The Democratic Party Parliament Member, Sherefedin Shehu, thinks that
the Parliament should protect insurance clients by dictating the damage
report that private companies should pay.
“The indicators of the insurance market should be followed by concrete objectives for being improved. The most concerning of them is the consumer protection, and the damage-prime which today is an inverse relation”, declared Parliament Member Shehu.
Last year, according to the Financial Supervision Authority, the damages that were paid by insurance companies were 31.7% of the encased primes. But what should be the objective that the Parliament might propose?
“The object can be discussed, especially when it is being established for the first time. I think that there are references, especially when we have the standards of similar European institutions. The report in Albania doesn’t meet the standard or it is somewhere in the middle, because there are minimal limits and maximal limits. We are somewhere in the middle. The purpose should be reaching the standards of institutions that work well”, Shehu declared.
Although the insurance market in Albania is regulated by the Financial Supervision Authority, Mr.Shehu says that the Parliament’s intervention would not damage the privacy of this institution.
“All these institutions operate on behalf of the Parliament. They have a mandate that was given to them by the Parliament. Their action or failure to act is an action or failure to act of the Parliament”, Shehu concluded.
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