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CEA NEWS JANUARY 2005

European Insurance Regulations

2004 has been a challenging year for the Insurance Industry with regulation being drafted at an undiminished pace. In 2005 , we will be facing further regulatory activity. Insurers will need to keep up pressure and make contributions if these projects are to reflect our industry’s specific needs.

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Enhancing of the professional level and the licensing of the intermediaries, demand of the moment

The year 2005 will be focused in continuous discussions on the licensing requirements of the insurance agents. For the first time the licensing of the insurance agents was done by the Insurance Supervisory Commission as a consequence of the requirements of the IAIS and the EU directive 2002/92/EC of the European Council and the parliament dated December 9, 2002 on “Insurance intermediaries and the professional requirements on brokers and agents”. All the Insurance Agents has to pass through a training process and have to be tested by the Association of Albanian Insurers. An agreement between the Supervisory Authority and the Association of Albanian Insurers is going to be signed on the agents license requirements. The Insurance Market is discussing in round tables on the professional level of the agents.

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Program

In compliance with the actual stands of the insurance industry in Albania, the growing demands for a solid and stable market, and with the EU requirements on insurance, are foreseen these activities:

The development of the Insurance Industry:

• Application of the modern experience through the improvement of the legal aspects
• Creation of the conditions for a fair competition
• Adaptation with the EU insurance Directives
• The creation of a database for the claims handled and in process

Market Stabilisation is the priority of the Market for the year 2005. This is going to be realise with the cooperation between the Insurance Companies just licensed.

• Good relations and cooperation with the State Police on the identification of the noninsured vehicles
• Ofering trainings to the State Police officers on the basec elements of the Insurance Contract etc.

Public Information Future Activities have to involve the public informing. Small bussines have to be informed on the insurance bussines, insurance contracts that Insurance Companies offers, and the possibility of organising round tables with Students, Journalists etc, on the basic knowledge in insurance, the importance of being insured, public protection, identification of the insurance companies datas etc

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