ALBANIAN INSURANCE BUREAU

 

STATUTE

 

ARTICLE 1

LEGAL FORM


Albanian Insurance Bureau is established as legal person without profit right, and will function in accordance with the provisions of Law no. 10076, dated 12.02.2009 "On compulsory insurance within the Transport Sector ', Law no. 9267, dated 29/07/2004“On the activity of insurance, reinsurance and intermediary activity in insurance and reinsurance "as well as this statute.

ARTICLE 2

NAME, HEADQUARTERS AND ADMINISTRATIVE YEAR

The full name is "Albanian Insurance Bureau, and its shortened name is "Bureau". Regarding international relations the Bureau, will be named “Albanian Insurance Bureau –AIB” The headquarters of the Bureau is in Tirana, at the address, street Palace Edil-Al-it, second Floor, Tirana. Any change of the bureau headquarters will be established with the decision of Members General Assembly, which is notified to the Financial Supervisory Authority and this notification will be published in the Official Gazette. The Bureau has its official emblem and stamp. All the acts issued by the Bureau destined for third persons will show its full name as well as the full address of its headquarters

 

ARTICLE 3

DURATION AND ADMINISTRATIVE YEAR

Bureau is established to conduct its activities in accordance with applicable legislation and with this Statute for an indefinite period of time. Practiced annual period is 12 months. All transactions referring to calendar year (1 January - 31 December) that matches the financial year of the bureau’s members will be accounted within this year.

ARTICLE 4

THE OBJECT OF THE ACTIVITY OF THE BUREAU

The object of the activity of the bureau is meeting the functions, duties and competences deriving from the provisions of Law no. 10076th, dated 12.02.2009 " On compulsory insurance within the Transport Sector ", Law 9267, dated 29.07.2004 "On the activity of insurance, and intermediary activity in insurance and reinsurance ", " Internal regulation Bureaus’ Board" as well as this statute.

As a result of applicable object of activity and in accordance with provisions of above acts the Bureau prepares and submits for approval to the relevant authority the detailed regulation. Bureau during its activities especially:
• represents members in relations with international organizations in the field of insurance in the transport sector;
• gathering and processing statistical data regarding the compulsory insurance of the transport sector;
• provides members with International insurance certificates with (green cards) according to format defined by Bureaus’ Board;
• ensures the performance of duties regarding its membership in the Bureaus’ Board;
• ratifies agreements with homologues Bureaus;
• provides the treating, payment and service functions of Bureau, in accordance with the provisions of the Internal Regulations and additional agreements;
• cooperates with state structures for issues regarding the compulsory insurance in the transport sector;
• gather and processes statistical data and information about compulsory insurance in the transport sector;
• performs representation or issues representation authorization regarding court proceedings against the Bureau;
• manage the Compensation Fund and Green Card Fund.

 

ARTICLE 5

MEMBERSHIP

Bureau Members are necessarily and legally the licensed Insurer according letters “a and “of the point 1 of Article 2 of the Law “On compulsory insurance within the Transport Sector”. The Insurer is obliged to notify immediately the Bureau regarding the initial membership. Bureau membership begins with the entry into force of Decision of Supervisory Financial Authority for issuing the license to conduct compulsory insurance in accordance with the provisions of Law no. 9267 dated 29/07/2004 Membership in the Bureau ends with the entry into force of the Decision of the Supervisory Financial Authority for the revocation of licenses for carrying out compulsory insurance in the transport sector in accordance with the provisions of Law nr.9267 dated 29/07/2004. In accordance with the provisions of Law no. 10076th, dated 12.02.2009, the initial contribution that is required to pay in favor of the Bureau, for each insurer regarding the Bureau’s membership is 20.000 Euros.

ARTICLE 6

MEMBERS’ RIGHTS AND OBLIGATIONS

1. Members’ Status is equal. No member can not enjoy privileges for because the quality of his or its part in the cost of the bureau or for any other reason.
2. All members have the right to participate in the administration of the Bureau in accordance with the provisions of this Statute.
3. Members should contribute to fulfill the object of activity of the Bureau and to implement the provisions of relevant legislation as well as the decisions of Members General Assembly and the decisions of Administrative Board. General and.

ARTICLE 7

ALBANIAN INSURANCE BUREAU LEADING BODIES

Bureau’s Leading Bodies are the Members General Assembly and Administrative Board. General Management of Bureau is provided by the Executive Director.

ARTICLE 8

MEMBERS GENERAL ASSEMBLY

The highest governing body of the Bureau is the Members General Assembly. Members General Assembly is composed of representatives of insurance companies, members of the Bureau. Every insurance company is represented by a vote at meetings of the Assembly.Members General Assembly holds its meetings in Tirana at the headquarters of the Bureau or the place determined by the Administrative Board within its offices. The Executive Director participates in Members General Assembly without voting right.

 

ARTICLE 9

REPRESENTATION IN THE MEMBERS GENERAL ASSEMBLY

Each  member of the Albanian Insurance Bureau participates in meeting of General Assembly through Company’s General Director or his authorized representative. Representatives’ name becomes known to the Bureau through a formal letter sent by its relevant member.

ARTICLE 10

COMPETENCIES OF THE MEMBERS GENERAL ASSEMBLY


1. Members General Assembly has the right of decision making for the all issues. Its decisions are mandatory for all members, present or not in its decision making as well as for the Bureau Executive Director.
2. Members General Assembly has the exclusive right of making decisions for:
• election or removal of Administrative Council members.
•changing or canceling the decision of the Administrative Council;
• election of election commission to conduct the election procedures;
• submitting for approval to the Financial Supervisory Authority the budget or its changes, its annual report also the balance-sheet of the Bureau,
• determining the company of authorized accounting experts;
• the appointment and dismissal of bureau’s departments.
• Appointment and dismissal of Executive Director
• Appointing or dismissing the Damages’ Commission and that of physicians;
• approval of the Bureau’s functioning regulations;
• presentation to the Financial Supervisory Authority of different proposals regarding legal and subsidiary framework regarding the compulsory insurance in the transport sector.

ARTICLE 11

MEMBERS GENERAL ASSEMBLY MEETING CALL.

1. Members General Assembly meeting is called necessarily by the Chairman of Administrative Board in ordinary session within the June of each year. If the Members General Assembly is not convened within this period, Financial Supervisory Authority convenes a meeting with his initiative or at the request of any of the members.2. Bureau members convened in ordinary session of the meeting by a written invitation sent not later than 10 days before the meeting together with relevant documentation, at the latest bureau’s declared address. The announcement sets the day, time and place of meeting as well as the agenda.
3. Executive Director may convene the Members General Assembly whenever necessary and participates in all its meetings.

 

ARTICLE 12

CALLING OF THE EXTRAORDINARY MEETING OF THE MEMBERS GENERAL ASSEMBLY

1. Chairman of the Administrative Board is obliged to convene in extraordinary session the Members General Assembly with the written request of a member or several members representing at least 1 / 5 of the number of overall votes. Requests in written form should determine the agenda of the meeting.
2. The above mentioned Meeting is arranged within 20 days from the date of request. If the General Meeting of is not called by Administrative Board within this time limit, then the meeting may be convened by the Financial Supervisory Authority according to the request of the interested party.

ARTICLE 13

ORGANIZING THE MEETING OF MEMBERS GENERAL ASSEMBLY


1. The meeting is valid if are present more than 2 / 3 of the total number of votes. If this participation fails, then the meeting is called again in the same place and hour and day of the next week, also with the same agenda without need for new notification. In this case the meeting is valid regardless of the number of presented members.
2. Decisions which are important and related to the Bureau’s object of activity will be taken with 50 +1% of the total number of votes, except if their nature is not important and should be taken with simple majority.
3. Meetings are chaired by the Chairman of the Administrative Board, excluding cases where the meeting decides otherwise based on a proposal of a member. If the last case the Chairman of the Meeting is elected by a simple majority of members’ vote presented at the meeting, one of the persons who participate in meetings and have the right to vote as representatives of the Bureau members.
4. General meeting minutes held by an employee of the Bureau appointed by the Chairman of the Administrative Board and signed by all presented members.

 

ARTICLE 14

ADMINISTRATIVE BOARD


Administrative Board is composed of not less than 8 members of whom 7 members with voting right, elected by the Members General Assembly of and a non-voting member, elected by the Financial Supervisory Authority. Administrative Board by a simple majority vote elects its Chairman from its members with voting rights.
 
ARTICLE 15

ELECTION OF ADMINISTRATIVE BOARD


1. Administrative Board members are elected for a term of 1 year and their selection may be revoked at any time by the Members General Assembly. The extension of the official mandate of the Administrative Board for every member goes until the selection of the new Administrative Board in accordance with this statute.
2. The election of Administrative Board is done by voting and the person who has received 2 / 3 of votes wins the right to be a member of the Board.
3. Eligible members of the Administrative Board are elected and dismissed by the Members General Assembly in ordinary or extraordinary session.

ARTICLE 16

CALL OF THE ADMINISTRATIVE BOARD MEETING


1. Administrative Board is called, as a rule, once a month by the Chairman by the request of the Executive Director, who determines and agenda. Relevant Documentation is made available not later than three days of scheduled day of the meeting.
2. Administrative Board is met within 10 days from the presentation of the written request of at least three voting members. Requests in written form should determine the agenda points.

ARTICLE 17

ORGANIZATION OF ADMINISTRATIVE BOARD MEETING


1. Meetings are chaired by the Chairman of the Administrative Board or in his absence, by a member of the Board appointed by simple majority of votes.
2. Minutes of the meeting are held by an employee of the bureau and signed by all the presented members.
3. It is needed the presence of not less than 6 members with voting rights in order that the meeting to be valid.

 

ARTICLE 18

COMPETENCES OF ADMINISTRATIVE BOARD


1. Administrative Board is a collegial and decision-making structure that performs the management of Bureau’s activity and it deals with issues that are charged by the Members General Assembly, with the exception of matters that are the exclusive competence of Members General Assembly. Administrative Board has the following competences:
• examines and presents to the Members General Assembly, draft regulations of Bureau’s functioning
• examines and presents to the Members General Assembly draft changes to the statute of Bureau
• examines and presents to the Members General Assembly Bureau’s draft budget.
• Approving the executive policies of the BSHS during the performance of its insurance’s operations.
2. Chairman of the Administrative Board is charged with organizing and running meetings of the Administrative Board and Members General Assembly.

 

ARTICLE 19

EXECUTIVE DIRECTOR

Executive Director is appointed by the General Assembly Members approval prior to the Financial Supervisory Authority. Executive Director must meet all legal requirements and sub qualification and suitability of a directorate member insurance company to the Law “On the activity of insurance, reinsurance and intermediary activity in insurance and reinsurance”. AIB Director is elected for a period of three years, with the right to be reassigned in accordance with the provisions of Law 10076th dated '12.02.2009, paragraph 2 Article 43. Executive Director may be relieved from duty in these cases:
1. Gives the reassignment;
2. It is found guilty by a final decision of the court for committing a criminal offense;
3. Become physically unable to meet the task for which he was appointed, for more than 3 months;
4. Due to incompetence or professional negligence causes damages to the Bureau or its image as an independent institution.

 

ARTICLE 20

COMPETENCES OF EXECUTIVE DIRECTOR

Executive Director of the Bureau is authorized to carry out legal action to ensure activity of the Bureau and adopt all necessary measures and decisions to ensure progress of the Bureau’s activity. Executive Director directs the activities of the Bureau in accordance with the provisions of relevant legal acts and regulations and particularly he has these rights and duties:
• represents the Bureau in relation to third parties;
• appoint staff employees in accordance with the structure adopted by the Members General Assembly, with the exception of departments’ heads;
• signs on behalf of Bureau the international agreements in the field of compulsory insurance in transport sector;
• delegates examination and payment of a damage to its members or to a specialized structure for treatment of damages, regarding the damages caused in the territory of the Republic of Albania by a motor vehicle with foreign registration plates.
• proposes draft regulations regarding the operation of the Bureau;
• Drafts the Bureau’s budget and presents it to the Administrative Board;
• take appropriate measures and follow up management of Bureau’s budget expenditure limits;
• prepares the annual report for the activity exercised by the Bureau;
• performs representation or issues authorization regarding the representation in court proceedings against the Bureau;
• participates in meetings of the Administrative Board and Members General Assembly;
• convenes and chairs the executive structure and performs all tasks defined in Article 7 of the Internal Regulation.

 

ARTICLE 21

STRUCTURE


In addition to its Director also the Bureau’s Executive Structure performs its operations, organized in departments. Departmental structure is established by the decision of Members General Assembly.

 

ARTICLE 22

ENTRY INTO FORCE


This Statute enters into force upon its approval by the Financial Supervisory Authority.