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Mandatory property insurance, business demands review of restrictive conditions
2025-08-21 21:52:59 / EKONOMI&SOCIALE
The American Chamber of Commerce has asked the Ministry of Finance to make improvements to the draft law on mandatory earthquake insurance, which was submitted for public consultation at the end of July.
In its response, the American Chamber emphasizes that the draft clearly defines dwellings and interior sections, but leaves ambiguity about mixed-use buildings or those that are only partially residential.
Another point discussed is the provision of banning public services for those who do not pay insurance, such as cadastral services, those in e-Albania or at the National Business Center.
The Chamber considers this a strong measure for compliance with the law, but warns that it "punishes" families in difficult financial conditions, by requiring exceptions or relief for pensioners and families on economic assistance.
The draft law provides that for those in need, the state will finance the insurance premium, while the Earthquake Fund will administer the premiums and compensation.
The Chamber of Commerce considers the creation of this Fund as a public joint-stock company positive, but raises concerns that the Ministry of Finance has excessive powers over appointments and supervision, questioning its independence.
The draft also provides that compensation will be awarded within 3 months of the citizen's application, but according to the Chamber, it is not clarified what happens in case of delay or refusal. The appeal before an ad-hoc commission is not detailed, while the inclusion of mediation or arbitration would provide more confidence.
Another observation is related to the creation of the insurance registry and the exchange of data between institutions, where, according to the Chamber, compliance with the law on the protection of personal data is not clearly foreseen. Also, the draft addresses both mandatory and voluntary insurance, but there is a lack of coordination between them and the order of payments, leaving room for confusion.
The American Chamber requests that these issues be addressed before approval, so that the law guarantees clarity, institutional independence, and real protection of citizens./ Skyweb
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