Governor Ismaili reveals the requirements and expectations from the insurance industry such as the necessary developments and the advancement of financial protection services for policyholders

The Governor of the Central Bank of the Republic of Kosovo, Ahmet Ismaili, hosted the leaders of insurance companies in a meeting, where he discussed the developments, challenges and prospects of the market development of this industry.

Focus of the meeting was the need to increase the quality, digitization of insurance services, adequate coverage of claims arising from insurance policies in order to preserve the interest of policyholders, as one of the CBK objectives.

They also discussed about the advancement of the legal and regulatory framework, corporate governance, changing the business model with a focus on offering voluntary and innovative products, as well as business practices aimed at providing good service to citizens.

During the meeting, they also discussed about addressing the issue of the Green Card and the possible modalities for membership, the issue of criteria for evaluating non-material damages, as well as other aspects.

The increase in insurance coverage of agricultural crops, natural disasters, other public works insurance, were presented as needs and opportunities for market growth and financial coverage of the country’s risks.

In the framework of CBK’s plans for financial inclusion, discussions were made to stimulate electronic payments and their alternative sales channels.

Governor Ismaili conveyed the main messages and expectations of the CBK from the insurance industry, related to the way of handling damages and claims for compensation, with an emphasis on health insurance, as well as guarantees issued, promotion and accurate and complete disclosure of insurance conditions and coverage, transparency practices, as well as other aspects.

This is related to the CBK’s plan for the establishment a department for the supervision of the practices of the services provided by financial institutions, as well as the strengthening of financial education, as a means to have a correct and fair treatment of the requests arising from such services.

In the framework of legal authorizations for corporate governance standards, the CBK will strengthen the approval standards of key positions, licensing requirements, requirements for quality of capital and assets covering provisions, handling of capital and financial rewards, as well as the way the complaints are handled.

In conclusion, the CBK will in principle support the reasonable requests of the industry to achieve the above-mentioned goals and in function of the above-mentioned objectives, fully in line with the regulatory requirements and international standards that enable financial stability and help the development of the economy.