Procedure for licencing activity of insurance companies to be connected to European in Moldova

15:37 | 29.11.2018 Category: Economic

Chisinau, 29 November /MOLDPRES/ – The procedure for licencing the business of insurance companies will be connected to the European one. A draft law amending and completing the legislation was adopted in final reading by the MPs today.

The document establishes the list of documents to be annexed to the declaration for issuance of the insurer's licence and the procedure for submitting the declaration to the supervisory authority for issuing the licence of an insurance company. Also, the grounds and procedures for reperfusion of the licence are expressly indicated and the mechanism for determining the licence invalidity is excluded.

According to the new provisions, the supervising authority will decide on the issuance of the licence within 30 working days from the date of receipt of all the documents related to the licence statement, and in the case of reperfusion of the licence – within 14 working days from the date of submission of the declaration for reperfecting licence.

The fee for issuing licences is proposed to be updated in the amount of MDL 20 thousand, compared to MDL 13 thousand at present. The fee for issuing the copy of the licence, the one for reperfusion of the licence and the one for issuing the duplicate of the licence will be 10 per cent of the licence fee, being non – refundable.

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