INSIG, state-owned insurance company on sale
10/07/2015 00:00
The Washington Agreement Must Be Reactivated! 06/01 19:04
The government approved the proposition of the Economic Development
Ministry, which instructs a 100% sale. The Council of Ministers decision
has also specified the criteria, with 80% of the balance going to the
price, 10% to the business plan and 10% to the quality of the buyer.
The bidder will also have to guarantee the offer with a 30 million ALL deposit. The agreement terms and conditions will need approval by the Financial Supervision Authority.
INSIG is one of the few state-owned companies that have not been privatized yet. The turnover for the fist five months of this year was 293 million ALL, 6.14% of the insurance market, losing terrain year after year but increasing the profits each year due to the higher insurance prices. The Albanian government has tried several times to sell the company in the past but has failed.
The company has been investigated by the Competition Authority for having hidden agreements with private companies to fix car insurance prices.
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