The NBM intends to increase transparency in the insurance sector and attract more serious players and quality investors from the EU.
This was stated by the Governor of the National Bank of Moldova (NBM), Octavian Armasu, during a recent media interview within the framework of the podcast "Give Sense to Money". He reminded that from July 1, the National Bank of Moldova will take over the supervision of the insurance and non-banking credit market from the National Financial Market Commission (CNPF). "This transfer itself is a very complex process. We will take over the supervision from July 1, and the first thing we will do is to focus on the development of the regulatory and supervisory framework, especially in the insurance sector. It is also required by our European integration program and the commitments we have made to our foreign partners, for instance within the Twinning project that we are implementing with the support of the National Bank of Romania, the National Bank of Lithuania and the Dutch Central Bank. As part of this Twinning project, we have to bring insurance legislation in line with EU directives. We will deal with this as soon as the transfer happens: we will see what needs to be done, what CNPF has managed to do, and we will interact with the team to complete the work," said Octavian Armasu. "Beyond that, as far as insurance is concerned, our strategic goal is to ensure transparency in this sector, in terms of shareholders, management and the way cash flows are managed, AML, etc. to impose the highest standards of corporate governance, as required by European directives," continued the head of the NBM. He expressed confidence that this would benefit citizens because it would better protect the stability of the sector as well as the interests of citizens. "And we hope that through a better transparency and regulation of the sector we will attract more serious players to the Moldovan insurance market, we will attract quality investors from the EU", the NBM Governor said. // 12.06.2023 - InfoMarket.
