TIRANA, June 8 /ATA/ The Financial Supervision Authority has launched for public consultation the draft regulation “On reporting and supervision standards of the Albanian Security Bureau”.
This draft regulation defines the supervisory role of the Authority towards the Albanian Security Bureau, which must report according to the definitions, deadlines and content of new legal requirements.
Based on the legal changes, some of the points for which the Bureau has the obligation to report to the Authority have been added, including financing, investment and administration of the minimum value of the Compensation Fund, documentation for approval of the Bureau governing bodies, report and opinion of the actuary in relation to claims’ provisions, etc. The novelty of the law, reflected in this draft regulation are also the standardized forms, according to which the Bureau will report to the Authority.
Some of the innovations are related to the reporting and administration of the minimum value of the Compensation Fund, where according to legal changes there is set a minimum fund of 150 million ALL.
Also, the draft regulation defines the modalities of establishing and reporting the Green Card Fund. This fund is collected by the Bureau and is used in cases of accidents with international insurance police, occurring within the territory of Albania.
Pursuant to the legal changes, the draft regulation reflects as a separate article the manner of calculation and maintenance of reserves for damages subject to the Compensation Fund and the deposit in the Authority of the reports of the authorized actuary./p.s./
