Regulatory Alerts2022-03-02 | 1/2022Guideline 1/2022 on the criteria for stipulating the minimum monetary amount of professional indemnity insurance or comparable guarantees
The Bank of Albania’s Supervisory Council mandates that licensed and registered payment service entities calculate and maintain a minimum monetary amount for professional indemnity insurance or comparable guarantees. The required coverage is computed via a formula combining risk profile, activity type, and size of activity indicators derived from refund claims, transaction counts, and client volumes. Entities must perform this calculation annually, adjust their insurance policies to match the new threshold, and submit detailed reports to the regulator each January.
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