The Regional Conference of the Central, Eastern and South-Eastern Europe (CESEE ISI) Insurance Supervision Initiative, which is taking place for the first time in Kosovo, has begun

The Regional Conference of the Central, Eastern and South-Eastern Europe (CESEE ISI) Insurance Supervision Initiative, organized in Prishtina for the first time, co-organized by the Central Bank of the Republic of Kosovo (CBK) and CESEE ISI, began its work today, with the participation of 11 countries from the EU and the Western Balkans.

In six sessions, managers and officials from the CBK, central banks, and insurance regulatory authorities will discuss the role and importance of insurance in maintaining the financial stability of their respective countries.

On the occasion of the Conference’s opening, the Governor, Mr. Ahmet Ismaili, delivered an introductory and welcoming speech to the attendees, expressing his high regard for the organization and the high level participation.

On this occasion, Governor Ismaili highlighted the progress made in our country’s insurance sector, particularly the strengthening of the legal and regulatory framework, which has enabled the sector’s growth and stability. However, challenges remain to be overcome in order to progress to the required levels. An organization like this helps to share practices and find appropriate solutions to achieve these goals.
“With the reforms we are implementing and the support of international partners, we are gradually transitioning from compliance-based supervision to risk-based prudential supervision. Implementing Solvency II and IFRS 17 in the region’s countries presents a significant challenge,” said Governor Ismaili.

He also emphasized that the institution he leads is working to increase market behavior supervision among our financial institutions, therefore the Department for Consumer Protection has already been established for this purpose.

“We are working to increase market conduct supervision among our financial institutions, ensuring that the CBK has the necessary power and resources to carry out effective supervision. We recently established the Department for Consumer Protection to improve services for financial consumers. Within this Department, a dedicated Division focused on the supervision of practices and market behavior has been created,” said Governor Ismaili.

Governor Ismaili also emphasized that the Republic of Kosovo continues to be the only country in the region that is not a member of the Green Card system.

“Membership in the Council of Bureaux in Brussels, as well as the Green Card, remain unfulfilled demands. Addressing this issue is critical for improving cross-border insurance coverage, free movement, and aligning our country with regional insurance standards.” emphasized the Head of the CBK.

The CBK remains committed to advancing the insurance sector’s regulatory and supervisory framework in accordance with the European Union (EU) best practices as well as cultivating positive working relationships with counterpart institutions from the region and the European Union.

This high-level conference is being held in conjunction with the 25th anniversary of the establishment of the Central Bank of the Republic of Kosovo, and will bring together leaders and senior officials from insurance regulatory authorities and central banks from Albania, Austria, the Czech Republic, Slovenia, Hungary, Poland, Slovakia, Montenegro, North Macedonia, and Bosnia and Herzegovina.