The object of this regulation is to define the procedures of operation, identification and reporting of sales data of compulsory insurance contracts in the Online Electronic Sales Register. In the draft regulation, in addition to reflecting the legal changes, all sales procedures are specified in its annexes, and reporting insurance contracts, in order to implement them correctly.

Pursuant to the new law “On compulsory insurance in the transport sector” has been reflected the obligation of insurance companies, agents/agents companies to complete all sections of the insurance policy, including telephone number and the e-mail address of the owners or users of the vehicles listed in the Third Party Liability (TPL) Vehicle insurance policy ”.  //a.i/

The new law provides for the reduction of the deadline for payment of claims, reduction of costs for insurers and reduction of costs for handling claims for compensation by insurance companies by signing the “European Accident Report” on damages worth up to 30,000 ALL.

By completing and signing the special form (European Accident Report), which will be delivered to the insured people by the insurance company, the drivers of the vehicles involved in the accident agree on agree on amicable solution of the event. This report signed by both vehicle drivers says that the accident occurred according to the circumstances, modalities and consequences reflected in the form. The report completed and signed by the drivers of the vehicles involved in the accident is attached to the claim for compensation, which according to legal changes will no longer be processed within 30 days by the company, but in 14 days from the date of submission of documentation. //a.i/

The document defines the calculation of the Compensation Fund, cases of infection, cases of intervention and restoration of the minimum value of this fund ”, as well as the method of calculating the fund, the contribution of each member of the Albanian Insurance Bureau to the minimum value of the compensation fund as well as the cases of infection, intervention and deadlines for the restoration of this value.

Also, the draft regulation clearly specifies that, the Albanian Security Bureau must maintain in any case a minimum value of ALL 150 million. This amount is funded equally by all members of the Bureau and serves as a guarantee fund for the Compensation Fund. The document defines the investment opportunities and modalities of the Guarantee Fund, as well as the cases of infection by the Bureau and the deadlines for the restoration of this minimum value. //a.i/