Monitorul Oficial published and entered into force three new regulations relating to the activities of the insurer/reinsurer.
In particular, on June 27, the Regulation on the terms and procedure for issuing permission to conclude certain transactions, on the requirements for maintaining the Register of guarantees, obligations and other obligations of the insurer or reinsurer came into force. It establishes that the insurer or reinsurer must register its guarantees, obligations and other obligations not reflected in the balance sheet in the Register of guarantees and obligations of the insurer or reinsurer, in accordance with the model established by the NCFM. The conditions and procedures for issuing prior approval for an investment of more than 15% of the equity capital of an insurer or reinsurer in the authorized capital of certain commercial companies are also established: regardless of whether the investment is made simultaneously or through several cumulative transactions, the insurer/reinsurer must request prior approval from the supervisory authority by submitting the corresponding statement. Also, with the prior permission of the supervisory authority, the insurer or reinsurer may attract loans or borrowed funds in an amount exceeding 10% of the authorized capital. Also, the Regulation on the requirements for the Insurer's Reinsurance Program, the rules for concluding reinsurance contracts and the conditions for approving the level of own retention of the insurer, as well as the Regulation on specialized financial reporting of insurance or reinsurance companies came into force. Herewith, three previously existing regulations in these areas, as well as the Regulation on the Permission to Conclude Certain Transactions by Policyholders (Reinsurers), approved in 2013, became invalid. //27.06.2023 — InfoMarket.
