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Moldovan government supports the digitization of the CMTPL policy and a 10-fold increase in fines for not insuring motor vehicle liability.

Moldovan government supports the digitization of the CMTPL policy and a 10-fold increase in fines for not insuring motor vehicle liability.

The Cabinet of Ministers issued a positive opinion on the draft amendments to the law on compulsory motor third party liability (CMTPL) insurance for damage caused by vehicles, accompanying it with a number of recommendations. The draft law adopted by the Parliament in first reading stipulates that the services of compulsory motor insurance will be acquired by concluding a corresponding contract not only on paper but also through an electronic document signed by the parties with an ordinary or electronic reinforced qualified signature, as well as online, by electronic means. If the contract of CMTPL insurance is concluded online and the client has not signed the document with an electronic signature, the beginning of the contract will be considered the moment of payment of the insurance premium. The introduction of digital innovation in insurance will lead to the development of online distribution channels of insurance services and reduce administrative costs for the issuance of policies on compulsory insurance of civil liability for damage caused by vehicles. According to the draft, insurers and insurance intermediaries are obliged to provide information on the amount of the insurance premium and the applicable bonus-malus coefficient upon request. At the same time, the bill would clarify the provisions of the Code of Offences which prohibit driving without a CMTPL insurance on paper or in electronic form and increase the fine for such a violation - from 3-6 to 30-60 conventional units. // 30.06.2022 - InfoMarket

News on the subject

The AITA Association will allocate 15 million lei for the capitalization of the insurance and reinsurance company Moldcargo.
The AITA Association will allocate 15 million lei for the capitalization of the insurance and reinsurance company Moldcargo.
CNPF revoked Moldova-Astrovaz's license for insurance activity.
CNPF revoked Moldova-Astrovaz's license for insurance activity.
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.