurance services offered in the Republic of North Macedonia.