Moldovan government approves draft on activity of insuring, reinsuring

Chisinau, 28 October /MOLDPRES/ - The government, at a today’s meeting,  approved and is to submit to parliament a draft law on the activity of insuring and reinsuring. The draft transposes EU directives in the sector.  

Under the cabinet decision, this law regulates: authorization and carrying out of the activity of insuring and/or reinsuring, intermediating in insurings and/or reinsurings in Moldova; prudential requirements for the insurance and/or reinsurance companies, intermediaries in insurances and reinsurances; supervising the groups of insuring and reinsuring; regime of the insurance and/or reinsurance companies at risk; reorganization and liquidation of insurance and/or reinsurance companies; competence and powers of the supervision activities, its cooperation with other authorities, organizations and people.     

The law’s stipulations do not apply to the state social insurances, mandatory health insurances and non-state pensions’ funds. ‘’The goal of this law is to ensure the stability, transparency and freedom to provide services in the insurances sector, prevent the system risks and protect the rights of the insured people, insurance beneficiaries and third persons,’’ the document reads.  

The provisions of the present law are applied to: the companies which ask for licence to carry out the activity of insuring and/or reinsuring, in accordance with the current law; the companies which have licence for carrying out the activity of insuring and/or reinsuring and work in Moldova, as well as their branches in third countries; the branches of the insurance and/or reinsurance companies from third countries as regards their work carried out in Moldova; legal entities or private people who ask for the authorization or licencing, as case may be, for carrying out the activity of intermediation in insurances and/or reinsurances and other related activities, in line with the present law, etc.   

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