.PNG)
During the ordinary meeting of June 21, 2022, the Board of Directors of the National Commission for Financial Markets (NCFM), according to the mission and tasks conferred by the law, approved a series of decisions related to the non-banking financial market:
I. Regulation
- Amendment of the NCFM Decision no. 57/13 of 28.12.2018, which aims to adjust the calculation formula of the basic insurance premium as an effect of the application of the bonus-malus system, which will be determined based on the distribution of the number of insurance policies according to the bonus-malus classes. According to certain simulations regarding the estimation of the amount of the loading factor as an effect of the application of the bonus-malus system, for 2019 it was 27.15% and for 2020 - 26.41%. Applying the basic premium calculation formula, an increase of about 36% of the insurance premium is estimated. The draft amendment was submitted for approval to interested institutions and is subject to public consultations. The document will be sent to the Ministry of Justice for registration and will be published in the Official Gazette of the Republic of Moldova.
- Draft amendment and repeal of certain regulatory acts of the supervisory authority aimed at conducting the audit in the field of insurance. The draft proposes to amend the Regulation on the audit of insurers (NCFM Decision no. 19/3/2019) in order to clarify some aspects related to the procedures of inclusion / suspension / removal of audit entities in / from the list of eligible entities, to complete the audit entity's eligibility criteria to perform the audit in insurance, to establish aspects related to the procedure for changing the team composition. At the same time, the mandatory audit is introduced for the supervision of the specialized and consolidated financial statements. The draft shall be submitted for approval to public authorities, stakeholders and subject to public consultation. Consequently, in order to comply with the Law no. 271/2017 on the audit of financial statements, it is proposed to repeal the NCFM Decision no. 36/12/2009 on the approval of the Regulation on the certification requirements for auditors of the non-banking financial markets professional participants. At the same time, the document provides for amendments to the Regulation on the requirements for persons with managing positions of insurers / reinsurers and insurance intermediaries (NCFM Decision no. 13/3/2008).
II. Supervision
- According to the Activity Plan of NCFM for 2022, the targeted inspection regarding the observance by IC „ASTERRA GRUP” JSC of the legislation related to the quality of assets admitted to represent the insured and the insurer funds, verification of the correctness of establishment and maintenance of insurance technical reserves as of 30.09.2021 and of 31.12.2021, as well as the verification of the observance of the legislation regarding the payments to the insurance intermediaries and of their own regulations related to the acquisition expenses as of 31.12.2021.
- Initiation of the administrative procedure in order to carry out the off-site targeted inspection on the compliance by the NBCOs registered in the Register of authorized non-bank credit organizations with the requirements on the content of the tool designed to determine the total expenditures of the non-banking credit / financial leasing, including its access/use in practice by the inspection team.
