The Albanian Financial Supervisory Authority (AFSA) held in Tirana, on June 12^th 2018 the 15^th Meeting of the Central, Eastern and Southeastern European Insurance Supervision Initiative (CESEE). Participants in this meeting were the representatives of insurance supervisory authorities from Bosnia and Herzegovina and the Serbian Republic of Bosnia, Hungary, Croatia, Republic of Kosovo, Montenegro, Macedonia, Czech Republic, Poland, Slovakia and Albania. The meeting was leaded by Mr. Peter Braumüller, the Managing Director for Insurance and Pension Supervision at the Austrian Financial Market Authority (FMA). Mr. Braumüller praised the stability of this initiative launched in 2011. Mr. Braumüller emphasized that the CESEE Insurance Supervision Initiative meeting is organized twice a year with the aim to formalize the communications of insurance inspectors in the region for exchanging experiences and information, as well as dealing with the challenges emerging from the market developments.

In his speech AFSA’s Executive General Director, Mr. Ervin Koçi presented the recent developments and the performance of the insurance market in Albania, emphasizing that AFSA has recently approved a 5-year strategy for the development of the supervised markets by AFSA. Although, the insurance market remains oriented by compulsory insurance products, AFSA endeavors to raise awareness and participation in the voluntary insurance products.
The meeting was divided in four thematic sessions:
 

• Criteria and challenges in the application of fit and proper standards for Board members, Key Function Holders and Qualifying shareholders, moderated by Tanja Djenic Simundic, Croatian Financial Services Supervisory Agency (HANFA);
• How to reduce the MTPL concentration in the CESEE markets, moderated by Marsela Vaska, Director of the Insurance Market Supervision Directorate, Albanian Financial Supervisory Authority (AFSA);
• Quality management and control activities of distribution networks in the insurance companies in light of the new Insurance Distribution Directives (IDD), moderated by Katerina Vichova, onsite inspector at the Czech National Bank;
• Risk scoring system for regulatory purposes, moderated by Dritan Varfi, Director of Risk Management Directorate, Albanian Financial Supervisory Authority (AFSA).

During the sessions, the supervisory authorities’ representatives of the participating countries in the meeting held discussions and exchanged experiences on all the relevant topics presented. The next meeting of the CESEE insurance supervision initiative will take place in October 2018.