The National Bank of Moldova and the Romanian Financial Supervision Authority will deepen cooperation to consolidate the insurance sector in the Republic of Moldova.
An agreement on this was reached during a meeting in Bucharest at the end of last week, by President of the National Bank of Moldova Anca Dragu and Chairman of the Romanian Financial Supervisory Authority Alexandru Petrescu. The parties discussed deepening cooperation to consolidate the insurance sector in Moldova. “This sector must be functional and market participants must be protected. The insured person and his interests should be at the center of the system, especially since some types of insurance are mandatory,” said Anca Dragu. In turn, Alexandru Petrescu supported the intensification of cooperation and the expansion of the portfolio of joint projects between the two institutions. According to him, the Romanian Financial Supervisory Authority proposes to take on the role of an aggregator of support for the National Bank of Moldova across the entire spectrum of the non-banking financial market, especially in the context of Moldova’s goal of joining the EU. The National Bank of Moldova previously assumed responsibilities for regulation and supervision of the insurance market. At the meeting in Bucharest, issues related to the continuation of the process of harmonization of legislation within the EU, risk-based supervision, the introduction of digital technologies and tools, the interoperability of the markets of the two countries in certain segments, as well as the intensification of the exchange of experience were also discussed. Another topic of discussion was related to the implementation stage of the Twinning project “Consolidation of supervision, corporate governance and risk management in the financial sector of Moldova”, funded by the European Union. This program is aimed at developing the capacity of the supervisory institutions of Moldova (NBM and the National Commission for the Financial Market), introducing EU best practices to ensure a high level of stability in the financial sector for the benefit of citizens and companies. Also on January 25-26, NBM employees from the Department of Banking Supervision, Regulation and Authorization paid a study visit to the Financial Supervisory Service of Romania in order to strengthen technical assistance in the field of prudential supervision of the activities of insurance and reinsurance companies in order to harmonize the legislative framework with EU legislation in terms of prudential indicators ( Solvency Directive II).// 29.01.2024 — InfoMarket
