LAW OF THE REPUBLIC OF MOLDOVA

of February 25, 2016 No. 4

About modification and amendments in the Insurance law No. 407-XVI of December 21, 2006

The Parliament adopts this organic law.

Art. I. – In the Insurance law No. 407-XVI of December 21, 2006 (Official monitor of the Republic of Moldova, 2007, Art. No. 47-49, 213), with subsequent changes, to make the following changes and additions:

1. In Article 1:

add the concept "significant shareholder" with words "or which has significant effect on management of the insurer (overcautious person);";

in the concept "agent банкашуранс" of the word "or microfinancial organization" shall be replaced with words

", the microfinancial organization or the legal entity who performs leasing activities,";

after concept "supervision body" to add Article with the concept "vygodopriobretayushchy owner" of the following content:

"the vygodopriobretayushchy owner – physical person which, eventually, owns or controls the potential acquirer or the direct or indirect owner of the share in the authorized capital of the insurer (overcautious person) equal or exceeding essential participation;";

state the concept "essential share" of the following edition:

"essential participation – immediate or indirect possession by person in at least than 10 percent of the authorized capital or voting powers of the insurer (overcautious person) or any other opportunity to have significant effect on management of the insurer (overcautious person) in which there is participation;";

add the concept "official" with the text: "Position assignment of the member of council of society and the member of executive body affirms previously supervision body. Obligations of members of council of society and members of executive body cannot be transferred to other persons;".

2. State Article 12 in the following edition:

"Article 12. Submission of documents

(1) All documents, requests, the applications submitted by professional participants of the insurance market to supervision body are represented in state language, signed by the sign manual of the official.

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