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In Moldova, the cost of compulsory domestic motor third party liability insurance policies may increase.

In Moldova, the cost of compulsory domestic motor third party liability insurance policies may increase.

The National Commission on Financial Market is holding public consultations on the draft amendments to the resolution on the procedure for submitting, agreeing and applying the actuarial calculation of insurance premiums for compulsory motor third party liability insurance. The project provides for an increase in the amount of indicative Compulsory motor third party liability insurance premiums by approximately 36%. The previous time their size increased on August 1, 2021 - by 12.4%. The NCFM notes that from July 1, 2022, changes to the unified Methodology for calculating the basic insurance premium and adjustment coefficients came into force, as a result of which the size of the basic insurance premium for the compulsory motor third party liability insurance increased by 36% - from 995 to 1350 lei. The methodology was updated taking into account the recommendations of European experts, and now the formula for calculating the base premium takes into account the medium-term impact of the bonus-malus coefficient. In connection with the increase in the size of the basic insurance premium, as well as taking into account the growth of the annual inflation rate, the NCFM initiated the adjustment of indicative compulsory motor third party liability insurance premiums for all categories of vehicles and all categories of owners. The amount of the indicative premium is set depending on the category of the vehicle and its technical characteristics, the place of registration of the vehicle (separately for Chisinau municipality, Hincesti, Orhei, Straseni, Ialoveni, Anenii Noi and Criuleni districts and separately for other settlements), the legal status of its owner (individual or legal entity), type of contract, age and driving experience of the insured and the car user. When calculating the amount of the insurance premium for compulsory motor third party liability insurance, the bonus-malus in the RCA Data system is applied automatically, taking into account the individual loss history of each insured. According to the project, for example, for a vehicle with an engine capacity of 2,000 to 2,400 cubic cm, a service life of up to 23 years, and if the driver has more than 2 years of experience, the amount of the indicative compulsory motor third party liability insurance premium will increase from 1,654.88 to 2,245 .32 lei, if the vehicle belongs to an individual registered in Chisinau, and from 1182.06 to 1603.8 lei - in another locality. If a similar vehicle is registered to a legal entity in Chisinau, the size of the indicative premium will increase from 1805.33 to 2449.44 lei, in the regions of the country - from 2149.2 to 2916 lei. The NCFM conducts public consultations on this project, it is posted on the commission's website.// 07.07.2022 — InfoMarket

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