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

of December 20, 2013 No. 60/5

About approval of the Regulations on gradualness of the penalties imposed to the insurer (overcautious person) or the insurance and/or reinsurance broker

For the purpose of execution of provisions of Art. 54 of the h. (2) the item c) the Law No. 407-XVI of 21.12.2006 "About insurance" (The official monitor of the Republic of Moldova, 2007 No. 47-49, of the Art. 213), with subsequent changes and amendments, the National commission on the DECIDES: financial market

Approve Regulations on gradualness of the penalties imposed to the insurer (overcautious person) or the insurance and/or reinsurance broker according to appendix.

Appendix

to the Resolution of the National commission on the financial market of December 20, 2013 No. 60/5

Regulations on gradualness of the penalties imposed to the insurer (overcautious person) or the insurance and/or reinsurance broker

1. The regulations on gradualness of the penalties imposed to the insurer (overcautious person) or the insurance and/or reinsurance broker (further - the Provision) are developed for the purpose of maintenance of level of financial stability of the insurer (overcautious person), non-admission of deterioration in its financial position, and also the prevention of infringement of legitimate rights and interests of the insurers who were injured persons and/or beneficiaries owing to violation by the insurer the operation or failure to act of provisions of the legislation in insurance field.

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