Придонесот и предизвиците на супервизијата на капитално финансираното пензиско осигурување во Република Македонија
The contribution and the challenges for the supervision of the fully funded pension insurance in the Republic of Macedonia

Summary/Abstract: This work is dedicated to the establishment, development and improvement of the supervision of fully funded pension insurance. The structural reform of the pension system made it necessary to adjust the existing and to create new institutions within the institutional infrastructure. In 2002, a very important institution was established, the Agency for Supervision of Fully Funded Pension Insurance – MAPAS. Namely, MAPAS is a supervisory and regulatory body that controls the operations of the pension companies that mange the mandatory and voluntary pension funds. In its ten years of existence this supervisory body had faced the challenge of insufficient independence, which as a consequence led to interruption in the continuity of its operations. The dependence from the executive authorities disabled MAPAS to be harmonized with the international supervision principles, and caused MAPAS to be criticized in the last three Progress Reports of the European Commission (2009, 2010 and 2011). In order to achieve a higher level of independence and to eliminate the political factors that influence the independence, further change and reform are needed, by which the managing bodies of MAPAS would be elected by a body, independent from the executive government, and that body is the Parliament of the Republic of Macedonia. This recommendation is based on the international experience, on the evolution of this type of regulatory and supervisory institutions, and to the adjustment to the social and political environment in the country.

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