Legal and Institutional Framework of Life Insurance in the Republic of Macedonia

Abstract

Life insurance is the most common type of insurance in the
world, mainly because of its benefit for both the individual and the state
in general. As specific financial services that best combines the
protection of the interest of the insured and his family members with
appropriate elemental savings, life insurance through accumulation and
investment of significant financial funds, positively effects on the
economy as a whole. Accordingly, the subject to survey represents the
life insurance with special emphasis on domicile insurance sector,
through analysis of the types of life insurance, the current situation and
perspectives for development, and insurance products in the field of life
insurance through the prism of insurance companies that have a seat in
the Republic of Macedonia.
These paper consists of four (4) parts, including:
1. Introduction - Definition and types of life insurance;
2. Legal and institutional framework for life insurance in the
Republic of Macedonia;
3. Life insurance market in the Republic of Macedonia; and
4. Conclusion - The future of life insurance in the Republic of
Macedonia.
In the first part: “Introduction”, we define and explain the
concept of life insurance, we highlight certain types of life insurance, as
well as the advantages and disadvantages of this type of insurance.
In the second part: “Legal and institutional framework for life
insurance in the Republic of Macedonia”, we analyze legal acts within
which this insurance is included in the Republic of Macedonia, and we
point out the institutions that make up this sector in our country.
In the third part: “Life insurance market in the Republic of
Macedonia”, we analyze, in detail, the situation of the insurance market
in our country, and we analyze the companies that offer life insurance.
Finally, the “Conclusion” provides recommendations for the
future developments of life insurance in the Republic of Macedonia, and
we also give our basic conclusions that arise from our paper.
If we want to achieve a higher degree of development of an
economy, it is necessary to develop life insurance. The state must
stimulate life insurance, through various incentives for its
implementation (exemption from taxes, fees, etc.), and on the other hand
with special protection of the insured.