Vitalie Lemne was appointed vice-chairman of the National Commission for the Financial Market of Moldova for a period of 5 years.
The corresponding decision was made by the parliament on Thursday. Presenting on Thursday to the deputies his vision of the development of the capital market, insurance, microfinance, Vitalie Lemne noted that the insurance market will have to strengthen supervision, in particular, to take measures for stricter control. According to him, an external audit of insurance companies is being conducted, and the report will soon be presented. Insurance companies will be checked in terms of the quality of their capital, the correctness of the accrual of reserves, the value of long-term assets. In addition, the quality of the previous and current audit reports prepared by local audit companies will be checked. Vitalie Lemne stressed that in order to ensure the development of the insurance sector, it is planned to introduce new products, including the possibility of introducing compulsory real estate insurance. It is planned to promote digitalization, in particular, to ensure the purchase of insurance policies in digital format in a convenient online mode, to develop products for life and risk insurance in agriculture, etc. Vitalie Lemne also emphasized that he is in favor of liberalizing tariffs in the insurance market, but believes that cautious, balanced steps should be taken in this direction. According to him, the insurance market should be free, and the liberalization of tariffs will be, but it must be implemented gradually, taking into account the experience of foreign countries, since the low tariffs established overnight carry great risks for companies. For example, in Romania, over 6 years of tariff liberalization in the insurance market, several companies, including the largest one, went bankrupt, and Moldova needs to take into account the mistakes. With regard to non-bank lending, Vitalie Lemne said that more stringent supervision will also have to be carried out here, with an emphasis on protecting end consumers, both individuals and legal entities. Herewith, he drew attention not only to excessively high interest rates, but also the procedure for issuing loans, their inflated cost, hidden payments, etc. Also, Vitalie Lemne said that the capital market in Moldova does not actually exist, and it will have to be developed practically from scratch. “At the same time, we need to evaluate and implement all the best from European experience, use the best functional practices from developed countries, but also take into account their mistakes,” he said. // 07.10.2021 — InfoMarket
