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CNPF revoked Moldova-Astrovaz's license for insurance activity.

CNPF revoked Moldova-Astrovaz's license for insurance activity.

The National Commission for the Financial Market (CNPF) adopted this decision in view of the bankruptcy proceedings of Moldova-Astrovaz initiated by the Court of the Center Ward of Chisinau in early April. The company was ordered to return CNPF license issued in December 2016 for insurance activity, as well as to exclude the word "insurance" from its name. Earlier, in April, CNPF revoked the license of Moldova-Astrovaz for the external insurance of motor liability (in the "Green Card" system). It is worth noting that 3 years ago, based on the results of a thematic inspection carried out in Moldova-Astrovaz, CNPF ordered the start of the financial rehabilitation procedure of this company. In late 2019, given the deterioration of the company’s financial situation, the NCFM decided to introduce a special management in Moldova-Astrovaz, but the company appealed the regulator's decision. In the fall of 2020, CNPF found out that the company had not complied with prudential norms, suspended Moldova-Astrovaz's license to operate in the insurance sector for 3 months and filed a lawsuit against the company for initiating insolvency proceedings. The court granted the request and in April 2022 the court ruled to initiate bankruptcy procedure of the company; Corneliu Munteanu was appointed as liquidator. Moldova-Astrovaz has been operating on Moldovan insurance market since 1993. Its majority shareholder is Dunlopil company, which is engaged in real estate leasing. The director of Dunlopil and Moldova-Astrovaz is Fiodor Dimitrov. The share capital of the company in late September 2021 amounted to 28 million lei and total assets - 27.7 million lei. // 03.06.2022 - InfoMarket.

News on the subject

In the first quarter of 2022, the net profit of insurance companies (before tax) amounted to 83.8 million lei, an increase of 2.3 times compared to the same period last year.
In the first quarter of 2022, the net profit of insurance companies (before tax) amounted to 83.8 million lei, an increase of 2.3 times compared to the same period last year.
In the first quarter of 2022, the volume of written insurance premiums exceeded the volume of paid indemnities by 2.6 times.
In the first quarter of 2022, the volume of written insurance premiums exceeded the volume of paid indemnities by 2.6 times.
In Moldova, they will legalize the electronic Compulsory Motor Third Party Liability Insurance policy and increase the amount of fines for driving a car without third-party liability insurance by 10 times.
In Moldova, they will legalize the electronic Compulsory Motor Third Party Liability Insurance policy and increase the amount of fines for driving a car without third-party liability insurance by 10 times.
The Law on Insurance and Reinsurance Activities will come into force in Moldova on January 1, 2023, and from that day the previous Law on Insurance will become invalid.
The Law on Insurance and Reinsurance Activities will come into force in Moldova on January 1, 2023, and from that day the previous Law on Insurance will become invalid.
Moldovan Parliament adopts in second reading the draft law on compulsory motor third party liability insurance for damages caused by vehicles.
Moldovan Parliament adopts in second reading the draft law on compulsory motor third party liability insurance for damages caused by vehicles.
Despite a significant increase in written insurance premiums in 2021, the level of insurance penetration in GDP remains moderate, - NCFM.
Despite a significant increase in written insurance premiums in 2021, the level of insurance penetration in GDP remains moderate, - NCFM.