Albania - Insurance

Insurance was nationalized by the Communist government after World War II. Under the jurisdiction of the Ministry of Finance, the program is administered by the Institute for Insurance, created in 1950. Half the profits are earmarked for the state budget, the other half for a reserve fund. In 1990, income from social insurance contributions totaled L 967 million. Total expenditures—for temporary disability, pregnancy, childbirth, rest home stay, and pensions—were L 1,440 million. In 2002, Albania's Parliament passed a law to privatize the insurance agency, hoping to create a competitive industry.