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The cost of CMTPL insurance has increased in Moldova.

The cost of CMTPL insurance has increased in Moldova.

The amendments to the Decision of the National Financial Market Commission (CNPF) on procedure of presentation, coordination and application of actuarial calculation of insurance premiums for compulsory motor third party liability insurance (CMTPL) have been published in Monitorul Oficial (the Official Journal of Moldova) and took effect. The Decision of CNPF provides that starting with September 2, the amount of basic insurance premium for CMTPL insurance increased by 36% - from 995 to 1350 lei. Accordingly, there was adjusted the amount of indicative premiums - they are set depending on the category of vehicles and their technical characteristics, place of registration (separately for Chisinau municipality, Hincesti, Orhei, Straseni, Ialoveni, Anenii Noi and Criuleni districts and separately for other localities), legal status of its owner (individual or legal entity), type of contract, age and driving experience of the insured and car user. CNPF noted that historically there has been a deficit in the collection of insurance premiums by insurers, which affects not only the financial stability of the sector, but also the quality of payment, so the adjustment of indicative premiums for CMTPL is absolutely necessary to protect the rights of beneficiaries of insurance services and maintain the stability of the insurance sector. According to the data of CNPF, in the 1st half of 2022 the premiums for CMTPL insurance amounted to 318.03 million lei (28% of the total amount of collected premiums for general insurance) and the amount of compensations for CMTPL insurance was 140.2 million lei (38% of the total amount of compensations). Compared to the first half of 2021, the amount of CMTPL premiums has increased by 20.5%, and the amount of compensations - by 16.2%. // 02.09.2022 – InfoMarket

News on the subject

NBS: In the first half of 2022, the profit of insurers before tax increased by 57.5% compared to the previous year and amounted to 161.2 million lei.
NBS: In the first half of 2022, the profit of insurers before tax increased by 57.5% compared to the previous year and amounted to 161.2 million lei.
The National Financial Market Commission (CNPF) has approved a decision allowing the cost of Compulsory Motor Third Party Liability (CMTPL) insurance to go up 36%.
The National Financial Market Commission (CNPF) has approved a decision allowing the cost of Compulsory Motor Third Party Liability (CMTPL) insurance to go up 36%.
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.
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.
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 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.