REGULATION

ON THE METHOD OF APPROVAL, FINANCING AND ADMINISTRATION OF THE BUDGET OF THE ALBANIAN INSURANCE BUREAU

 

Article 1

OBJECT

The object of this Regulation is the defining of the rules on the method of approval, financing and administration of the Budget of the Albanian Insurance Bureau.

 

Article 2

LEGAL BASES

This Regulation is approved in compliance with Article 42, point 7 of the Law Nr. 10076, dated 12.02.2009 “On Compulsory Insurance in the Transport Sector”

 

Article 3

METHOD OF COMPILATION OF THE AIB’S BUDGET

1. The Albanian Insurance Bureau, within 15 December of the pursuant year compiles the Budget-Plan of the AIB.

2. In compiling the Budget-Plan, the Albanian Insurance Bureau relies on:

  1. The execution of the budget of the previous year.
  2. Anticipation of additional needs in the activities of the AIB during the year for which this budget plan is being prepared, accompanied with explanatory reports.

 

3. The Budget of the Albanian Insurance Bureau shall contain two accounts:

  1. Account of administrative expenses
  2. Account of investments

 

Article 4

PROCEDURE OF BUDGET APPROVAL

The Albanian Insurance Bureau compiles the budget plan and presents it for analysis to the Administrative Council.

After the analysis of the Administrative Council, the budget plan is presented for approval to the General Assembly of the Members and with the proposal of this last, is sent for final approval to the Albanian Financial Supervisory Authority.

 

Article 5

FINANCING AND ADMINISTRATION OF AIB’s BUDGET

 

1. The budget of the Albanian Insurance Bureau is financed by all the members of the Bureau, equally.

2. After the approval of the budget by the Albanian Financial Supervisory Authority, the Albanian Insurance Bureau informs all the members on their contribution for the budget of the Bureau for the respective year.

3. The financing of the contribution of the budget of the Bureau shall be done within 30 calendar days from its approval by the Albanian Financial Supervisory Authority.

4. The Insurance Companies shall finance extra budget in the case when the anticipated budget fund results to be insufficient.

5. The Albanian Financial Supervisory Authority approves the extra fund for the budget after the proposal of the General Assembly of the Members.

6. The extra budget mentioned in paragraph 4 and 5 herein shall be financed equally by all the members within 30 calendar days from its approval by the Albanian Financial Supervisory Authority.

7. AIB informs the General Assembly of the Member related to the administration and financing of the budget, every 6 months.

 

Article 6

SANCTIONS

 

If the Members of AIB fail to finance their contribution of the budget of AIB, the Bureau is entitled to inform the Albanian Financial Supervisory Authority for this infringement.

The Albanian Financial Supervisory Authority sets to the members the sanctions predicted in the article 52, point 3, letter ç) and point 4 of the Law Nr. 10 076,dated 12.02.2009 “On Compulsory  Insurance in the Transport Sector”

 

Approved with the Decision Nr. 9, dated 28.01.2010 of the Board of the Albanian Financial Supervisory Authority