The Spanish Ambassador to Macedonia, Ramón Abaroa Carranza, with the project team at the kick-off event in Macedonia.
El embajador de España en Macedonia, Ramón Abaroa Carranza, con todo el equipo del proyecto en el acto de presentación en Macedonia.
Managed by the International and Ibero-American Foundation for Administration and Public Policies (FIIAPP), the project aims to achieve greater consistency between the country’s legislation and European laws, in addition to building administrative and operative capacities for complying with the regulations of the European Union.
Entirely funded by the European Commission with a budget of €700,000, the project is being managed by the International and Ibero-American Foundation for Administration and Public Policies (FIIAPP) and will have a duration of 18 months. It will be carried out by Directorate-General of Insurance and Pension Funds of Spain’s Ministry of Economy and Competitiveness.
Over the course of the project, it is anticipated that a new insurance oversight law will be ratified to comply with the regulations approved by the European Union in what is known as the Solvency II Directive. At the kick-off event, the project coordinator in the country, Víctor García, an expert from the Directorate-General of Insurance sent by FIIAPP, explained that “when this law is in force, European insurance companies will be able to enter the Macedonian insurance market with the same legislation as in the Member States, which will improve competition, thereby providing a overall benefit to citizens”.
Moreover, it aims to increase the capacities of the insurance oversight agency for working on raising awareness of consumer protection.
In addition, one of the project objectives is to increase consumer protection in Macedonia’s internal insurance market. Therefore, when the project has been implemented, there will be more mechanisms for controlling insurance companies, resulting in better protection of policyholders and the establishment of adequate procedures for handling complaints when disputes arise between policyholders and insurance companies.
The kick-off event for the project, held in the Skopje, the Macedonian capital, and led by the Spanish ambassador to the country, Ramón Abaroa Carranza, was attended by the Secretary of State from the Macedonian Ministry of Finance, Mr Igor Dimitrov; the Head of Cooperation of the EU Delegation, Mr Martin Klaucke; the president of the board of experts of the Macedonian insurance oversight agency, Mr Klime Poposki; as well as the project leader, Ms Laura Prieto Montes, of Spain’s Directorate-General of Insurance and Pension Funds.