Insurance

 

Introduction

Insurance activity is exercised by an insurance company with headquarters in the territory of Republic of Albania, licensed by Financial Supervision Authority and/or by a branch of a foreign insurance company licensed by Financial Supervision Authority.

Insurance company means a legal person with headquarters in Republic of Albania, licensed by Financial Supervision Authority to exercise insurance activity based on Law No. 9267, date 29/07/2004 “On Activity of Insurance, Reinsurance and Brokerage in Insurance and Reinsurance”issued pursuant to Articles 78 and 83, item 1 of the Constitution of Republic of Albania and they are organized according to the Law “On Commercial Companies”.

Restriction of insurance company scope -Insurance company or branch of a foreign company limit the activity scope only to activities of insurance, reinsurance and operations arising directly from these activities, excluding any other commercial activity. Insurance activity is exercised in accordance with the article No. 7 of the law No. 9267, date 29/07/2004 “On Activity of Insurance, Reinsurance and Brokerage in Insurance and Reinsurance”. Insurance company which exercises non-life insurance can not exercise life insurance activity at the same time.

Tuesday, 23 April 2013 10:36
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GREEK LAW DIGEST REPUBLIC OF ALBANIA MINISTRY OF INTEGRATION Union of Chambers of Commerce and Industry of Albania
Nomiki Bibliothiki ALBANIA INVESTMENT DEVELOPMENT AGENCY Foreign Investors Association of Albania
     

 

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