Until June 30, 2022, insurers will apply an indicative premium for compulsory motor third party liability insurance calculated by the National Commission for the Financial Market (NCFM).
This is envisaged by the amendments adopted by the NCFM to the Resolution on the procedure for submission, approval and application of the actuarial calculation of insurance premiums for compulsory motor third party liability insurance (OSAGO), which were published in Monitorul Oficial (the Official Journal of Moldova). The document stipulates that the basic insurance premium and adjustment coefficients for OSAGO, calculated by insurers according to the approved methodology, will be put into effect starting from July 1, 2022, and by June 30, 2022, insurers will apply an indicative premium for OSAGO calculated by the supervisory authority. Thus, the liberalization of tariffs for compulsory motor third party liability insurance, which was planned to be implemented since 2019, was once again postponed. In addition, according to the decree of the NCFM, insurers will set basic insurance premiums and adjustment coefficients for compulsory motor third party liability insurance at least once a year. At the same time, situations are stipulated when the insurer can change the base premiums after prior notification to the NCFM: if it acquires / restores the right to sell the policies of internal and external compulsory insurance OSAGO; records a combined operating rate in excess of 100% for the last two consecutive reporting periods (calculated for the last 12 months), unless the insurer provides reasonable evidence that the registration of a combined operating rate in excess of 10% is due to the impact of major damage, not systematic; or states the basis for changing the basic insurance premium, based on the economic and financial analysis of the effectiveness of insurance activities or insurance premiums for compulsory motor third party liability insurance. If one of the situations is relevant for the insurer, then it will be obliged to notify the supervisor of the intention to establish or change (by adjusting the share of the load) baseline insurance premiums at least 30 working days before the period when they can be applied. // 07.06.2021 - InfoMarket
