RESOLUTION OF THE STATE INSURANCE SUPERVISION OF THE REPUBLIC OF MOLDOVA

Approved of November 21, 2002 No. 91

About approval of the Regulations on ensuring solvency of insurance companies

According to provisions of item 2.1.8 of the Regulations on the State insurance supervision approved by the Order of the Government of the Republic of Moldova N 77 of February 8, 1996 (MO, 1996, N 23-24, Art. 185), and for the purpose of execution of Art. 49 of the Insurance law N 1508-XII of June 15, 1993 (MO, 1993, N 12, the Art. 376). The state insurance supervision DECIDES:

1. Approve Regulations on ensuring solvency of insurance companies.

2. This resolution becomes effective from the date of publication in Monitorul Oficial al Republicii Moldova.

Rules of ensuring solvency of insurance companies

1. General provisions

1.1. For the purpose of these rules the following basic concepts are used:

Solvency - capability of insurance company to timely accomplishment of monetary commitments on payment of insurance indemnity, other amounts to insurers for insurance contracts, joint insurance and reinsurance.

The normative relations between assets and assumed insurance bonds are comparison of amount of obligations of insurance company to insurers with amount of free assets which can be used on covering of these obligations.

Own means of insurance company (equity) - the amount, equivalent to the authorized capital paid in cash, the added capital and reserves, retained earnings and other funds and reserves created by net profit and fees of founders.

Assets of insurance company - property of insurance company in the form of fixed assets, materials, money, the financial investments, etc.

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