MINISTRY OF FINANCE OF THE REPUBLIC OF MOLDOVA

of April 12, 1996 No. 11-13/6

Methodical instructions for the cost accounting in insurance companies and the organizations

I. GENERAL PROVISIONS

1. Methodical instructions for the cost accounting in insurance companies and the organizations (further Methodical instructions) are developed according to the order of the Government of the Republic of Moldova of June 2, 1993 N 340 "About approval of Basic Provisions on structure of production costs and sales of products (works, services) included in its cost and about procedure for forming of financial results of the companies", taking into account subsequent changes and amendments, the Law of the Republic of Moldova "About insurance".

2. Methodical instructions extend to insurance companies and the organizations, irrespective of patterns of ownership, including with participation of the foreign capital, the licenses of the State Insurance Supervision Committee created for the purpose of carrying out insurance activity and having under the Ministry of Finance of the Republic of Moldova.

3. Methodical instructions become effective since January 1, 1996.

II. STRUCTURE OF THE COSTS INCLUDED IN COST OF INSURANCE SERVICES

4. Cost of insurance services represents cost assessment of actually made costs of the insurer for rendering these services.

5. Join in cost of insurance services:

5.1. The costs specified in 6,7 subitem "Basic provisions on structure of production costs and sales of products (works, services) included in its cost, and about procedure for forming of financial results of the companies", approved by the order of the Government of the Republic of Moldova of June 2, 1993 N 340.

6. Except above-mentioned costs, proceeding from specifics of insurance case, join in cost of insurance services also:

6.1. Costs for payment of insurance indemnity and insurance sums according to insurance contracts, joint insurance and reinsurance.

6.2. The paid insurance premiums on the risks transferred to reinsurance.

6.3. The paid commission charges and broking commission, bonuses and charges on reinsurance.

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