Compliance

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Star Broker act in compliance with the Albanian Insurance law

• The activity of insurance brokerage include all those activities, such as presentation, proposal or other preparatory activities, that are related to negotiating with an insurance company on behalf of and for consumers in order to enable the signing of an insurance contract in accordance with their requests and needs.

• The activity of insurance brokerage include all those activities, such as presentation, proposal or other preparatory activities, that are related to negotiating with an insurance company on behalf of and for consumers in order to enable the signing of an insurance contract in accordance with their requests and needs.

Responsibilities of insurance brokers/brokerage companies Brokers/brokerage companies carry out brokerage activity while protecting the interests of the insured.

• In order to comply with the obligations of the Albanian Insurance law an insurance broker/brokerage company shall:

• conduct an appropriate risk assessment, and set the basic principles of the required coverage;
• provide a written explanation and reason the proposals, and inform the insured on the amount of specified commissions for the signing of an insurance contract;
• provide brokerage services on behalf of all the insured for signing insurance contracts which are in accordance with the requests of the insured in terms of insurance coverage. The brokerage service may be limited to specific insurance services if the broker has explicitly informed the insured of this in advance;
• inform the insurance company that a potential customer is asking for quotes for signing an insurance contract;
• provide the insured with insurance contracts and other documents related to that contract;
• check the contents of the insurance contract;
• provide the insured with assistance during the period of validity of insurance contracts, before and after the occurrence of insured events, and, especially, ensure that the legal actions, which are important for preserving and exercising the rights deriving from insurance contracts, are undertaken by the insured in compliance with the contract terms and conditions within the time-limits specified for such legal actions;
• constantly review the contracts signed by the insured through their brokerage activity, and propose changes to those contracts with the goal to better protect the insured.

Protection of consumers’ interests

1. In the course of carrying out their brokerage activity, brokers/brokerage companies shall protect the interests of the insured.
2. In the course of carrying out brokerage activity, brokers/brokerage companies shall protect those interests of insurance companies which are related to the insured before and after the ending of an insurance contract. When performing the preparatory actions for the signing of insurance contracts, brokers must inform the insurance company of any risks they are or could be aware of.
3. In the course of carrying out their brokerage activity, brokers/brokerage companies shall protect the interests of the insured.
4. In the course of carrying out brokerage activity, brokers/brokerage companies shall protect those interests of insurance companies which are related to the insured before and after the ending of an insurance contract. When performing the preparatory actions for the signing of insurance contracts, brokers must inform the insurance company of any risks they are or could be aware of.
5. Brokers/brokerage companies shall be liable towards the insured for any damage they suffer, where such damage is caused by their actions or omissions.
6. Brokers/brokerage companies must inform the insured of any economic and legal links they could have with a specific insurance company that could affect the fulfilment of the broker’s obligations towards the insured.