RESOLUTION OF THE NATIONAL COMMISSION ON THE FINANCIAL MARKET OF THE REPUBLIC OF MOLDOVA

of July 15, 2019 No. 30/3

About introduction of amendments to the Resolution NKFR No. 17/6/2017

Based on part (6) Article 10 of the Insurance law No. 407/2006 (The official monitor of the Republic of Moldova, 2007, No. 47-49, the Art. 213), with subsequent changes, the National commission on the DECIDES: financial market

1. In the Regulations on requirements to the program of reinsurance of the insurer and rules of the conclusion of agreements of reinsurance approved by the Resolution of the National commission on the financial market No. 17/6/2017 (The official monitor of the Republic of Moldova, 2017, No. 181-189, to the Art. 1024) registered in the Ministry of Justice at No. 1221 of 23:07. 2014, to make the following changes:

To Add 1) with Item 15-1 of the following content:

"Insurers (overcautious persons) who registered the standard rate of sufficiency of solvency are lower than the level of 120% and/or deficit of the acceptable assets accepted in fund of insurers according to data of the last semester having no right to accept risks in reinsurance.".

2) Appendix to the Regulations on requirements to the program of reinsurance of the insurer and rules of the conclusion of agreements of reinsurance to state in the following edition:

Appendix

to Regulations on requirements to the program of reinsurance of the insurer and rules of the conclusion of agreements of reinsurance

The report on contracts with overcautious persons residents and nonresidents for the period 01.01.20 __ - 31.12.20 __

Note: If the data included in this Report do not correspond to the data reflected in Specialized/statistic reports, the insurer shall provide the explanatory note which shall contain reasonable reasoning of the elements which resulted in discrepancy of data.

Administrator of the insurer _______________  

Contractor and phone number _______________________________  

Date of creation "__" ______________ 20 __ 

The instruction about procedure for filling of the Report on contracts with overcautious persons with residents and nonresidents for the period 01.01.20 __ - 31.12.20_

1. In columns 1, 2 and 3 to specify data of the overcautious person (including with indication of the intermediary, depending on case), according to the requested information in the corresponding graphs.

2. In columns 4, of 5, 6 and 7 to specify information on the direct insurance contract: number and date of the agreement, the insurance sum added gross - award, without cost in case of agreement cancelation (the terminated agreements) and insurance class.

3. In columns 8 and 9 to specify information on types of insurance (optional, obligatory, in agreement type (treaty) reinsurance under the general agreement, number and date of the agreement, form and methods of reinsurance (pro rata ("share" or "the excess of the amount"), disproportionate ("the excess of loss" or "the excess of unprofitability"), etc.));

4. In columns 10 and 11 to specify concessions under each agreement (the insurance sum transferred to reinsurance / added gross - the award transferred to reinsurance in the accounting period according to the corresponding accounting entries).

5. In column 12 to specify ratio between the transferred premiums and premiums on direct insurance to each agreement.

6. In columns 13 and 14 to specify commission charges for reinsurance (on insurance classes) and the loss indemnified by the reinsurer (under each agreement) in the accounting period, according to the corresponding accounting entries, with separation of commission charges and the loss indemnified in the accounting period under agreements of previous periods.

2. This resolution becomes effective from the date of publication in the Official monitor of the Republic of Moldova.

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