With Regard To The Lapsing Of Certain Licensed Insurers

Original Language Title: cu privire la prescrierea unor asigurători licențiați

Read the untranslated law here: http://lex.justice.md/index.php?action=view&view=doc&lang=1&id=366233

    Under the supervision of compliance with legislation in the insurance field, it was found that the insurance company "ALLIANCE INSURANCE GROUP" International insurance company "ASITO" JSC, "insurance company DONARIS VIENNA INSURANCE GROUP" and the insurance company "GARANTIE" failed to present financial statements with explanatory notes to significant shareholders juridical persons, such failure being allowed. 29 para. (2) of law No. 407-XVI dated 21.12.2006 "insurance" enacting terms of point 21 of the regulation on the requirements towards the shareholders of significant reinsurers and insurers/ai conditions in relation to the ownership interests in the share capital of a qualified insurer/reinsurer approved by the decision of the National Commission of Financial Market nr. 13/3 of 03.04.20082. Also, the information presented by some insurers are requested reports reveal that there were presented by significant shareholders.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1Monitorul of the Republic of Moldova, 2007, no. 47-49, article 213 of the Republic of Moldova 2Monitorul, 2008, no. 97-98, article 298 of the Concluding, pursuant to article 29 paragraph 1. (2) and paragraphs 1 and 2. (4) to (8) article 54 paragraph 1. (1), article 55 para. (1) (a)), para. (2) and paragraphs 1 and 2. (3) of law No. 407-XVI dated 21.12.2006 "insurance", article 1, paragraph 1. (1), article 3, article 4 para. (2) article 8 b) and paragraph 2 of point f), art. 9 para. (1) d) and subparagraph (c)), article 22, paragraph 2. (3), para. (2) of law No. 192-XIV of 12.11.1998 "Concerning the National Commission for financial market" 3, _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 3Monitorul of the Republic of Moldova, 2007, nr. 117-126 BIS NATIONAL COMMISSION of FINANCIAL MARKET DECIDES: 1. Prescribing persons with responsibility of insurance company "ALLIANCE INSURANCE GROUP", International Insurance Company "ASITO" JSC, "insurance company DONARIS VIENNA INSURANCE GROUP" SA and insurance company "GARANTIE" to ensure the presentation within 15 working days of financial statements with explanatory notes the significant shareholders.
2. Warn people with reference to the liability of the insurance company "ALLIANCE INSURANCE GROUP", International Insurance Company "ASITO" JSC, "insurance company DONARIS VIENNA INSURANCE GROUP" SA and insurance company "GARANTIE" is that, in the case of non-execution of the provisions of point 1 of the present decision, shall be applied to the necessary measures referred to in article 54 of law No. 407-XVI dated 21.12.2006 "insurance" , and in relation to significant shareholders will become incidental provisions of article 29, paragraph 1. (8) of the same law.
3. The control over the execution of the given decision is put in charge of the Directorate-General's insurance supervision.
4. this decision shall enter into force on the date of its adoption, shall be published on the official website of the National Commission of Financial Market (www.cnpf.md) and in the Official Gazette of the Republic of Moldova.



VICE-CHAIRMAN of the NATIONAL COMMISSION of FINANCIAL MARKET Karen Fahie