Financial Sector Assessment Program Update - Albania : Insurance Core Principles

This assessment of Albania's compliance with the International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICP) was carried out as part of the 2013 Financial Sector Assessment Program (FSAP). Although this is the second FSAP for Albania, this is the first external assessment of Albania's compliance with the ICPs. The Albanian Financial Supervisory Authority (AFSA) has all the responsibility for insurance regulation and supervision in Albania. This assessment is based upon information made available to the assessor in preparation for and during the November 2013 FSAP mission. The AFSA contributed its self-assessment and a detailed update thereof at the individual criterion level. Further sectoral information (including responses to a questionnaire sent out in advance) was provided before and during the mission. Comprehensive documentation, including all relevant laws, by-laws and regulations were: (i) available on the AFSA's web-site; or (ii) provided to the assessor by the AFSA's management.

Bibliographic Details

Main Authors:	World Bank, International Monetary Fund
Language:	English en_US
Published:	World Bank, Washington, DC 2014-02
Subjects:	ACCOUNTANT, ACCOUNTING, ACCOUNTING STANDARDS, ACTUARIAL REPORTS, ACTUARIES, AGENTS, ALLOCATION, ANNUAL FINANCIAL STATEMENTS, APPLICATIONS, ASSETS, ASSURANCE, AUDIT COMMITTEE, AUDITORS, BALANCE SHEETS, BROKERAGE, BROKERS, CAPITAL ADEQUACY, CAPITAL INVESTMENT, CAPITAL REQUIREMENT, CAPITAL REQUIREMENTS, CATASTROPHE INSURANCE, CATASTROPHE REINSURANCE, CEDANTS, CHECKS, CIVIL CODE, CLIMATE, CLIMATE CHANGE, COINSURANCE, COLLATERAL, COMMERCIAL BANKS, COMMERCIAL REGISTRY, COMMISSIONS, COMPENSATION, COMPENSATION FUND, COMPULSORY INSURANCE, CONFIDENTIALITY, CONFLICT OF INTEREST, CONSUMER PROTECTION, CONSUMERS, CORPORATE GOVERNANCE, CREDIBILITY, CREDIT LIFE INSURANCE, CREDIT QUALITY, CREDIT RATINGS, CREDITORS, CURRENCY, DAMAGES, DEPOSIT, DISASTERS, DISCLOSURE OF INFORMATION, DISCLOSURE REQUIREMENTS, DISCOUNT RATES, DISPOSABLE INCOMES, DURATION MATCHING, EARTHQUAKE INSURANCE, ECONOMIC ACTIVITY, ECONOMIC CONDITIONS, ECONOMIC GROWTH, EXPENSE RATIO, EXPENSE RATIOS, FEE INCOME, FINANCIAL INFORMATION, FINANCIAL MARKETS, FINANCIAL REPORTING, FINANCIAL RESOURCES, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL STABILITY, FINANCIAL STATEMENT, FINANCIAL SUPERVISION, FOREIGN COMPANIES, FOREIGN INSURERS, FOREIGN INVESTORS, FRAUD, FUNDING OF RESERVES, GOVERNMENT BUDGET, GROSS DOMESTIC PRODUCT, GUARANTEE FUND, HOLDINGS, HUMAN RESOURCES, HUMAN RIGHTS, INFORMATION DISCLOSURE, INFORMATION SYSTEMS, INSPECTIONS, INSTITUTIONAL CAPACITY, INSURANCE, INSURANCE ACTIVITIES, INSURANCE ACTIVITY, INSURANCE CLAIMS, INSURANCE COMPANIES, INSURANCE COMPANY, INSURANCE CONTRACTS, INSURANCE COVERAGE, INSURANCE EXPERTS, INSURANCE FRAUD, INSURANCE INDUSTRY, INSURANCE LAW, INSURANCE MARKET, INSURANCE MARKETS, INSURANCE PENETRATION, INSURANCE PORTFOLIO, INSURANCE PREMIUM, INSURANCE PREMIUMS, INSURANCE PRODUCTS, INSURANCE REGULATION, INSURANCE REGULATIONS, INSURANCE REGULATOR, INSURANCE RESERVES, INSURANCE SECTOR, INSURANCE SUPERVISION, INSURANCE SUPERVISORS, INSURER, INSURERS, INTEGRITY, INTERNAL AUDIT, INTERNAL CONTROLS, INTERNATIONAL BANK, INTERNATIONAL INSURANCE, INTERNATIONAL INSURANCE GROUPS, INTERNATIONAL STANDARDS, INVESTMENT GUIDELINES, INVESTMENT REGULATIONS, INVESTMENT RISK, LAWS, LEGAL AUTHORITY, LEGAL FRAMEWORK, LEGAL PROTECTION, LEGAL PROVISIONS, LEVEL PLAYING FIELD, LIABILITY, LIABILITY INSURANCE, LIFE INSURANCE, LIFE INSURANCE COMPANY, LIFE INSURANCE PREMIUM, LIFE INSURANCE PREMIUMS, LIFE INSURANCE PRODUCTS, LIFE INSURERS, LIQUID ASSETS, LIQUIDITY, LIQUIDITY MANAGEMENT, LIQUIDITY RATIO, LOAN, LOAN BALANCE, LOCAL BANKS, LOCAL INSURANCE MARKET, MARKET ASSETS, MARKET DATA, MARKET PARTICIPANTS, MARKET PENETRATION, MARKET PLAYERS, MARKET SHARES, MARKET STRUCTURE, MARKET SUPERVISION, MINIMUM CAPITAL REQUIREMENTS, MITIGATION MEASURES, MONEY LAUNDERING, NATURAL DISASTERS, NON LIFE INSURANCE, NON-LIFE INSURANCE, NONPERFORMING LOANS, NPL, OPERATIONAL INDEPENDENCE, PENETRATION RATE, POLICYHOLDERS, PORTFOLIO, PORTFOLIOS, PRICE COMPETITION, PRICE WAR, PRIVATE INSURANCE, PRIVATE SECTOR DEVELOPMENT, RATE OF RETURN, RATE OF RETURN ON CAPITAL, RATES, REGULATORS, REGULATORY CONSTRAINTS, REGULATORY FRAMEWORK, REGULATORY PRACTICES, REGULATORY REQUIREMENT, REGULATORY REQUIREMENTS, REINSURANCE, REINSURANCE ARRANGEMENTS, REINSURANCE COMPANIES, REINSURANCE PREMIUMS, REINSURANCE REQUIREMENTS, REINSURERS, RESERVE, RISK EXPOSURE, RISK EXPOSURES, RISK INSURANCE, RISK MANAGEMENT, RISK MANAGEMENT POLICIES, RISK MEASUREMENT, RISK MITIGATION, RISK PROFILE, RISK TRANSFER, SAVINGS, SETTLEMENT, SHAREHOLDER, SHAREHOLDERS, SOLVENCY, SOLVENCY REQUIREMENTS, STOCK EXCHANGE, SUPERVISORY AUTHORITIES, SUPERVISORY AUTHORITY, SUPERVISORY BOARD, SUPERVISORY POWERS, SUPERVISORY REGIME, TECHNICAL ASSISTANCE, TERRORISM, TIMELY PAYMENT, TRANSACTION, TRANSPARENCY, TURNOVER, UNDERWRITING, VALUATION,
Online Access:	http://documents.worldbank.org/curated/en/2014/02/19768307/albania-insurance-core-principles-detailed-assessment-observance https://hdl.handle.net/10986/19297
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