Governance, Risk and Compliance - The Moldovan Insurance Industry
September 2018
51
About the Report
About the Report
Governance, Risk and Compliance-The Moldovan Insurance Industry
Summary
GlobalData's "Governance, Risk and Compliance-The Moldovan Insurance Industry", report is the result of extensive research into the insurance regulatory framework in Moldova.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Moldova, including-
- An overview of the insurance regulatory framework in Moldova.
- The latest key changes, and changes expected in the country's insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Moldova.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Key Highlights
- National Commission on Financial Market (NCFM) is responsible for supervision and control of the Moldovan insurance industry.
- 100% FDI is permitted in the Moldovan insurance industry.
- Composite insurance is not permitted in the Moldovan insurance industry.
- Motor third -party liability insurance and health insurance are among the classes of compulsory insurance in Moldova.
- Non-admitted insurance is not permitted in Moldova. However, resident insurance and reinsurance companies can place reinsurance business with a reinsurer not registered in the country.
Scope
- The report covers details of the insurance regulatory framework in Moldova.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to buy
- Gain insights into the insurance regulatory framework in Moldova.
- Track the latest regulatory changes, and expected changes impacting the Moldovan insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Products
Products
Insurance, Governance, risk and compliance, Regulatory framework, Life insurance, Property insurance, Motor insurance, Liability insurance, Marine, aviation and transit insurance, Personal accident and health insurance, Compulsory insurance, Licensing requirements, Minimum capital requirements, Solvency requirements, Non-admitted insurance, Reserve requirements, Investment regulations, Licensing fee, Authorization fee, Risk-based capital framework, Accounting standards, Returns requirement, Consumer protection, Law, Regulation, Act, Tax, Insurance premium tax, Corporate tax, VAT, Legal system, Court system
Table of Contents
Table of Contents
Table of Contents
1 INTRODUCTION 6
1.1 What is this Report About? 6
1.2 Definitions 6
2 GOVERNANCE, RISK AND COMPLIANCE 8
2.1 Legislation Overview and Historical Evolution 9
2.2 Latest Changes in Regulation 12
2.3 Legislation and Market Practice by Type of Insurance 14
2.3.1 Life insurance 16
2.3.2 Property insurance 17
2.3.3 Motor insurance 19
2.3.4 Liability insurance 21
2.3.5 Marine, aviation and transit insurance 22
2.3.6 Personal accident and health insurance 23
2.4 Compulsory Insurance 24
2.4.1 Motor-third party liability insurance 24
2.4.2 Health insurance 27
2.4.3 Liability for ships with respect to oil pollution 28
2.4.4 Professional indemnity insurance for insurance intermediaries 29
2.5 Supervision and Control 30
2.5.1 International Association of Insurance Supervisors 30
2.5.2 National Commission on Financial Markets 31
2.6 Non-Admitted Insurance Regulation 32
2.6.1 Overview 32
2.6.2 Intermediaries 33
2.6.3 Market practices 33
2.6.4 Fines and Penalties 33
2.7 Company Registration and Operations 34
2.7.1 Type of insurance organization 35
2.7.2 Establishing a local company 35
2.7.3 Foreign ownership 37
2.7.4 Types of license 37
2.7.5 Capital requirements 38
2.7.6 Solvency margins 38
2.7.7 Reserve requirements 40
2.7.8 Investment regulations 41
2.7.9 Statutory return requirements 41
2.7.10 Fee structure 42
2.8 Taxation 43
2.8.1 Insurance premium or policy taxation 43
2.8.2 Withholding taxes on premium paid overseas 43
2.8.3 Corporate tax 43
2.8.4 VAT 44
2.8.5 Captives 44
2.9 Legal System 45
2.9.1 Introduction 45
2.9.2 Access to court 46
2.9.3 Alternative dispute resolution 46
3 APPENDIX 48
3.1 Methodology 48
3.2 Contact GlobalData 48
3.3 About GlobalData 49
3.4 GlobalData's Services 50
3.5 Disclaimer 51
List of Figure
List of Figures
Figure 1: Moldova-Insurance Supervision and Control at Various Levels 30
Figure 2: Moldova-Insurance Regulatory Framework for Company Registration and Operation 34
List of Table
List of Tables
Table 1: Insurance Industry Definitions 6
Table 2: Moldova-Insurance Regulatory Framework Key Features 8
Table 3: Moldova- Life Insurance Regulatory Framework 16
Table 4: Moldova-Property Insurance Regulatory Framework 17
Table 5: Moldova-Motor Insurance Regulatory Framework 19
Table 6: Moldova-Bonus-Malus System 20
Table 7: Moldova-Liability Insurance Regulatory Framework 21
Table 8: Moldova-Corporate Tax Rates for the Financial Year 2018 43
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