The Albania Financial Services Authority held a meeting between its Executive Director, Adela Xhemali, and the management of insurance companies operating in Albania, focusing on supervision and the development of the insurance market with particular emphasis on alignment with European Union standards. The authority framed this as a priority for the institution as it enters a new phase of leadership and faces EU integration-related reforms. Discussions centred on aligning with the EU acquis, including implementation of the Solvency II framework and International Financial Reporting Standard 17 (IFRS 17), with the stated aim of strengthening insurers’ financial sustainability and risk management and improving consumer service to build public trust. Insurance company representatives highlighted the need to strengthen the authority’s role and intensify regulator–market cooperation, both around expected legal initiatives linked to EU integration and to expand the market by increasing take-up of voluntary life and non-life insurance products.
Albania Financial Services Authority 2026-01-27
Albania Financial Services Authority convenes insurers to advance EU acquis alignment including Solvency II and IFRS 17
The Albania Financial Services Authority met with insurance company management to discuss aligning with EU standards, focusing on Solvency II and IFRS 17 to enhance financial sustainability and risk management. The meeting emphasized strengthening regulatory cooperation and expanding the insurance market through increased uptake of voluntary products.