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The Parliament approved in final reading the draft law on insurance and reinsurance activities.

The Parliament approved in final reading the draft law on insurance and reinsurance activities.

This draft law, adopted by the Parliament in the first reading back in December 2020, relays the provisions of the European insurance directive and, in particular, the requirements of Solvency II. The document partially repeats the current rules of regulation and supervision, and contains new requirements for capital adequacy, corporate governance and risk management in insurance, as well as obliges insurance/reinsurance companies to ensure transparency of their activities by providing the public with necessary information about their solvency and financial condition. The draft law regulates rules of registration, authorization, licensing, as well as insurance/reinsurance activity and intermediary activity in this area in Moldova. Also it determines prudential requirements for insurance market participants and rules for supervision of insurance/reinsurance groups, order of creation, reorganization and liquidation of insurance companies and insurance/reinsurance intermediaries. Regimes for troubled companies, including the procedure for their reorganization and liquidation are stipulated, the competence and authority of the National Commission for the Financial Market (CNPF) and the order of interaction of the regulator with other institutions are defined. The draft law provides the increase of the license cost for insurance companies (up to 50 thousand lei) and gradual increase of their authorized capital. Insurance/reinsurance companies must provide the minimum capital from 2.2 million to 6.4 million euros (equivalent in MDL), depending on the category and class of insurance, while for some categories of insurance will be applied a higher coefficient. The companies will be able to comply with the minimum capital requirements in stages: in the first year after the entry into force of the document - 50%, in the second year - 75%, in the third - 100%. For intermediary activity in insurance the license fee will be of 7 thousand lei, the brokers also will have to increase the authorized capital up to 400 thousand lei. Also, the competence of the CNPF as a supervisory body will be expanded. Thus, there were regulated measures/sanctions which the regulator will be able to apply if market participants do not comply with requirements for technical reserves, capital and solvency. The draft law shall take effect 12 months after its publication in Monitorul Oficial (the Official Journal of Moldova) and for certain provisions a transitional period of entry into force is provided. // 08.04.2022 - InfoMarket

News on the subject

Insurance companies’ profit in 2021 amounted to about 98.91 million lei, which is 3.1% higher than in 2020 (95.96 million lei).
Insurance companies’ profit in 2021 amounted to about 98.91 million lei, which is 3.1% higher than in 2020 (95.96 million lei).
In 2021, the profit of insurance companies before tax increased by 56% compared to the previous year and amounted to 171.2 million lei.
In 2021, the profit of insurance companies before tax increased by 56% compared to the previous year and amounted to 171.2 million lei.
Unemployed citizens can provide themselves with an insurance period by paying mandatory social insurance contributions on an individual basis.
Unemployed citizens can provide themselves with an insurance period by paying mandatory social insurance contributions on an individual basis.
Parliament of Moldova adopted in the second reading the draft Law on Compulsory Health Insurance Funds for 2022.
Parliament of Moldova adopted in the second reading the draft Law on Compulsory Health Insurance Funds for 2022.
The Parliament of Moldova approved in the first reading the draft Law on Compulsory Health Insurance Funds for 2022.
The Parliament of Moldova approved in the first reading the draft Law on Compulsory Health Insurance Funds for 2022.
For 9 months in 2021, the profit of insurance companies before tax increased by 69.2% compared to the same period last year and amounted to 170.3 million lei.
For 9 months in 2021, the profit of insurance companies before tax increased by 69.2% compared to the same period last year and amounted to 170.3 million lei.