Today at the premises of the Ministry of Finance in Albania was held an official  ceremony for the  signing of the  MoU between the Albanian Insurance Biro and the Central Banking Authority of Kosovo. The signing of the Memorandum is another initiative of both Kosovar and Albanian authorities on its continuous attempts to ease the free movements of the Kosovo and Albanian citizens. The signature of the agreement was made by Mrs. Valbona Kaduku, Executive Director of AIB and Mr. Michel Svetchine Managing Director of CBAK, in the presence of the Minister of Finance Mr. Ridvan Bode.

This MoU insures a mutual recognition of the Domestic Insurance Policies for  Third Party Liability   for vehicles with Albanian and Kosovo license plates in respective territories. This makes it possible for vehicles with Kosovo and Albanian license plates to enter freely in the territories of Kosovo and in the Republic of Albania without needing to have additional insurance coverage that is known as TPL plus. This eases the financial burden for motorist from both territories and also it is with an importance for all visitors, business and tourism.

At the same time Memorandum secures dhe treatment and indemnity of the third parties included in the vehicle accidents that could potentially happen in the territory of Kosovo and Republic of Albanian caused by vehicles with Albanian and Kosovo license plates.  The MoU will contribute by increasing the speed of the indemnity procedures and create new standards for client services.

Based on the Memorandum, participating parties, Albanian Insurance Bureau and the Kosovo Insurance Association, as the only representing authority will take over reciprocal responsibilities for claim treatment, indemnity and the fulfillment of necessary law documents of the cases mentioned above, in enforcement of the internal rules of the Bureau Council.