TIRANA, Aug 4 /ATA/- The Financial Supervisory Authority, in order to reduce the potential risk from situation created by COVID-19, has asked the operators of the supervised markets to update the data and develop viable crisis management plans, specifying all the technical, logistical, human and financial elements to cope with potential effects.
In a special instruction, the FSA urges insurance companies and management companies to ramp up measures to ensure the continuity of business; To maintain the appropriate level of liquidity, take other necessary measures to keep indicators under control and immediately inform the Authority in case of violation of these indicators. Insurance companies are asked to consider changing reinsurance arrangements to limit exposure to COVID-19, taking into account an aggregate retention level for all events that may occur during the year as a result of COVID-19.
According to the instruction, subordinate institutions should take measures to update the official websites, review the terms of insurance contracts, to reflect any changes in risk exposure during the pandemic period, carry out an assessment of products that may be affected by the pandemic by informing the insured persons as well as updating the instructions / procedures for taking out insurance in the light of the COVID – 19 event.
/e.xh/ /a.g/sm/
