“Review of the regulation on insurance prices” - 12 recommendations of the Assembly to the AFSA for more effective supervision and approximation with the EU
The Albanian Parliament urges the Financial Supervisory Authority to deepen efforts to develop a more open, transparent and European-standard-oriented insurance market.
In a recent draft resolution, the Assembly has identified 12 areas where the AFSA should focus its work in the coming period. The focus is on the compulsory motor insurance market, where the Assembly is calling for an investigation into practices that may have restricted competition and increased prices. The AFSA should cooperate with the Competition Authority to analyze the way companies exchange information and the impact this has on their commercial behavior.
It also calls for a review of the regulation for calculating insurance prices, based on the Italian model. This model includes a “bonus-malus” system that rewards careful drivers, family insurance, and personalized prices based on driving history and the area where accidents occur.
The Assembly calls on the AFSA to also investigate illegal digital platforms that enable price coordination between insurance companies. In the meantime, it is requested that the AFSA Board resolve internal issues and fill vacancies in management positions.
In the area of reforms, the AFSA should accelerate the implementation of European standards such as Solvency II and IFRS 17, increase financial transparency and carefully monitor companies' investment strategies. It should also assist the government in establishing an insurance scheme for agricultural products and advance the creation of a compensation scheme for investors in capital markets.
Finally, the Assembly requests that the AFSA publish more information on its official website about the entities it supervises, thereby increasing the confidence of citizens and investors in the country's financial system. This chronicle represents a call for concrete action, transparency and reform in a key sector for the Albanian economy.
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