RECORDED: Justice Minister _ _ _ Vladimir CEBOTARI nr. 15.12.2015 registration from 1090 to enforce the provisions of article 11(2). (1) and paragraphs 1 and 2. (2) and article 40 paragraph 2. (5) of law No. 414-XVI of 22 December 2006 concerning compulsory insurance against civil liability in respect of motor vehicles (Official Gazette of the Republic of Moldova, 2007, no. 32-35, art. 112), with subsequent amendments and additions, the NATIONAL COMMISSION of the market FINANCIAREHOTĂRĂŞTE: 1. The decision of the National Commission of Financial Market nr. 26/10 of 13 June 2013 with regard to mandatory insurance premiums for civil liability (Official Gazette of the Republic of Moldova , 2013. 173-176, 1208), registered at the Ministry of Justice of the Republic of Moldova No. 929 of 31 July 2013, shall be amended as follows: 1) Annex 1 is amended and shall read as follows: Annex 1 to Resolution C.N.P.F. No. 26/10 of 13 June 2013 REGULAMENTprivind method of calculating insurance premium and rectification coefficients of function liability insurance obligatoriide autoI. GENERAL PROVISIONS 1. The regulation on the method of calculating insurance premium and rectification coefficients corresponding to compulsory insurance of civil liability (hereinafter the regulation) is drawn up in accordance with article 11(2). (1) and paragraphs 1 and 2. (2) of law No. 414-XVI of 22 December 2006 concerning compulsory insurance against civil liability in respect of motor vehicles (Official Gazette of the Republic of Moldova, 2007, no. 32-35, art. 112), with subsequent amendments and additions, and establishes the method of calculation of the National Commission of Financial Market of insurance premium and rectification coefficients of basic insurance premium.
2. For the purposes of this regulation are defined the following basics: correcting coefficient-coefficient that determines the amount of risk according to a particular risk factor or amount of load factor depending on the insurer's expenses and/or profit margin;
perceived risk-the period of time (in years) of the validity of the policies in a calendar year;
load factor-the sequel to the first of the estimated risk that include expenses of the insurer and the profit margin;
risk factor-factor that has influence on the amount of risk;
the estimated frequency of damage-damage to a number of policy-year exposed to risk;
risk margin-added at first pure, intended to mitigate the risk of variation;
insurance premium-premium for a transport unit of insurer calculated according to the basic insurance premium and rectification coefficients and which shall be established in agreement with the insured in the insurance contract;
insurance premium-first annual average for a transport unit and the estimated risk premium and loading factor;
pure premium-premium covers the cost of the risk insured;
the estimated risk premium-the first pure plus risk margin.
3. The insurance premium and the amount of the correction coefficients for risk factors shall be calculated on the basis of statistical information on the number of insurance policies be exposed to risk, the amount of damage arising from the compulsory insurance of motor vehicle liability policies and forecast the evolution of number and damage.
4. The insurance premium and the amount of corrective coefficients of this Regulation shall be determined using: a unique information system) referred to in article 5(2). (1) letter b) of law No. 414-XVI of 22 December 2006 concerning compulsory insurance against civil liability in respect of motor vehicles;
b) register the insurance contracts referred to in article 38(2). (2) of law No. 414-XVI of 22 December 2006 concerning compulsory insurance against civil liability in respect of motor vehicles;
c) register kept by the insurers against losses;
(d)) the State Register of population, approved by Government decision No. 334 of 18 March 2002;
(e)) the State Register of transport, approved by Government decision No. 1047 of 8 November 1999;
information provided by f) National Bureau of motor vehicle Insurers relating to reinsurance contracts entered into by the compulsory insurance of motor vehicle liability external in accordance with criteria established by the Council of Bureaux of the International System of green card Insurance;
g) information annual average rate of inflation according to sources of the National Bureau of statistics, the National Bank of Moldova, the Ministry of economy, the Statistical Office of the European Union (Eurostat) and other official sources.
5. compulsory insurance civil liability shall be determined by the insurer and the insured in agreement according to first base to which it applies the correction coefficients and the bonus-malus system.
6. Home insurance for trailers shall be calculated by applying to the insurance premium for motor vehicle single coefficient Kr.
II. basic insurance premium 7. Home insurance for a transport unit for a period of 12 months is calculated according to the estimated risk premium and loading factor the following formula: where: Pb-insurance premium;
On the first of the estimated risk;
f-load factor share in basic insurance premium, expressed in%;
8. the estimated risk premium is calculated as the sum of the first pure and risk margin, with account of the inflation rate, the following formula: where:-the estimated risk premium;
Pp-pure first;
PM-Ri-risk margin rate of inflation.
9. pure First is calculated as the product of the frequency of damage and damage estimated average and is expressed by the formula: where: Pp-pure first;
q-frequency damage;
D-average estimated damage;
YES-the amount of damages to be paid;
JUN-amount of damage reported, but unresolved;
DN-amount of damage without knowledge.
10. Frequency of damage is calculated by the following formula: where: q-frequency damage;
n-number of policies related to damage exposed at risk;
N-the number of policyholders-an exposed to risk.
11. the estimated average Damage is calculated by the following formula: where: D-average estimated damage;
exp (X)-the value of the exponential function at a point X;
µ-average value of the damage, which is determined by the following formula: where: Di-damages incurred;
S2-S2, standard error is determined by the following formula: where: Di-damages incurred;
n-number of damages.
12. the amount of damages to be paid and the amount of damages includes damage reported, but unresolved, related policies exposed to risk. The amounts of damages paid, but recovered through regress actions, recoveries of goods or by reasiguratori in accordance with the provisions of the contract of reinsurance shall deduct from the amount of damage.
13. The amount of damage without knowledge is determined according to the actuarial method based on damage development triangles (the Chain-Ladder method) as follows: Table-paid Damages
Year of origin (i)
Year of development (j)
1
2
3
...
n-2
n-1
n
1
D1; 1
D1; 2
D1; 3
...
D1-2;
D1-1;
D1;
2
D2, 1
D2; 2
D2; 3
...
D2-2;
D2-1;
3
D3; 1
D3; 2
D3; 3
...
D3-2;
…
…
…
…
...
n-2
DN 1-2;
DN 2-2;
DN-2; 3
n-1
DN-1; 1
DN 2-1;
n
DN; 1
Where: d (i, j) charts show values paid in damages and claims related developments during the period.
the amount of damages) shall be determined for each year of origin, cumulative data being presented according to the development table below:
The table of cumulative paid-Damages
Year of origin (i)
Year of development (j)
1
2
3
...
n-2
n-1
n
1
D1; 1
D1; 2
D1; 3
...
D1-2;
D1-1;
D1;
2
D2, 1
D2; 2
D2; 3
...
D2-2;
D2-1;
3
D3; 1
D3; 2
D3; 3
...
D3-2;
…
…
…
…
...
n-2
DN 1-2;
DN 2-2;
DN-2; 3
n-1
DN-1; 1
DN 2-1;
n
DN; 1
Where: Table-Damage reported, but unresolved
Year of origin (i)
Year of development (j)
1
2
3
...
n-2
n-1
n
1
R1; 1
R1; 2
R1; 3
...
R1-2;
R1; n-1
R1;
2
R2;
2 R2;
3 R2;
...
R2-2;
R2-1;
3
R3; 1
R3; 2
R3; 3
...
R3-2;
…
…
…
…
...
n-2
RN-2; 1
RN-2; 2
RN-2; 3
n-1
RN-1; 1
RN-1; 2
n
RN; 1
Where: R (i, j) are the values of damage reported, but unresolved that are in balance at end of the period of development and related claims developments during the period.
Table-damages the year of origin (i)
Year of development (j)
1
2
3
...
n-2
n-1
n
1
1 x 1;
2 x 1;
3 x 1;
...
X 1-2;
X 1; n-1
X 1;
2
1 x 2;
2 x 2;
3 x 2;
...
N-2 x 2;
N-1 x 2;
3
1 x 3;
2 x 3;
3 x 3;
...
X 3-2;
…
…
…
…
...
n-2
Xn-2; 1
Xn-2; 2
Xn-2; 3
n-1
Xn-1; 1
Xn-1; 2
n
Xn;
Where: X (i, j) = D (i, j) + R (i, j)
Table-Damage estimated year of origin (i)
Year of development (j)
1
2
3
...
n-2
n-1
n
1
1 x 1;
2 x 1;
3 x 1;
...
X 1-2;
X 1; n-1
X 1;
2
1 x 2;
2 x 2;
3 x 2;
...
N-2 x 2;
N-1 x 2;
Y2;
3
1 x 3;
2 x 3;
3 x 3;
...
X 3-2;
Y3; n-1
Y3;
…
…
…
…
...
…
…
...
n-2
Xn-2; 1
Xn-2; 2
Xn-2; 3
...
Yn-2; n-2
Yn-2, n-1
Yn-2;
n-1
Xn-1; 1
Xn-1; 2
Yn-1; 3
...
Yn-1 n-2
Yn-1; n-1
Yn-1;
n
Xn;
Yn; 2
Yn; 3
...
Yn; n-2
Yn; n-1
Yn; n
R1; 2
3 R2;
RN-3, n-2
RN-2; n-1
RN-1;
b) is determined by factors as indices of change in the form of coefficients: c) using the factors of development, it is estimated the damage accumulated nelichidate for each year of origin and make up the triangle run-off with values obtained: d) determine the amount of damage without knowledge: where: DN-amount of damage without knowledge.
14. the amount of damages in respect of unauthorized policy exposed at risk may not be less than that which is calculated using the method set out in this methodology.
15. The number of claims venture related to the policies exposed shall be calculated as the sum of the number of damages paid and number of damage reported, but unresolved, being expressed by the formula: where: n-the number of policies related to damage exposed at risk;
na-number of damages to be paid;
nn-number of damage reported, but unresolved.
16. the risk Margin is calculated by the following formula: where: Pm-risk margin;
α (g)-safety coefficient, established on the basis of the normal distribution as a function of the probability that they guarantee g results (according to table Gauss-Laplace);
Pp-pure first;
q-frequency damage;
V-coefficient of variation of total damage;
NH-number of policyholders-an exposed to risk for the coming year in order to calculate insurance premium and is determined by the following formula: where: t-1.2, ..., n (previous period on the basis of which it is estimated the number of policy-year exposed to risk).
17. The coefficient of variation of total damage is calculated by the following formula: where: σd-squared of the damage;
D-average estimated damage.
18. R-squared is calculated by the following formula: where: σ-squared.
19. the loading factor is determined on the basis of the insurer's expenses which relate to compulsory insurance against civil liability in respect of internal or external in the previous period (not less than one year) and forecast expenditure in the period for which the insurance premium shall be fixed and shall include: (a) insurer, other costs) than those referred to in (b)-f). Any update of the basic insurance premium, will be included in calculating the rate of expenditure of the insurer from prior period (last updated basic insurance premium), with account of the inflation coefficient for the year in question;
b) reinsurance costs, for compulsory insurance against civil liability in respect of external;
c) regulatory payments;
d) contributions to the Fund for the protection of victims, for the compulsory insurance of motor vehicle liability;
e) compensation fund contributions, for compulsory insurance against civil liability in respect of external;
f) profit margin;
g) payments for maintenance and modernization of the State automated information RCA.
20. The costs of reinsurance be included in share the load factor on the basis of the information referred to in paragraph 4a. f).
21. the size of the contributions in the national Guarantee Fund of the insurance shall be that fixed in accordance with the legislation governing the work of this Fund.
22. the size of contributions to the Fund for the protection of the victims of the street and into the compensation fund shall be that fixed in accordance with article 33 para. (4) and article 34 para. (3) of law No. 414-XIV of 22 December 2006 concerning compulsory insurance against civil liability in respect of motor vehicles, and the amount of payments is set by the regulators article 6 para. 2. h) of law No. 192-XIV of 12 November 1998 on the National Commission of Financial Market.
III. corrective Coefficients for compulsory insurance against civil liability in respect of the domestic 23. Shall be established following corrective coefficients of basic insurance premium for compulsory insurance of civil liability: Factors
Coefficient
the type of the vehicle
K1
the territory of use of the vehicle
K2
the legal status of the holder of the vehicle
K3
the type of the contract (number of persons admitted to driving)
K4
age and seniority in the user management
K5
place of registration of the vehicle
K6
term insurance
K7
the insurer's expenses
KGC
the amount of the profit margin
KMP
24. the correction coefficients for the risk factors related type, vehicle use and territory user age is calculated as the ratio of the first pure car groups for different formats depending on the risk factors and the average value of the first pure for all vehicles.
25. the correction coefficient K1 is established according to the type of vehicle, engine capacity, the number of seats or the total mass of the vehicle.
The type of the vehicle
a) cars:
with the engine capacity up to 1200 cm3
with the engine capacity between 1201 and 1600 cm3
with the engine capacity between 1601 and 2000 cm3
with the engine capacity between 2001 and 2400 cm3
with the engine capacity between 2401 and 3000 cm3
with the engine capacity over 3000 cm3
taxi (only for juridical persons)
with electric motor
(b) intended for the transport of motor vehicles):
up to 17 seats, including the driver
from 18 up to 30 seats, including the driver
with over 30 places.
c) road tractors with power of the engine:
up to 45 HP including
from 46 up to 100 HP HP including
over 100 HP
d) trucks and motor vehicles other than those referred to in point a)-c), whose maximum authorised mass is:
up to 3500 kg
between 3501 and 7500 kg
between 7501 and 16000 kg
over 16000 kg
e) motorcycles:
up to 300 cm3
over 300 cm3
26. the correction coefficient K2 is determined according to the intensity of traffic in certain territories of the use of the vehicle, which, for the purposes of this regulation are: a) the Chisinau municipality;
b) Bălți;
c) other localities of the Republic of Moldova.
Correction coefficient K2 does not apply to vehicles registered abroad and used temporarily on the territory of the Republic of Moldova.
27. correcting Coefficient K3 is determined according to the legal status of the holder of the vehicle.
The legal status of the holder of the vehicle
individuals
legal entities, natural persons-entrepreneurs, other divisions of law, except in the case of legal persons engaged in the transport of passengers in the taxi and trolley parks
28. the correction coefficient K4 is determined depending on the type of insurance contract. The contract of compulsory insurance of civil liability legal person, natural person-entrepreneur, another unit of law and insurer ends without the names of persons admitted to use the vehicle for which the contract is concluded (unlimited number of users).
Permanency
with the names of persons admitted to use the vehicle for terminating the contract (number of users)
without the names of persons admitted to use the vehicle for which the contract is concluded (unlimited users)
29. the correction coefficient is established according to K5 age and length of service of the insured vehicle and the user and applies to contracts with a limited number of people. Length of service shall be determined according to the driver's driving licence or information from the State Register of drivers of vehicles. Where there are multiple users, maximum coefficient shall be applied by one of the persons indicated in the contract, including the insured. Correction coefficient K5 does not apply to contracts for vehicles registered abroad and used temporarily on the territory of the Republic of Moldova.
Age and seniority in leadership
up to age 23 years including length of driving up to 2 years including
up to age 23 years including length of driving over 2 years
over 23 years age and length of service leading up to and including 2 years
over 23 years age and length of service driving over 2 years
30. the correction coefficient is applied to the K6 vehicles registered abroad and used temporarily on the territory of the Republic of Moldova.
Place of registration of the vehicle
outside the Republic of Moldova
31. the correction coefficient K7 is established according to the terms of insurance pursuant to art. 9 para. (4) and article 12 paragraph 1. (2) of law No. 414-XVI of 22 December 2006 concerning compulsory insurance against civil liability in respect of motor vehicles. Term insurance in case the insurance contract is concluded for a period of less than 12 months is shown in the table below: 15 days
1 month ago
2 months
3 months ago
4 months ago
5 months ago
6 months
7 months ago
7 months ago
9 months
10 months and over
32. the correction coefficient Kgc applies depending on the amount of actual expenditure incurred in the provision of insurer of compulsory insurance of civil liability. Correction coefficient of Kgc if 1 constitute the insurance premium is established with account of the maximum amount of the insurer's expenses included in the load factor and can be decreased up to 0.90.
33. the correction coefficient is applied according to the Suez Canal and of the amount of the profit margin included in the load factor of the basic insurance premium. Correction coefficient in the case constitutes 1 Km2 when the insurance premium is established with account of the maximum amount of profit margin included in the load factor and can be decreased up to 0.95.
34. bonus-malus Coefficient (Kbm) applies in accordance with the regulation on the application of the bonus-malus system in compulsory insurance against civil liability in respect of motor vehicles (the editors), approved by Decision of the National Commission of financial market nr. 22/3 of 29 April 2015. Insurance for the applicant whose vehicle is registered and used abroad temporarily in the territory of the Republic of Moldova bonus-malus coefficient (Kbm) is 1.
35. jointly with the Insurer the insured shall determine the insurance premium the following formula: where: Pa-insurance premium;
PB-insurance premium for motor vehicles which belong to natural persons, with the exception of individual entrepreneurs;
K-correction coefficient.
36. The reductions referred to in article 12(3). (1) and (3) of law No. 414-XVI of 22 December 2006 concerning compulsory insurance against civil liability in respect of motor vehicles applies to the insurance premium calculated according to point 35.
IV. the correction coefficients for compulsory insurance against civil liability in respect of 37 foreign. Basic insurance premium for compulsory insurance of civil liability shall be determined separately for the external zone 1 (Ukraine and Belarus), zone 2 (Ukraine, Belarus and the Russian Federation) and zone 3 (all countries in the international system of Insurance green card).
Shall be established following corrective coefficients of basic insurance premium for compulsory insurance against civil liability in respect of: External Factors
Coefficient
the type of the vehicle
K1v
term insurance
K2v
38. the correction coefficient K1v is established according to the type of vehicle, the number of seats or the total mass of the vehicle.
The type of the vehicle
Code types of motor vehicles according to the regulations of the Council of Bureaux of the Green Card International System
cars
The
motorcycles
(B)
trucks with total weight up to 3.5 tons
C1
trucks and towing vehicles with total weight of over 3.5 tonnes
C2
vehicles intended for the carriage of passengers with up to 17 seats, including the driver
E1
vehicles intended for the carriage of passengers, comprising more than 17 seats
E2
39. the correction coefficient K2v depending on term insurance is determined by analogy, in the manner indicated in article 9 paragraph 2. (4) and article 12 paragraph 1. (2) of law No. 414-XVI of 22 December 2006 concerning compulsory insurance against civil liability in respect of motor vehicles. Term insurance in case the insurance contract is concluded for a period of less than 12 months is shown in the table below: 15 days
1 month ago
2 months
3 months ago
4 months ago
5 months ago
6 months
7 months ago
7 months ago
9 months
10 months and over
40. The first compulsory insurance against civil liability is calculated by foreign: Pa = Pb × × K1v K2v where: Pa-insurance premium;
K-correction coefficient;
Basic insurance premium for compulsory insurance against civil liability is established in foreign euros and shall be levied in MDL according to a rate set by the National Bank of Moldova on the date of payment.
2) Annex 2 shall be amended and shall read as follows: Annex 2 to Resolution C.N.P.F. No. 26/10 of 13 June 2013 Share load factor in the first basic insurance aferentăasigurării automobile liability compulsory internal and external 1. Share the load factor in the basic insurance premium relating to compulsory insurance against civil liability in domestic expenditure includes: a) insurer, including: acquisition costs, commissions and other payments to insurance brokers and agents for mediation of insurance contracts, salary payments, including social contributions and related medical staff properly for the conclusion of contracts of insurance, other expenses-40%;
b) contributions to the Fund for the protection of victims of street-2%;
c) regulatory payments-0.5%;
d) profit margin: 10%;
e) payments for maintenance and modernization of the automated information System RCA State Date-0.4%.
2. load factor Share in basic insurance premium relating to compulsory insurance against civil liability in respect of: (a) includes external) costs the insurer, including: acquisition costs, commissions and other payments to insurance brokers and agents for mediation of insurance contracts, salary payments, including social contributions and related medical staff properly for the conclusion of contracts of insurance, other expenses-22% b) reinsurance costs-up to 18%;
c) compensation fund contributions-contribution determined in accordance with section 7 of the regulation on the compensation fund, approved by Resolution No. 23/C.N.P.F. 3 of 29 May 2008;
d) regulatory payments-0.5%;
e) profit margin to 5 percent;
f) payments for maintenance and modernization of the State automated information RCA Date-0,15%.
2. this decision shall enter into force on the date of publication.
VICE-CHAIRMAN of the NATIONAL COMMISSION of FINANCIAL MARKET Karen Fahie
