Detailed assessment of observance of the IAIS Insurance Core Principles in Albania
The IAIS has published a detailed assessment of observance of the IAIS Insurance Core Principles (ICPs) in Albania through its Member Assessment Programme (MAP). The regulatory and supervisory framework of Albania is assessed as having a high level of observance of the ICPs. A large majority of the ICPs are assessed as either Observed or Largely Observed.
The MAP Albania report is a detailed assessment of regulation and supervision of the insurance sector in Albania. To inform the assessment, meetings were held in Tirana with the Albanian Financial Supervisory Authority, government officials, industry (insurers and intermediaries) and industry associations and professional bodies. The report contains the details of the assessment of the observance levels of the ICPs as well as distinct recommendations to improve observance levels of ICPs. It also includes the authority´s response to the assessment as well as an institutional and market overview.
IAIS assessment activities aim to demonstrate implementation of the ICPs, which provide the globally accepted foundation of standards for the supervision of the insurance sector, across the IAIS’ full membership. The MAP is an in-depth assessment of one member’s implementation of all current ICPs, including a review of the legal structure and jurisdictional regulations as well as supervisory policies and practices using an evidence-based approach. The IAIS has already concluded four MAPs and has two further ones in the pipeline.
Read the report here.
To learn more about the IAIS’ comprehensive assessment activities visit our website.