MOLDOVAN PREMIER MEETS CoB REPRESENTATIVES

The situation on the Moldovan insurance market, challenges and solutions for their overcoming were discussed by Prime Minister Pavel Filip and representatives of the Brussels Council of Bureaux of the international motor third party liability insurance system Green Card in Chisinau.

According to the Government, the premier assures the guests that the ensuring of insurance market stability is a Government priority and due to the National Commission for Financial Market (NCFM) and the National Bureau of Motor Insurers of Moldova (BNAA) joint efforts, positive changes have been registered on the market.

Among these the Premier emphasized the stabilization of the banking sector, where such serious investors as EBRD and the Romanian Banca Transilvania came, the adoption of the Strategy for development of nonbank financial market and the plan of measures on strengthening the financial potential of insurers.

"The insurance market is growing, the financial guarantees are being fulfilled and the local insurers are paying compensations. This means that things go in right direction. We are ready to intervene if problems occur", Filip said.

According to him, the insurance market brings revenues and is able to completely cover the volume of liabilities, while the insurance product "Green Card" brings profit.

According to the message, Chairman of the CoB Monitoring Committee Daniel Wernli noted the efficient cooperation with the BNAA and the importance of its strengthening.

"We want that the BNAA to be a strong, functional and reliable partner", he said.

According to specialists the greatest challenge is the liberalization of nonbanking market, planned for July 1, 2019. Currently, the normative basis is being prepared, including for preventing possible risks.

As Infotag has already reported, over recent years Moldova several times was on the verge of losing the right to issue Green Card insurance policies due to various violations, as well as doubts about the paying capacity of a number of Moldovan insurance companies, which became involved in loud criminal cases.