Annual progress report 2015 albanian contribution – input I september 2014 – may 2015 table of contents
Partially approximated with Directive 2009/138/EC of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)
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- Amendments to Law 10076, dated 12.02.2009 "On compulsory insurance in the transport sector "
- Date of application 1.
- Institutional Capacities
- Ref. No. Measure Responsible Authority
- 9.3 Capital market Key Messages
- Status of Legal Harmonization
| Partially approximated with Directive 2009/138/EC of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II);
Regulation no. 13548, dated 31.10.2014 "On the procedures and minimum principles regarding the internal control system and other aspects of the information system of the insurance companies" - The purpose of this regulation is to establish the procedures and minimum principles regarding the internal control system and other aspects of the information system of the insurance companies- Partially approximated with Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC; and Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance; Regulation no. 153, dated 23.12.2014 "On the Internal Audit Unit and the Audit Committee of the insurance company" - This regulation is to set the norms that regulate the functions of the Internal Audit Unit and the Audit Committee, as well as their mutual relations within the insurance companies- Partially approximated with Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC; and Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance; Regulation no. 154, dated 23.12.2014 "On notification, correction or ban of the promotional information" - This regulation aims to determine the rules and procedures for the notification, correction or ban of the insurance companies’ promotional information – Partially approximated with Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC; and Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance; Regulation no. 155, dated 23.12.2014 "On determining the elements of calculation and levels of fees charged to supervised entities and the collection procedures and their reconciliation" This regulation aims to set out the elements of calculation and fee levels charged to entities supervised by the Authority, and collection procedures and their reconciliation; Regulation no. 109, dated 29.08.2014 "On conditions and procedures of the merger or division of the insurance company" - This regulation aims to set out the conditions and procedures for the merger and division of insurance companies; Also in order to exercise a more effective supervision of the market activity, during the reporting period, the AFSA amended some of its existing bylaws as follows:
Amendments to Law 10076, dated 12.02.2009 "On compulsory insurance in the transport sector" AFSA continued to work for the preparation of amendments to Law no. 10076, dated 12.02.2009 "On compulsory insurance in the transport sector", pursuant to the Progress Reports recommendations, the recommendations of the Sub Committee of Internal Market and Competition, as well pursuant to the recommendations of the joint IMF mission and World Bank in the framework of the Financial Sector Assessment Program (FSAP). The AFSA is currently reviewing the comments and suggestions received from the different stakeholders, comments which will be reflected as appropriately in the amendments of this law. During the reporting period, the AFSA, in cooperation with the World Bank experts continued to work on the amendments to the Law No. 10197 dated 10.12.2009 "On the voluntary pension funds". Changes in the law aim its alignment with Directive 2003/41/EC of the European Parliament and the European Council of 3 June 2003 “On the activities and supervision of institutions for occupational pension”, and also with the principles of supervision of private pension of the International Organisation of Pension Supervisors (IOPS), as well as with the OECD Guidelines. The AFSA is now working to reflect the comments and suggestions of the stakeholders as appropriately in the amendments of this law.
Institutional Capacities Approval of the amendments to the Law on the Financial Supervisory Authority In order for the new Law no. 54/2014, "On amendments of the Law No. 9572, dated 03.07.2006 "On the Financial Supervisory Authority" to become fully effective and enforceable, the Parliament in December 2014 approved the Law 178/2014, "On some amendments and additions to Law no. 152/2013 "On the Civil Servant". According to the amendments of the new Law no. 54/2014, "On amendments of the Law No. 9572, dated 03.07.2006 "On the Financial Supervisory Authority" the AFSA Board consists of 5 members, of which 4 were already appointed by Parliament and one of the members has yet to be approved. The new Board held its first meeting at the end of March 2015. Structure of the AFSA and professional qualification According to the Law No. 54/2014 amending Law No. 9572 of 3 July 2006 “On the Financial Supervisory Authority” the new AFSA Board will approve the organizational structure of the Authority, the numbers and salaries of employees. Currently the drafting of the new organizational structure is under process. During the reporting period, 80% of AFSA staff is involved in main functions (legal, supervision, regulation, research, IT, statistics); Following the developments in the financial markets under supervision and the Authority’s challenges that lie ahead, especially in terms of the global financial crisis, the World Bank and European Commission have consistently put emphasis on the strengthening of the AFSA human capacities and on a more flexible organizational structure to suit market trends developments. The approval of the amendments of the Law No.9572, dated 03.07.2006 “On the Financial Supervisory Authority” also serves to the increase of the operational and financial independence of the Authority, in order to maintain and attract skillful employees with integrity. In fulfillment of the recommendations for strengthening of the administrative capacity on human resource development and professional growth of the staff capacity, the Authority during reporting period focused on: • encouraging and motivating employees; • ongoing trainings of the employees; • hiring of more qualitative human resources. In order to increase the professional expertise of staff, it was agreed that a strategy of maintaining the specialization of employees would be most appropriate The technical staff have participated in training activities through a combination of the professional development of personal interests and of the institution's objectives. Activities implemented, both at home and abroad, have consisted of participations in trainings, seminars, conferences, meetings, and visits to exchange the best professional practices, relying on the assistance of international prestigious institutions in the financial field such as the World Bank, Council of Europe, USAID. Also in collaboration with FSVC, the AFSA carried out the following training activities:
Ongoing Tasks
9.3 Capital market Key Messages AFSA continued to work on improving the regulatory base for investment funds with two main objectives: (i) strengthening the customer/investor transparency regime; and (ii) improving the risk management requirements in the market. Another achievement for the reporting period was the consolidated supervision of the investment fund market, together with Bank of Albania in an effort to fully monitor the risks, especially those of the depositary; division of assets; sales force and sound sale practices. Status of Legal Harmonization In view of the legal regulation to an ever increasing investment fund market and in order to achieve an effective supervision of the activities of operators in this market, during 2014, AFSA has amended the existing Regulation no. 131, dated 06.10.2011, "On the code of conduct of the management company of collective investment undertakings", approved by Board Decision no. 136, dated 31.10.2014.
Institutional Capacities Approval of the amendments to the Law on the Financial Supervisory Authority In order for the new Law no. 54/2014, "On amendments of the Law No. 9572, dated 03.07.2006 "On the Financial Supervisory Authority" to become fully effective and enforceable, the Parliament in December 2014 approved the Law 178/2014, "On some amendments and additions to Law no. 152/2013 "On the Civil Servant". According to the amendments of the new Law no. 54/2014, "On amendments of the Law No. 9572, dated 03.07.2006 "On the Financial Supervisory Authority" the AFSA Board consists of 5 members, of which 4 were already appointed by Parliament and one of the members has yet to be approved. The new Board held its first meeting at the end of March 2015. Structure of the AFSA and professional qualification According to the Law No. 54/2014 amending Law No. 9572 of 3 July 2006 “On the Financial Supervisory Authority” the new AFSA Board will approve the organizational structure of the Authority, the numbers and salaries of employees. Currently the drafting of the new organizational structure is under process. During the reporting period, 80% of AFSA staff is involved in main functions (legal, supervision, regulation, research, IT, statistics); Following the developments in the financial markets under the supervision and the Authority’s challenges that lie ahead, especially in terms of the global financial crisis, the World Bank and European Commission have consistently put emphasis on the strengthening of the AFSA human capacities and on a more flexible organizational structure to suit market trends developments. The approval of the amendments of the Law No.9572, dated 03.07.2006 “On the Financial Supervisory Authority” also serves to the increase of the operational and financial independence of the Authority, in order to maintain and attract skillful employees with integrity. In addition, the Authority, in the framework of the strengthening of its institutional capacities will start the project of the World Bank in collaboration with SECO “Strengthening Supervisory Capacities of the Albanian Financial Supervisory Authority: Focus on Capital Market Development” The assistance envisioned under this project aims to support AFSA in strengthening its capacities to supervise the Investment Funds sector, and the Corporate & Municipal Bonds issuance. SECO funding is expected to cover two specific areas:
Furthermore in collaboration with FSVC, the AFSA carried out a study tour to BaFin, March 23– 26, 2015, on effective supervision of Insurance Companies and Investment Funds. Directory: files -> documents files files -> Fall 2013 Spring 2014 Program Data: Standard 1 Exhibit 4d files -> Hanban – asia society confucius classrooms network 2010 request for proposal files -> Northern England’s set-jetting locations documents files -> Report: Shelter Support Mission to Afghanistan documents files -> Information and Communication Technologies for Reconstruction and Development Afghanistan Challenges and Opportunities documents files -> Humanitarian Civil-Military Coordination in Emergencies: Towards a Predictable Model documents files -> Rapid Education Needs Assessment Report documents files -> H Report of a Workshop on Coordinating Regional Capacity Building on Gender Responsive Humanitarian Action in Asia-Pacific documents files -> Arizona Department of Administration Risk Management Statewide Motor Vehicle Safety Policy Download 3.84 Mb. Share with your friends:
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