Procedure of licencing work of insurance companies to be adjusted to European one in Moldova

Chisinau, 31 May /MOLDPRES/ - The procedure of licencing the activity of the insurance companies will be approximated to the European one. The parliament today adopted a draft law to this end in the first reading.   

The draft sets a classified list of documents which are to be annexed to the declaration for the issuance of insurer’s licence and the procedure of submitting the declaration to the authority of supervision for the issuance of the licence for an insurance company. Also, the draft clearly establishes the grounds and procedures of re-processing of the licence, excluding the ground for the re-processing of the licence at the creation of new subdivisions or at their liquidation; the mechanism of establishing the licence’s invalidity is excluded.

Also, the draft law provides for the extension of the period of consideration of the declaration for authorizing the insurance activity – up to three months and the period of re-processing the licence – up to 20 days. The draft also envisages the procedure of examining the documents annexed to the declaration for the licence’s issuance, including for re-processing the licence of insurers and brokers.    

The tax for the issuance of licences is suggested to be updated at 20,000 lei, against 13,000 lei at present. The tax for the issuance of authorized copies is suggested to be in a quantum of ten per cent of the tax for the issuance of the licence.  

The draft is to be adopted in the final reading to become law.  

(Reporter A. Zara, editor M. Jantovan)