The Agency for Supervision of Fully Funded Pension Insurance – MAPAS was established in July 2002 with the appointment of its director by the Government of the Republic of North Macedonia.
MAPAS was established in order to supervise the operations of the pension companies and the pension funds with the purpose to protect the interests of the pension funds members (contributors). The Agency is a legal entity and for its operations responds to the Assembly of the Republic of North Macedonia. The Agency is responsible for granting and withdrawing licenses for establishment of pension companies and approvals for managing pension funds. The Agency supervises the operations of the pension companies, the pension funds, as well as the custodians and the foreign asset managers. The Agency collaborates with the Ministry of Finance, the National Bank of the Republic of North Macedonia, the Securities and Exchange Commission and with other institutions in order to provide efficient control over the fully funded pension insurance in the Republic of North Macedonia. Besides the annual report on its operations that the Agency submits to the to the Assembly of the Republic of North Macedonia, it also prepares and publishes annual report on the developments in the fully funded pension insurance, thus providing transparency for this type of insurance.