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

of April 3, 2008 No. 13/3

About approval of some provisions

For the purpose of execution of provisions of Art. 20 of h (2), the Art. 21, the Art. 29, Art. 31 of h (8) the item and) and the item b), Art. 48 of h (3) the item f) and Art. 49 of h (2) the item f) the Law No. 407-XVI of 21.12.2006. "About insurance" (The official monitor of the Republic of Moldova, 2007, Art. No. 47-49, 213), based on provisions of Art. 1 of h (1), the Art. 3, Art. 4 of h (1) and h (2), Art. 8 of the item b) and the item g), Art. 21 of h (1), Art. 22 of h (1) and h (2) the Law No. 192-XIV of 12.11.1998. "About the National commission on the financial market" (republished in the Official monitor of the Republic of Moldova, 2007, No. 117-126 BIS), item 5 b) and g), item 7.3 c) the Regulations about the organization and functioning of the National commission on the financial market approved by the Resolution No. 48/5 of 27.09.2007. (Official monitor of the Republic of Moldova, 2007, Art. No. 157-160, 587), National commission on the financial market

DECIDES:

1. Approve Regulations on issue of permission for state registration of insurers/overcautious persons according to appendix No. 1.

2. Approve Regulations on requirements to significant shareholders of insurers/overcautious persons and conditions for ownership of essential participations in the authorized capital of the insurer/overcautious person according to appendix No. 2.

3. Approve Regulations on requirements to officials of insurers/overcautious persons and insurance intermediaries according to appendix No. 3.

4. Cancel the Order of the State inspectorate for supervision of insurance and non-state pension funds No. 81 of 30.11.2005 about approval of the List of the additional documents necessary for issue of permission for state registration of insurance companies (The official monitor of the Republic of Moldova, 2006, Art. No. 9-12, 35).

5. This resolution becomes effective from the date of publication.

Appendix №1

to the Resolution of the National commission on the financial market of the Republic of Moldova of April 3, 2008 No. 13/3

Regulations on issue of permission for state registration of insurers/overcautious persons

Chapter I General provisions

1. The regulations on issue of permission for state registration of insurers/overcautious persons (further - provision) are developed according to requirements of the Law No. 407-XVI of 21.12.2006. "About insurance" and legislations on state registration of legal entities also determines conditions based on which the National commission on the financial market (further - the National commission) issues preliminary permission for state registration of the insurer/overcautious person.

2. According to part (9) Article 57 of the Insurance law of the requirement of this provision are applied to all insurers / overcautious persons irrespective of their organizational legal form.

Chapter II the Statement on receipt of preliminary permission

3. The statement on the receipt of preliminary permission constituted in writing by founders of the insurer/overcautious person and document package it are represented to the National commission in state language. If the statement and document package are constituted in other language, they are translated into state language of the Republic of Moldova and legalized.

4. The statement is registered and accepted by the National commission for consideration only if the document package provided by this provision is applied to it.

Chapter III the Procedure of issue of preliminary permission for state registration of the insurer/overcautious person

5. Documents which shall be enclosed to the application on receipt of preliminary permission

1) For receipt of preliminary permission for state registration of the insurer/overcautious person the following document package is applied to the application submitted the National commission:

a) the foundation agreement constituted according to provisions of article 33 of the Law No. 1134-XIII of 02.04.1997. "About joint-stock companies" (The official monitor of the Republic of Moldova, 1997, Art. No. 38-39, 332) to which the draft of the charter in which also information on category of activities of the insurer/overcautious person in addition is reflected is attached (general insurance, life insurance or activities only for reinsurance);

b) documents and information on significant shareholders - physical persons, namely:

- the copy of the identity certificate which compliance to the original makes sure the owner of the certificate the personal signature;

- certificate of criminal record;

- the announced share in the insurer/overcautious person's capital - number of signed shares, purchase price of each share, total purchase price and final share in the insurer/overcautious person's capital as a percentage;

- this place of employment and position;

- the list of participations in the authorized capital of other commercial societies with appendix of legalizirovanny copies of the official documentation which confirms the property right over these participations;

- the written certified declaration on the fact that payment of shares will be made only from own money, including with indication of source and the amount of the means used for share acquisition of the insurer/overcautious person;

- depending on source and return adequacy which will be used for share acquisition are represented: the references issued on place of employment (signed by the head and the chief accountant, the companies certified by seal) confirming receipt of the income from professional activity, and/or legalizirovanny copies of the source documents confirming the equity property right in the authorized capital of other commercial society and/or legalizirovanny copies of the source documents confirming the property right over other property (received owing to donation, inheritance и.т.д.), and/or other documents confirming receipt of the income from similar sources which prove origin and sufficiency of own money for share acquisition of the insurer/overcautious person;

c) documents and information on significant shareholders - legal entities, namely:

- name and location;

- bank account number and the servicing bank;

- the announced share in the insurer/overcautious person's capital - number of signed shares, purchase price of each share, total purchase price and final share in the insurer/overcautious person's capital as a percentage;

- the list of shareholders (participants) owning 5 and more percent of the authorized capital of the legal entity;

- source and the amount of the means used for share acquisition of the insurer/overcautious person;

- the financial reporting for the last three years of activities, preceding date of filing of application;

- the written declaration signed by the official of the legal entity that payment of shares will be made only from own money of the legal entity;

- notarized copy of the certificate of state registration;

- the declaration on equities (blocks of shares) in the authorized capital of other legal entities and/or the statement from the State register of securities;

d) for statement of the administrator of the insurer/overcautious person information and documents specified in item 11 of the Regulations on requirements to officials of insurers/overcautious persons and intermediaries of insurance is provided;

e) the protocol or the decision of body which competence includes decision making about participation as the significant shareholder of the insurer/overcautious person;

f) the research about profitability including at least the following:

- short representation of follow-up activity;

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