The National Bank of Moldova and insurance companies strengthen cooperation to create a sustainable sector that meets European standards
The NBM announced this, noting that it reaffirmed its commitment to supporting the development of a stable, competitive insurance sector that meets European standards during a working meeting organized with representatives of insurance companies. The discussions focused on the implementation of European standards, strengthening market stability and developing efficient solutions for a better functioning of the sector, thus strengthening consumer confidence and the country's financial stability. The President of the NBM, Anca Dragu, emphasized the importance of an ongoing dialogue between the supervisory authority and the insurance sector in the context of the European integration process. "The National Bank of Moldova reaffirms its support for the development of a modern and efficient insurance sector, adapted to the requirements of the European market, thus strengthening consumer confidence and the country's financial stability. Cooperation between supervisory authorities and insurance companies is essential for the stability and sustainability of the sector. Through an open and constructive dialogue, we seek to understand the challenges faced by the sector and jointly find solutions that will facilitate adaptation to new requirements," Anca Dragu emphasized. In turn, Vice President of the NBM Constantin Schendra discussed with representatives of insurance companies the planned steps to create the Insurance Guarantee Fund and implement the Solvency II Directive. During the same meeting, the NBM priorities for supervision of the insurance sector for 2025-2026 were presented. In this context, representatives of insurance companies expressed their intention to contribute to the formation of solutions aimed at improving the functioning of the market in the interests of all stakeholders. The powers to regulate insurance activities were transferred to the National Bank of Moldova from July 1, 2023. This concerns licensing, regulation and supervision of the activities of insurers, reinsurers, intermediaries, the National Bureau of Motor Insurers.// 24.01.2025 — InfoMarket.
