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The government returns the draft law on mandatory earthquake insurance. Those who are not insured do not receive services.

2025-07-23 23:50:08Aktualitet SHKRUAR NGA REDAKSIA VOX
The government returns the draft law on mandatory earthquake insurance. Those
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Mandatory housing insurance will be provided by the state itself. Through the draft law submitted for consultation by the Ministry of Finance, drafted in cooperation with the World Bank, in article 14 it is stated that a 'National Fund for Mandatory Earthquake Insurance' will be established. 

This fund is created as a public legal entity, organized in the form of a joint stock company, where the Public Authority representing the state as the owner of the Fund's shares is the ministry responsible for finance. 

The fund administrator will be appointed by decision of the Supervisory Council following a selection procedure. 

The obligation to conclude an earthquake insurance contract is also imposed on entities providing social housing for rent, housing in the process of legalization, as well as local self-government units, which finance the insurance premium from their budget. Meanwhile, the state budget finances the mandatory earthquake insurance premium for social groups in need. 

Those citizens who refuse to take out mandatory insurance will face certain penalties.

"Subjects that do not conclude a compulsory insurance contract against earthquake events in accordance with this law are subject to the following coercive measures:

They do not receive cadastral services;

They do not receive services from e-albania;

"They do not receive services from the National Business Center," it is stated in Article 33 of the draft law. 
In the draft law and the report, there is still no calculation for the provision of insurance that will be paid by citizens or businesses that own a property. 

"The methodology for determining the premium, terms, and classification of housing based on risk is calculated using an actuarial methodology, based on the earthquake risk model developed for Albania, which is approved by decision of the Council of Ministers, upon proposal of the Earthquake Fund, after approval by the Financial Supervisory Authority," the draft law states.

 The compulsory earthquake insurance contract covers damages to the insured property caused by one or more earthquake events occurring during the validity period specified in the policy.


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