Albania Insurance Industry – Governance, Risk and Compliance
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Albania Insurance Industry Regulation Overview
The insurance industry in Albania is supervised by the Financial Supervisory Authority (FSA). This is an independent institution of state administration with its headquarters in Tirana. One of the other regulatory bodies overseeing the Albanian insurance industry is the International Association of Insurance Supervisors (IAIS).
The Albanian insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Financial Supervisory Authority (FSA)
· International Association of Insurance Supervisors (IAIS) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Albania Insurance Industry – Key Regulators and Legislation
Financial Supervisory Authority (FSA): FSA, headquartered in Tirana is an independent institution of state administration. The key objectives of the FSA are to protect the interests of investors and insured persons, promote consistency, transparency, and credibility, and ensure compliance with the law. The organization provides state supervision over the securities industry and insurance industry and checks the implementation of the laws by the insurance companies.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. The primary objectives of the IAIS are to promote the effective and globally consistent supervision of the insurance industry to develop and maintain a fair, safe, and stable insurance industry for the benefit and protection of policyholders.
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Albania Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Albania insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Albania Insurance Industry Analysis by Compulsory Insurances
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Albania Insurance Industry - Company Registration and Operation
A license is required to operate in the Albania insurance industry. The licensing of insurance companies in Albania includes preliminary approval and the gaining of a license. Companies are entitled to carry on insurance activities only after a license has been issued by the FSA. Insurers, reinsurers, and intermediaries are required to be registered and obtain a license from the FSA to carry out business in Albania.
In Albania, insurance companies can obtain licenses for either a life insurance business or a non-life insurance business. In Albania, reinsurance companies are required to obtain a separate reinsurance license for carrying on the reinsurance business. Reinsurance companies may carry out reinsurance activity only, for the classes of life, non-life, or both life and non-life assurance. Foreign direct investment (FDI) laws allow foreign investors to have 100% ownership of domestic insurance companies. Also, the laws of the country treat both foreign and domestic investors equally.
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Albania Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Albania. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: A company is considered resident if its principal office or effective place of management is based in Albania. Partnerships and permanent establishments are also considered a resident for tax purposes. Resident companies are taxed on their global income while non-resident companies are taxed on their income derived from Albania.
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Scope
This report provides:
- Details of the insurance regulatory framework in Albania
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework.
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Albanian insurance industry is regulated by the Financial Supervisory Authority, which aims to promote consistency, transparency, and credibility.
- Non-admitted insurance is not permitted in the Albanian insurance industry, with the exceptions of marine and aviation insurance.
- Foreign direct investment of up to 100% is permitted in the Albanian insurance industry.
- Composite insurance is not permitted in the Albanian insurance industry.
- Insurance in the transport and social security sectors is compulsory in Albania.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Albania.
- Track the latest regulatory changes and expected changes impacting the Albanian insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Albania insurance industry?
The Financial Supervisory Authority (FSA) is the key regulator of the Albania insurance industry.
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Which other bodies oversee the Albania insurance industry?
The International Association of Insurance Supervisors (IAIS) oversee the Albania insurance industry.
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Which are the compulsory insurances required within the Albania insurance industry?
Some of the compulsory insurances required within the Albania insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed upon the Albania insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Albania. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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