Придонесот и предизвиците на супервизијата на капитално финансираното пензиско осигурување во Република Македонија

Зорица Апостолска


This work  is dedicated  to the establishment,  development  and  improve­ ment 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 super­ visory and regulatory body that controls the operations of the pension com­ panies that mange the mandatory  and voluntary pension funds. In its ten years of existence this supervisory  body had faced the challenge of insuf­ ficient 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 prin­ ciples, and caused MAPAS to be criticized in the last three Progress Re­ ports 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 re­ form are needed, by which the managing bodies of MAPAS would be elect­ ed 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 regu­ latory and supervisory institutions, and to the adjustment to the social and political environment in the country.




Key words: MAPAS, supervision, fully funded pension insurance, independence, harmonization.

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