05/01/2018

Recently, the Central Bank of the Republic of Kosovo (the CBK) has been informed that there are people in Kosovo who sell green cards. Green Card is a certificate issued by an insurance company that is a member of the National Bureau, which is a member of the Council of Bureaux. The International Motor Insurance System managed by the Council of Bureaux through Green Card is an international agreement between the authorities and insurance institutions which ensure the protection of policyholders of road traffic accidents caused by a visiting motor vehicles.
Based on the Law No. 03/L-209 on the Central Bank of The Republic of Kosovo, the CBK is exclusively responsible for the regulation, licensing, registration and of Kosovo insurance sector. Also, pursuant to the Law No. 05/L-045 on Insurances “The CBK has exclusive responsibility under this Law for licensing, supervision and regulation of insurers, insurance intermediaries, and other entities which conduct activities envisaged by this Law”. The Law on Insurance has determined that: “No person may engage in the business of insurance, reinsurance, insurance intermediation or other activities that are required to be licensed and approved by this Law, without valid license and approval issued by the CBK under the provisions of this Law” and “No person may use the word “insurance”, “reinsurance”, “insurance intermediary”, “loss adjuster” or derivatives of those words in connection with a business, product or service or promotional activities without a license issued by the CBK to engage in insurance activities, unless such use is established or recognized by the Law”.
As it has been communicated many times in the past, the Kosovo Insurance Bureau is not yet a member of the Council of Bureaux, therefore no insurer in Kosovo has the right to sell Green Card. Related to this, the CBK, in the social networks has noticed that some persons, unauthorized and unlicensed by the CBK are illegally exercising insurance intermediation activity, by engaging in the green card selling. Moreover, no insurance company licensed by the CBK and no external natural or legal person has the right to sell such product in Kosovo until the Kosovo Insurance Bureau becomes a member of the Council of Bureaux, or without the permission of the Council of Bureaux and the CBK.
The CBK informs citizens that buying green cards from unauthorized persons is risky, since no institution oversees and controls these persons, and in the case of any dispute or loss the CBK shall not take any responsibility.
For more information on the International Motor Insurance System, please visit:
www.cobx.org
http://bks-ks.org/?module=Page&action=show&id=21