Life Insurance in Mining Sector to Become Mandatory in September

Life Insurance in Mining Sector to Become Mandatory in September

TIRANA, August 14

Every company that owns a mining permit is obliged to ensure the lives of their employees. An instruction approved recently by the Albanian Financial Supervisory Authority (in Albanian: AMF), that will come to force on September 1st.2019, defines the obligations that the insurance companies have, regarding this kind of policy and to report about their purchases to the Authority.

This instruction comes as a request made to the AMF by the parliament, since in the resolution of 2017. Thus, in the fifth section of the instruction, the Authority defines clearly that the insurance companies have to take all the measures to develop a system in order to adjust it with the services that will be offered by AMF, to identify and report the purchases in real-time, regarding every miner’s life insurance, for the personal accidents at work.

The insurance companies or agents could report the purchase at a later time, only if the AMF system displays major issues up to full malfunction, and this procedure is approved with a written statement by the executive directors of the Authority, as appropriate. Furthermore, the insurance companies should notify the Authority about the data of the identification of the authorized individual. For each change, regarding the authorized employees that use this system, the insurance company should notify with a written form within two days.

Every life insurance policy is identified by the unique number generated automatically by the Reporting System of Miner’s Policies and it is printed in the relevant space of the policy. The selling policies should not be carried out in case the unique number generated by the AMF system is missing. The instruction defines clearly when it is done a cancellation of the collective policy, duplicates’ release, the return of the collective policy or to a certain miner. Referred to the official data until the end of 2018, in the mining sector were operating 604 subjects with approximately 6500 employees.

Source/Monitor.al

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