FLASH
Shkruar nga Pamfleti
The American Chamber of Commerce (AMCHAM) has today returned the blow to the Albanian government, warning that the new draft law on mandatory earthquake insurance for homes risks creating injustice and a lack of transparency.
According to AMCHAM, the law proposed by the Ministry of Finance “raises serious concerns about the independence of the Earthquake Fund and undermines proportionality for the most vulnerable.” The organization is calling for clear rules on conflict of interest, periodic audits, and more protection mechanisms for vulnerable categories.
" Linking mandatory insurance to access to basic services may seem like an incentive to comply with the law, but in reality it risks penalizing the poorest families ," AMCHAM emphasizes in its statement.
Another major concern is the role of the Ministry of Finance in appointing and overseeing the Fund, which the American Chamber says could compromise its autonomy. The current law does not provide clear mechanisms for board transparency or for financial reporting and audits.
AMCHAM emphasizes that coordination between mandatory and voluntary insurance remains problematic, to avoid overlapping payments or conflicts over claims. Also, the inclusion of social housing, local self-government units and facilities in the legalization process makes the situation more complicated.
" This draft law appears to repeat the same mistakes as two years ago, jeopardizing the effectiveness of the fund and the government's credibility in dealing with natural disasters ," AMCHAM underlines.
In Albania, earthquakes have caused significant damage over the last century, while the November 26, 2019 earthquake in Durrës remains the most recent event with a concrete assessment of the damages. According to experts, a well-managed and independent fund could serve as a real shield for citizens, while the current law, according to AMCHAM, leaves room for mismanagement and social injustice.
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