Concerning Modification And Completion Of The Law No. 407-Xvi Of 21 December 2006 Concerning Insurance

Original Language Title: pentru modificarea şi completarea Legii nr. 407-XVI din 21 decembrie 2006 cu privire la asigurări

Read the untranslated law here: http://lex.justice.md/index.php?action=view&view=doc&lang=1&id=363987

    The Parliament adopts this organic law.
Art. I.-Law nr. 407-XVI of 21 December 2006 concerning insurance (Official Gazette of the Republic of Moldova, 2007, no. 47-49, art. 213), as amended, is modified and completed as follows: 1. Article 1: the notion of "significant shareholder", the word "coordinated" shall be replaced with the word "concert", and finally the concept is supplemented by the words "or who exercises a significant influence over the management of the insurer (reinsurer)";
the notion of "bancassurance" agent, "MFI or organization shall be replaced with the words" Organization of auditing companies or legal persons engaged in the business of leasing activity ";
After the term "supervisory authority" it introduces a new concept with the following content: "beneficial owner-the person who owns or controls the prospective purchaser ultimately times direct or indirect holder of a shares in the capital of the insurer (reinsurer) equal to or higher than his/her qualifying holding;" the term "qualifying holding" shall read as follows: "qualifying holding-possession by a person directly or indirectly, at least 10% of the share capital or of the voting rights of the insurer (reinsurer), or which makes it possible to exercise a significant influence over the management of the insurer (reinsurer) is owned holding; "the term ' person with reference to liability" shall be filled in the end with the text: "appointment of a member of the Council on the basis of the society and of the executive organ shall be approved in advance by the supervisory authority. The responsibilities of the members of the executive body of the company and cannot be transmitted to other people. "
2. Article 12 shall read as follows: ' article 12. Submission of documents (1) all documents, applications, applications submitted to the supervisory authority of the professional participants of insurance market in the State language, signed by the person with reference to liability by applying holographic signature.
(2) If a participant In professional insurance market fails to comply with paragraph 1. (1) the Act is signed and presented without the signatory, the Act is left without examination and shall be refunded. Restitution Act does not exclude the possibility of repeated presentation to the surveillance authority after removal of shortcomings. "
3. In article 16, paragraph 5, the word "insured" is excluded.
4. Article 9 paragraph (2), the words "in liquidation or" shall be replaced with the words "in liquidation or in condition";
article is supplemented with paragraph 21 with the following contents: "(21) a person registered in what jurisdictions does not implement international standards of transparency and/or jurisdictions in countries with high times increased risk is not entitled to hold, directly or indirectly, individually or in common with people acting in concert, property rights in the capital of the insurer (reinsurer)." the article is completed with paragraph 4 with the following contents : "(4) the supervisory authority shall establish, through a normative act, mandatory information what presented by the founders significant shareholders or insurer (reinsurer) you under paragraph 1. (3), and the list of jurisdictions what does not implement international standards of transparency and/or countries ' courts with fold increased risk. "
5. Article 22 shall be supplemented with paragraph 11 with the following contents: "(11) by way of derogation from paragraph 1. (1) (a). of the share capital), to minimum of insurers underwriting compulsory motor liability external apply 1.5 coefficient. "
6. Article 24: at paragraph 3: (a)) shall read as follows: "the title deed of) the building in which they will carry out the work or the contract confirming the licensed possession of that building;" paragraph is completed with the letter c1) with the following contents: c1 ") documents and correspondence to persons with responsibility with the requirements laid down by the regulatory authority for supervision issued for this purpose and a copy of the contract concluded with the actuary concerning actuarial sciences services;"
the letters h) and (i)) is repealed;
article is completed (31) and (32) with the following contents: "(31) in the case of application for the licence or reperfectării with the inclusion of compulsory insurance of civil liability, the insurer (reinsurer) presents the order of appointment of a representative of indemnification in each municipality and each subsidiary or representation and/or brokerage mandate with Rep, primary documents regarding computers and software in accordance with article 5 para. (1) (a). the a and b) of) Law No. 414-XVI of 22 December 2006 concerning compulsory insurance against civil liability in respect of motor vehicles, as well as the business plan referred to in paragraph 1. (3) (a). g) of this article.
(32) in the case of application for the licence or reperfectării with the inclusion of compulsory insurance of civil liability, the insurer (reinsurer) presents the banking certificate concerning the amount of money available for the initial contribution to the Fund for compensation and share in foreign financial guarantee provided for in article. 5 para. (2) of law No. 414-XVI of 22 December 2006 concerning compulsory insurance against civil liability in respect of motor vehicles, with independent auditor's opinion by confirming that the funds are free of obligations and are not encumbered, as well as the business plan referred to in paragraph 1. (3) (a). g) of this article. "
7. In article 26, paragraph (1) shall be supplemented with the letters c and d)) with the following content: "c) insurer (reinsurer) due payments and contributions arising from the quality of his membership of the National insurers ' Bureau of motor vehicles and have not complied with the supervisory authority prescription issued in this respect;
d) the insurer (reinsurer) does not comply with the provisions of art. 34 para. (4) of law No. 414-XVI of 22 December 2006 concerning compulsory insurance against civil liability in respect of motor vehicles and have not complied with the supervisory authority prescription issued in this regard. "8. Article 29: (a), the words "its affiliated persons" shall be replaced with the words "persons acting in concert";
article is supplemented with paragraph 21 with the following contents: "(21) in addition to the requirements laid down in article 21. 21, the person who intends to obtain a qualifying holding or holding in the share capital of an insurer (reinsurer) must satisfy the following requirements: a) to have a stable financial situation, which means that:-the legal person will pay his qualifying holding in the share capital of an insurer (reinsurer) of their own money means, which is confirmed by independent auditor's report, and will keep its own capital (net assets) at least in qualifying holding limits;
-a legal entity engaged in an economic activity, financial and otherwise of at least two consecutive years, which enables its patrimonial obligations fulfillment and ensuring future support of activity of the insurer (reinsurer) from own sources where its financial situation worsened;
-the natural person has income that have the character of continuity and who, through their duly justifies the acquisition of qualified holding in the share capital of an insurer (reinsurer);
b) may not be significant shareholder of a broker of insurance and/or reinsurance;
c) in the case of a physical person, have no criminal record and effective to have full legal capacity. "in paragraph (3) shall read as follows:" (3) the acquisition by a person or entity, directly or indirectly, individually or together with persons acting in concert, the right of ownership or stewardship over the qualifying holdings in the share capital of an insurer (reinsurer) qualifying holding or increase the social capital of the insurer (reinsurer) over 10% , 20%, 33% or 50% of the voting shares of the latter and, accordingly, reduce the levels of these qualifying holding shall be carried out with the prior opinion of the supervisory authority in the manner established by regulatory acts of the latter. "article is completed (31) with the following contents:" (31) without the consent of the supervisory authority, any person may obtain , to increase or reduce, individually or together with persons acting in concert, by no means a share in the capital of the insurer (reinsurer) which became paragraph incidents. (3).”
in paragraph 4, after the words "to obtain" shall be inserted the words "or who have";
paragraph (5) shall read as follows:

"(5) the exercise of the right to vote of Convocation and conducting general meeting of shareholders, of the right to bring matters in the agenda, the right to propose candidates for the post of Member of the Board, the executive body of the company and of the Audit Committee, as well as the exercise of the right to receive dividends shall be suspended as from the date of awarding or increase made in contravention of the provisions of paragraph 1. (3) and paragraphs 2 and 3. (31) in the size property rights owned. The supervisory authority shall inform the insurer, dobînditorul and within 5 days from the date on which it learned about the acquisition carried out in contravention of paragraph 1. (3) and paragraphs 2 and 3. (31) the provisions regarding incidence, about the suspension of the rights laid down in the year. "the article is completed (6) to (9) with the following contents:" (6) persons who have violated the provisions of paragraphs 1 and 2. (3) and paragraphs 2 and 3. (31) will dispose, within 3 months from the date of acquisition, the acquired actions relating to the holding of qualified staff. If the shares were not disposed of within the period prescribed, by way of derogation from the provisions of special laws, the executive body of the insurer (reinsurer) has, within 15 days, the cancellation of the shares in question, issuing new shares and exposing them to the sale in accordance with the legislation in force, the amount received from the sale to be recorded at the disposal of the former holder, after sale expenses and forfeiture of the amounts of fines which have been applied to it. If displaying for sale the shares were not sold or were sold partly, by way of derogation from the provisions of special laws, the executive body of the insurer (reinsurer) will take a decision on the purchase of the corresponding share of the action.
(7) If, after the prior issuance pursuant to paragraph 4. (3) the significant shareholder nonconformance requirements, established in accordance with this Act, the supervisory authority has the right to withdraw consent. In this case, and applies to incidents become paragraph 1. (5) and paragraphs 1 and 2. 6. (8) persons who have qualifying holdings in the share capital of an insurer (reinsurer) and have not submitted to the insurer (distributions) and/or the supervisory authority acts/information referred to in this Act fall within the scope of paragraph 1. (5) to (7).
(9) the persons who are empowered, in accordance with the law, to register the transfer of ownership following the awarding or increase qualifying holding in the share capital of an insurer (reinsurer) will perform the corresponding records only upon presentation of the opinion of the supervisory authority. "
9. The Act is supplemented by article 291 with the following content: "in article 291. Assess the potential of significant shareholder (1) the examination of the request for issuance referred to prior art. 29 para. (3) in order to ensure a prudent and healthy administration of insurer (reinsurer) and taking into consideration the possible influence of the insurer (reinsurer) to potential significant shareholder, supervisory authority assesses whether the quality of potential significant shareholder, including its financial capacity in relation to the proposed acquisition, it is proper and appropriate in accordance with the requirements laid down by this law, including by examining the following cumulative criteria : a) the reputation of the potential significant shareholder;
b) qualification, reputation and experience of any person who will act as a person with reference to liability upon the completion of the proposed acquisition;
c) the financial soundness of potential significant shareholder;
d) ability of the insurer (reinsurer) to comply with the prudential rules, in accordance with the legislation in force, in particular the requirement that the financial group of which will be a part to have a structure that would enable it to exercise effective supervision, exchange of information between the competent authorities and determine the apportionment of powers between those authorities;
e) the existence of reasonable grounds to suspect that, in relation to the proposed acquisition is or has been committed an offence or an attempt of an offence of money laundering or financing of terrorist acts, within the meaning of the legislation, or that the proposed acquisition, such a risk could increase;
f) the existence of reasonable grounds to suspect that the beneficial owner of the proposed acquisition is a different person than the one declared to the supervisory authority.
(2) the list of information and documents necessary for the assessment of the criteria referred to in paragraph 1. (1), and the procedure shall be determined in respect of the normative acts issued by the supervisory authority.
(3) where consent is requested for two or more qualifying holdings that target the same insurer (reinsurer), the supervisory authority shall ensure that non-discriminatory treatment to all potential significant shareholders.
(4) Any direct or indirect holder of qualifying holdings in the share capital of an insurer (reinsurer) is required to provide, at the request of the supervisory authority, information relating to its work, including annual financial reports, income statements, and other information necessary for prudential assessment in the manner and under the conditions laid down in the regulatory acts of the supervisory authority.
(5) where the holder of the direct or indirect qualifying holding is no longer meets the requirements provided for by law and regulatory acts of the supervisory authority issued its application quality into ownership of an insurer (reinsurer) or of the insurer (reinsurer) an influence which jeopardize the prudent and healthy administration of it, and where the licensee directly or indirectly the beneficial owner thereof times did not provide the supervisory authority information that reveals with certainty the identity of the beneficial owner, the supervisory authority has appropriate measures to terminate this situation. In this respect, independent of other measures or sanctions which may be imposed by the insurer (reinsurer), its administrators, direct and indirect holder of qualifying holdings in the share capital of an insurer (reinsurer) and beneficial owner thereof, the supervisory authority may withdraw the consent granted under article 29, paragraph 1. (3), may order suspension of the exercise of the voting rights attaching to the relevant shares of the convening and conduct of the general meeting of shareholders has the right to bring matters on the agenda, the right to propose candidates for the post of Member of the Board, the executive body of the company and of the Audit Commission, the right to receive dividends, may order the estrangement of the person whose right to vote was suspended the shares and/or , where the supervisory authority shall withdraw the consent granted to holders of qualifying holdings that hold independently or cumulatively, more than 50% in the capital of the insurer (reinsurer), may establish special administration. "
10. Article 30 shall be completed (8) and (9) with the following contents: "(8) where the financial situation of the insurer (reinsurer) is affected, and it is in financial difficulty, when the minimum solvency margin is below the established in the regulatory acts issued pursuant to this Act, the insurer (reinsurer) fails to honour the obligations arising from insurance contracts the supervisory authority will decide and will ask the insurer (reinsurer) to submit for approval a financial recovery plan or, where appropriate, will decide the commencement of remediation to the insurer (reinsurer).
(9) financial recovery Plan and the financial remedial measures should include accurate and time frame within which they will be carried out and the results will be obtained in order to improve the situation of the insurer (reinsurer). The supervisory authority may approve the recovery plan or financial remedies in the version that was shown or may request changes it deems necessary to protect the interests of consumers. The supervisory authority has the right to restrict the free disposal of the assets of the insurer (reinsurer) and/or to take additional measures to protect the interests of consumers before the restoration of the previous situation of the insurer (reinsurer). "
11. In article 31, paragraph 4 shall be added in the end with the words "in accordance with the last period of discharge".
12. In article 40 (1), the words "which holds the license for auditing activity" shall be replaced with the words "holding the license for auditing and/or certificate of qualification of the auditor's report".
13. The Act is supplemented by article 411 with the following contents:

' Article 411. Restore the financial situation of the insurer (reinsurer) (1) the supervisory authority shall monitor and verify the financial position of the insurer (reinsurer) in order to identify the factors leading to the deterioration of the financial situation of the insurer (reinsurer).
(2) the factors leading to the deterioration of the financial situation of the insurer (reinsurer) are: a) the solvency margin to fall during four consecutive quarters or the solvency margin to fall below the level prescribed by normative acts of the supervisory authority;
b) liquidity coefficient is smaller than the norm;
c) capital of the insurer (reinsurer) is lower than the share capital;
d) violation of the safety advice required by article 13. 31 para. (4) and paragraph 1. (6);
e) commissions or any other salaries exceeding acquisition costs of the insurer (reinsurer) as provided for in the insurance premium (reinsurance).
(3) the insurer (reinsurer) is obliged to inform the supervisory authority as soon as it finds the existence of factors leading to the deterioration of the financial situation or the risk of them over the next 90 days.
(4) within one month of becoming aware of the supervisory authority or by the insurer (reinsurer) to the worsening financial situation, the last presents the supervisory authority for approval a financial recovery plan established for a period of up to nine months.
(5) the financial recovery plan shall be prepared so as to be given effective steps that lead to the improvement of the financial situation of the insurer (reinsurer) and contains at least the following: a) the assessment of the acquisition and administrative costs, in particular current general expenses and commissions;
b) assessing revenue and expenditure related to direct business insurance, acceptances and reinsurance cessions;
c) detailed analysis of the factors that have led to the deterioration of the financial situation of the insurer (reinsurer);
d) reason that influenced negatively the work of insurer (reinsurer), forecasting the factors that have led to the deterioration of the financial situation of the insurer (reinsurer);
e) action shall be taken for the Elimination of the factors that led to the deterioration of the financial situation of the insurer (reinsurer), i.e. measures that will be carried out in order to comply with the insurer (reinsurer) with established norms and which will not endanger the work of the insurer (reinsurer);
f) progress indicators for each action in the restoration plan, the deadlines for implementation of these actions;
g) persons responsible for carrying out the operations for each point in the financial recovery plan;
h) assessment of the financial resources intended to cover the technical reserves and solvency margins for requirement;
I) general policy in the field of reinsurance.
(6) the supervisory authority shall designate a person or persons responsible for monitoring the implementation by the insurer (reinsurer) financial recovery plan.
(7) the duties of the persons designated to monitor the implementation of the recovery plan shall be determined by the supervisory authority and shall cover at least: (a) analysis of the financial situation of) the insurer (reinsurer);
b) monitoring the implementation of the actions envisaged in the financial recovery plan;
c) tracking the way in which the competent organs of the insurer (reinsurer) acting for the establishment and implementation of the measures required for the Elimination of the factors that led to the deterioration of the financial situation of the insurer (reinsurer);
d) assessing the impact of actions undertaken by the insurer (reinsurer) in order to achieve financial recovery plan;
e) forwarding to the insurer (reinsurer) proposals and/or recommendations:-revision, suspension or repeal of decisions issued by the competent organs of the insurer (reinsurer) leading to the deterioration of the financial situation of the insurer (reinsurer);
-amendment and/or completion strategies, operational activity, investment policy and risk management;
-any other measures deemed necessary to eradicate the factors that have led to the deterioration of the financial situation of the insurer (reinsurer);
f) recommendations of the supervisory authority the measures and/or restrictions provided for in this law.
(8) persons designated pursuant to paragraph 1. (6) access to all information, documents, reports, and records of the insurer (reinsurer), being bound to secrecy regarding its commercial operations.
(9) the management body of the insurer (reinsurer) does not prevent the exercise of powers delegated by the persons designated to monitor the implementation of the financial recovery plan. "
14. Article 42: (1) and (2) shall be repealed;
(3): under a), after the words "it is established" shall be inserted the words "the check carried out by the supervisory authority, the non-payment of benefits or insurance claims within the time limits laid down by law and/or through insurance contracts entered into by the insurer (reinsurer) and";
(b)) shall read as follows: "(b)) it is found that financial recovery plan referred to in article 1. 411 have not resulted in the expected results or the insurer (reinsurer) presented during the last 3 years at least two financial recovery plans. "the article is completed (31) with the following contents:" (31) In cases referred to in paragraph 1. (3) the supervisory authority may submit to the insurer (reinsurer) remedial procedure, which shall be binding for the insurer (reinsurer), in order to stabilize its financial situation and/or fulfilling the obligations assumed through insurance contracts. "in paragraph (4) shall read as follows:" (4) in the cases referred to in paragraph 1. (3) and (31), the supervisory authority may order, by reasoned decision, opening the financial fixup the insurer (reinsurer) through one of the following: the supervisory measures) will ask the insurer (reinsurer) to submit for approval a remedial plan encompassing financial precise measures taken and the period in which the exact results will be obtained;
b) will establish special administration whose task will be to manage the activity of the insurer (reinsurer) and recommend the authority oversight of regulatory measures to take depending on the circumstances. "the article is completed (41) with the following contents:" (41) the supervisory authority shall be responsible for and entitled to decide the financial arrangements for the implementation of the corrective measures which insurers (reasigurătorii) to be taken in order to prevent their condition from insolvency and If possible, avoid insolvency proceedings started. "in paragraphs (5) and (6) shall read as follows:" (5) by decision of remedial proceedings, financial supervisory authority may order the application of the insurer (reinsurer) has one or more of the following measures: a) limit or reduce, for a certain period, the volume of premiums underwritten at all grades or classes so underwritten premiums do not exceed certain ceilings laid down;
(b) renewal of contracts) a prohibition on insurance held to maturity or certain types of insurance contracts set out expressly in its decision opening the proceedings of financial fix;
c) prohibition of new subscription or certain contracts of insurance (reinsurance) and the collection of premiums related thereto for the duration established expressly by remedial proceedings;
d) by the insurer of the transfer of the insurance portfolio, wholly or partly, in compliance with the legal provisions in force. If the transfer of the insurance portfolio was willing, the insurer (reinsurer) will carry out in an emergency procedure on transfer of portfolio operations within 60 days from the date of adoption of the measure in question;
(e) prescribing the competent bodies) of the insurer (reinsurer) to convene an extraordinary general meeting of shareholders decides to increase the registered capital or, as the case may be, of the reserve fund. The decision to increase the share capital or reserve fund shall limit or suspend payment of dividends or other payments to shareholders, will limit the transfer of assets and the acquisition by the insurer (reinsurer) of its own shares and, where appropriate, action will lead to liquidation or limitation of activity of subdivisions which endanger the financial stability of the insurer (reinsurer);
(f) the prohibition to carry out) the insurer (reinsurer) has certain investments and/or disposition of withdrawal from circulation of the times these investments;

g) restricting the territorial network of the insurer (reinsurer) through the abolition, in compliance with the law, of certain subsidiaries and branches, outlets and/or to other side of his offices and/or replacing people with reference to the liability of the insurer responsible for entry (reinsurer) in remedial procedure;
h) verification, inventory and handling all the damage declared, but unresolved, in order to assess the actual damage and establish payment obligations towards the creditors. Inventory verification activity, and investigating the records will be made as a matter of urgency, without exceeding the time limit of 30 days from the date of issue of the decision opening the proceedings of financial fix;
I) suspension of all related accounts and banking operations, except those related to its current expenses, receipt of funds and payment of indemnities and compensation insurance contracts of insurance (reinsurance) concluded prior to the opening of financial fix, which will be carried out with the prior opinion of the supervisory authority.
(6) by decision of remedial proceedings, financial supervisory authority may provide, where necessary, conservation and inventory of) throughout the procedure to fix all financial assets and/or assets of the insurer (reinsurer). Responsibility for failure or for improper application of these measures belong to persons with reference to the liability of the insurer (reinsurer);
b) appointing one or more persons to supervise the drawing up and mode of implementation of the plan of remedial measures, in compliance with the provisions of article 7. 411 para. (6) to (9);
c) other supervisory measures needed to restore the financial position of the insurer (reinsurer) in order to guarantee the protection of the legitimate interests of creditors insurance. "in paragraph 7, the words" and/or "goods are excluded;
paragraph 9 shall read as follows: "(9) if it is found that the measures provided for in paragraph 1. (4) to (6) do not have positive results, the supervisory authority may withdraw the licence of the insurer (reinsurer) with the forced liquidation of the account and/or can, under insolvency law nr. 149 of 29 June 2012 to seek court lawsuit of the insolvency of the insurer (reinsurer).
15. Act is supplemented by articles 421-423 with the following content: "Article 421. Remedial action plan (1) within 30 days from the date of adoption of the decision opening the proceedings of financial fix, the insurer (reinsurer) is the supervisory authority for approval of financial plan remediation.
(2) the plan shall be developed by the financial fixup for a period of up to 12 months, shall be approved by the general meeting of shareholders of the insurer (reinsurer) and contains at least the following: (a) remedial action plan) financial prospects;
(b) an estimate of the costs of Administration) and acquisition;
c) budget revenue and expenditure related business of direct insurance, and reinsurance cessions and cedărilor;
(d) the annual budget);
e) an estimate of the financial resources intended to cover obligations, taken into account for the determination of the minimum margin of solvency;
f) reinsurance programs and/or retrocession;
g) progress indicators for each action plan to fix the financial deadlines and procedures for achieving these actions;
h) information regarding claims filed by injured persons, make sure beneficiaries, including claims arising from disputes.
(3) the insurer (reinsurer) attached to the request for approval of financial plan remedial action the following documents and information: a) decision to increase the share capital, as appropriate;
b) debt clearing plan, including compensation;
c) action taken by the insurer (reinsurer) for implementing the measures disposed by the supervisory authority in its decision to open the procedure to fix it.
(4) following examination of the corrective plan, financial supervisory authority issues a decision, as appropriate, shall decide: (a) remedial action plan);
b) completion and/or modification, no later than 15 days of remedial plan;
c) remedial plan rejection.
(5) the plan shall also be refused financial remediation where it does not correspond to the purpose of the procedure for remediation, the insurer (reinsurer) went into default and remedies provided for in the plan will not lead to an improvement in the financial situation of the insurer (reinsurer), being the obvious need for an insolvency procedure started.
Article 422. Special Administration (1) In order to carry out effective supervision, including carrying out a complex of measures of a legal, administrative, financial, and organizational aims to establish optimal conditions for preservation of the value of assets, to eliminate deficiencies in the management of the insurer (reinsurer) and his patrimony, payment of insurance indemnities and pensions, the supervisory authority may establish special administration by: a) decision to open the procedure of fix special financial administration;
b) reasoned decision establishing special administration in the following cases:-people with reference to the liability of the shareholders or insurer (reinsurer) prevents the exercise of systematic surveillance through abolition concealing assets, accounts, records, reports, documents and information or through baseless refusal for their presentation at the request of the supervisory authority;
-management body of the insurer (reinsurer) are not capable of ensuring its activities in accordance with the rules of caution, in particular in relation to what conflicts disorganize activity of the insurer (reinsurer), with arrest, suspension from his duties of Trustees in connection with a criminal conviction or their infringement;
-insurer (reinsurer) does not comply with prescribed repeated issued the supervisory authority concerning the removal of the same infringement;
-insurer (reinsurer) fails to comply with or is not able to comply with the measures included in the plan of remedial measures.
(2) Special Administration shall be exercised by a special administrator appointed by the supervisory authority. As a special administrator may be appointed as an employee of the supervisory authority, which meets the requirements for an insurer (reinsurer), or an audit firm or auditor individual entrepreneurs, who own the license for auditing and/or certificate of qualification of Auditor in the insurance field.
(3) the special Manager shall perform his duties in accordance with the legal provisions and shall be responsible only to the supervisory authority which has the right to give binding provisions and recommendations in connection with his work.
(4) where the particular Administrator fails to comply with the legal provisions, is not exercising its powers or unsatisfactory, the supervisory authority will have its dismissal and the appointment of another person.
(5) from the time of his appointment, the special administrator takes control and manages the activity of the insurer (reinsurer), having unlimited access to assets, rooms, documents, reports, records and any other information held by the insurer (reinsurer).
(6) Special Administration, rights and obligations of shareholders and governing bodies of the insurer (reinsurer) is suspended, being carried out by the special administrator. With the written agreement of the supervisory authority, the special administrator can delegate some of its powers to other persons.
(7) by way of derogation from paragraph 1. (6) the general meeting of shareholders of the insurer (reinsurer) may adopt decisions on what is limited to decisions that do not contradict the goals of setting up special administration and does not prevent the exercise of the powers and duties of the administrator.
(8) the legal acts and/or actions carried out in the name and on behalf of the insurer (reinsurer) are null and void if they are in violation of (2) the provisions of this article and are not coordinated with the administrator or approved by it.
(9) special Administrator has full powers to lead, manage and control the insurer (reinsurer), including: a) activity and examines assesses the financial situation of the insurer (reinsurer);
b) develops, organizes and performs financial corrective measures to the insurer (reinsurer);
(c) is engaged in the disposal actions) of the entire heritage of the insurer (reinsurer);
(d) relief measures) exercise factors that led to the deterioration of the financial situation of the insurer (reinsurer);

e supervisory authority) shall provide information, reports and explanations.
(10) in the exercise of his rights and duties, the administrator attaches priority importance to the special interests and the rights of policyholders and beneficiaries of insurance. Special administrator responsible for fraudulent actions and committed in bad faith that have caused damage to the insurer (reinsurer).
(11) within 3 months of the designation, the special administrator shall submit to the supervisory authority a report on the financial situation and prospects of the insurer (reinsurer).
(12) special administrator's report will contain at least the following: a) the actions taken by the Administration and their effects;
(b) assessment of prospects for achievement), costs and benefits of remedial opportunities approximate financial position, including restructuring, reorganization, sale of the assets of the insurer (reinsurer) or the sale of the insurer (reinsurer), or, as the case may be, of such appeal proceedings against insolvency, including determining the estimated value of the assets that could be recovered in the event of the insolvency proceedings the insurer (reinsurer);
c) recommendations to measures the circumstances and factors that have served as the basis for the establishment of special administration, which may include a detailed action plan aimed to implement any of the measures provided for in this law to remedy the financial situation of the insurer (reinsurer).
(13) within 15 working days of receipt of the report of the special administrator, the supervisory authority may, depending on circumstances, to decide on the following: a) on the advisability and the maintenance period of administration;
b) approving the recommendations submitted, approval of the proposed plan, with or without modification;
c) on the filing of insolvency proceedings or the forced liquidation of the insurer (reinsurer), if you come to the conclusion about the impossibility of elimination of the circumstances that have served as the basis for the establishment of special administration.
(14) the analysis of the special administrator's report, the supervisory authority must pursue, as a priority, the objective to maintain the financial stability of the insurer (reinsurer) and protection of rights and interests of policyholders and beneficiaries of insurance.
(15) the supervisory authority has the right to set conditions and limits on expenditures related to the administration of the insurer (reinsurer), which is carried out at the expense of its assets. Remuneration of labor special administrator employee of the supervisory authority shall be set at the expense of the last. Labour remuneration of persons employed to assist the special administrator may not be higher than the labour remuneration of employees from various kinds of insurance (reinsurance) for similar services.
Article 423. The termination of the remedy (1) termination of the financial fixup the insurer (reinsurer) ordering through reasoned decision issued by the supervisory authority when, as appropriate: a) is found to restore the financial situation of the insurer (reinsurer) due to properly govern and remedial measures, including honoring all obligations due under contracts of insurance (reinsurance);
b) measures implemented under financial remedial procedure have been completed properly within the time limits and under the conditions laid down, or their application could not drive during the period for which they were taken, to the achievement of the aims pursued and the Elimination of the causes that they have generated.
(2) by decision of termination of proceedings to remedy the financial supervisory authority has, as applicable: a) revocation of remedial proceedings;
(b) initiation of insolvency proceedings) to the insurer (reinsurer);
the forced liquidation of c) insurer (reinsurer).
(3) by decision of termination of proceedings to remedy the financial supervisory authority has, when appropriate, revocation of special administrator appointed under the terms of the present law and the cessation of its duties.
(4) the decision terminating the procedure to fix financial public in does the manner prescribed in article 21. 42 para. (8).”
16. In article 48 paragraph (31), part a), the words "or an MFI" shall be replaced with the words "an MFI or a legal person engaged in the business of leasing".
17. Article 49: in paragraph 2 (b)), the figures "25000" shall be replaced with figures "100000";
article is completed (61) with the following contents: "(61) Broker of insurance and/or reinsurance shall be obliged to transfer to the insurer and reinsurer or insurance premiums and/or reinsurance collected on its behalf, in due term provided for in the contract of mandate."
18. The Act is supplemented by Article 501 as follows: "Article 501. Suspension for insurance broker license and/or suspension of the licence of reinsurance broker insurance and/or reinsurance shall be carried out in accordance with the law on the regulation by licensing of entrepreneurial activity, as well as in the case of non-compliance with the provisions of art. 49 para. (61) of this law. "
19. Article 54 shall read as follows: "Article 54. Liability and sanctions (1) Are considered violations violation insurance market imperatives of the present law, law No. 414-XVI of 22 December 2006 concerning compulsory insurance against civil liability in respect of motor vehicles, other legislative acts of normative acts in the field of insurance, failure to comply with the licensing conditions, the proposed activity issued compliance failure among the sanctions and remedial measures on financial recovery and imposed, and the facts set out in the code of administrative offences and the penal code.
(2) in the event of infringements referred to in paragraph 1. (1) the supervisory authority may apply to the insurer (reinsurer), insurance intermediaries and/or reinsurance or other participants in the insurance market the following sanctions: a) warning;
b) contravențională applied fine person with reference to the liability of the insurer (reinsurer) or intermediary insurance and/or reinsurance;
c) fine of up to 1% of the minimum share capital of an insurer (reinsurer) applied and 20% of the share capital of the insurance broker's minimum applied and/or reinsurance;
d) limiting operations through the application of the measures referred to in article 1. 42 para. (5) and/or paragraphs 1 and 2. (6) for a certain period;
e) suspension or revocation of person with reference to responsibility, approved in advance by the supervisory authority;
f) suspension or revocation of the licence, partial or total. In the case of partial withdrawal of the licence, the insurer (reinsurer) may not require a new licence within the limits of the class or classes of insurance for which a licence has been revoked for a period of one year from the date of application of the penalty.
(3) the penalties provided for in paragraph 1. (2) can be applied simultaneously with the restoration, remediation measures or special administration, provided in this law, or independently.
(4) application of sanctions in accordance with paragraph 1. (2) do not exclude the possibility of administrative sanctions and penalties under the Criminal Code and the criminal code.
(5) the warning referred to in paragraph 1. (2) (a). a) usually includes information about frauds, the requirement of liquidation within the set of violations and recommendations on how to eliminate them, and alerting on the possibility of harsher penalties and/or other remedial measures in case of neînlăturării within the set of violations or if they repeated them, and applies to the finding of infringement that does not affect the rights and interests of consumers.
(6) the warning can be applied concurrently with other sanctions specified in paragraph 2. (2) or independently.
(7) the supervisory authority will regulate through legislation the principles of gradual application of the penalties referred to in paragraph 1. (2) taking into account the impact on the stability of insurance activity in the Republic of Moldova, of the rights and interests of consumers, the risk profile of the insurer (reinsurer), insurance classes, the gravity of the infringement, of the circumstances under which the violation was committed and purpose.
(8) the penalties provided for in paragraph 1. (2) (a). b)-f) is applied by decision of the supervisory authority. The fine applied by the insurer (reinsurer) broker or insurance and/or reinsurance revenue in the budget shall be made to the supervisory authority. "
20. In article 55: the name of the article shall read as follows:

' Article 55. Supervision of the insurance market participants ' professional ';
under paragraph (1), subparagraph (b)) shall read as follows: "(b)) and ex-officio analysis controls, checks and inspections on the ground;" paragraphs (4) and (5) shall read as follows: "(4) the checks and tests, checks and inspections on the ground is carried out by the supervisory authority in accordance with the procedure laid down in its normative acts.
(5) professional participants in the insurance market are obliged to ensure the cooperation and collaboration with the supervisory authority to achieve the objectives of supervision. Professional participants of insurance market must be such that the questioning of any employee, to provide access to all documents and other sources of information necessary for supervision. Any person who obstructs the surveillance authority in the performance of supervisory duties, inciting, facilitating or hindering performance of surveillance through these actions violates this law and will be punished in accordance with the provisions of the laws in force. "
Art. II.-(1) (reasigurătorii) Insurers and insurance brokers and/or reinsurance shall comply with the requirements for registered capital, laid down in article 21. 22 paragraph 1. (11) and, respectively, at art. 49 para. (2) (a). b) of law No. 407-XVI of 21 December 2006 concerning insurance, within eighteen months after the date of entry into force of this law.
(2) legal persons who own qualifying holdings in the share capital of an insurer (reasiguratorului) shall comply with the requirements for maintenance of equity (net assets) at least in qualifying holding limits set out in art. 29 para. (21) (a). the Act No.) 407-XVI of 21 December 2006 concerning insurance, within eighteen months after the date of entry into force of this law.
(3) persons who are resident in one of the jurisdictions what does not implement international standards of transparency and/or in one of the countries or jurisdictions with a high degree of risk and who hold, directly or indirectly, participation in the share capital of an insurer (reinsurer) will dispose of this rate within one year of the date on which such jurisdiction or country has been included in the list approved by courts of supervisory authority.