|
In the premises of the Economic Chamber of Macedonia on 11 May 2007, the Ministry of Labor and Social Policy and Agency for Supervision of Capitally Financed Pension Insurance MAPAS, supported by the USAID’s Business Environment Activity, presented the third pension pillar to two chamber associations – Banking Association and Insurance Association.
The Second Round Table started with short presentation of the design of capitally financed pension insurance (third pillar) by the Manager of MAPAS, Zorica Apostolska.
The meeting continued with the presentation “The Bank Custodian – Commercial Bank” prepared by Elena Tanaskoska, Head of Supervision Sector. In the presentation, it was emphasized that assets from the pension fund in the first five years will be under the custody of the National Bank of the Republic of Macedonia. After this period, the custody over these assets will be taken over by commercial and business banks, which need to meet certain legal requirements, i.e. need to obtain a license by the National Bank and possess a minimum capital of 20 million euro. The bank may not be a shareholder in the company which manages the pension fund, nor a shareholder in an entity related to the company, and at the same time there may not be any capital relation between the bank and the company.
Supervision over the assets and banks will be performed by the Agency for Supervision of Capitally Financed Pension Insurance MAPAS.
|