World Bank (WB) will launch an assistance project to support Albanian Financial Supervisory Authority (AMF) in reforming the country's insurance market, official sources said Monday.

The objective of the WB project is to assist the AMF in taking legal and regulatory reforms to strengthen the supervision and regulation of the insurance sector. < An innovative element of the project is the design and development of a national earthquake insurance program.

The assistance project has a time span of 24 months and is expected to be completed in 2016.

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World Bank to assist ALBANIA on insurance market reform