Under orders of the National Commission of Financial Market (NCFM) no.43 / 1-A of 27.07.20151 and No.47 / 2-A of 12.08.20152 and Order No.59 30/07/2015 Vice NCFM was conducted complex control on compliance with insurance legislation by International insurance company "ASITO" JSC (hereinafter - CIA "ASITO" SA or insurer) as of 31.07.2015, in which were found the following.

1Monitorul ___________________________________ Oficial, 2015 nr.206-210, art.1383 2Monitorul
Oficial, 2015 nr.224-233, art.1444

CIA "ASITO" was registered with the State Registration Chamber nr.1002600007123 (registration certificate series nr.00648470064847 MD of 02.07.2007) and licensed series of 28.03.2011 NCFM nr.000656 the right to carry out insurance activities on the shelf indefinitely.
Respected the formation and retention of reserve claims reported, but unresolved, as provided in article 34 para. (1) para. (2) b) of Law No. 407-XVI from 21.12. 2006 "on insurance" 3 (hereinafter - the Law No. 407-XVI from 21.12.2006) and point 21 of the Regulation on insurance technical reserves, approved by NCFM Decision No. 1/5 of 11.01.20114 (in hereinafter - Regulation on insurance technical reserves) as of 30/06/2015 CIA "ASITO" has allowed reducing the volume of technical reserves with EUR 2.6551 million lei.

3Monitorul ___________________________________ Oficial, 2007 nr.47-49, 213
4Monitorul Oficial, 2011 nr.37-38, 205

When checking IBNR was found that the CIA "ASITO" has admitted to the records of the damages paid and outstanding claims reported but 188 records with negative values ​​totaling 1.4859 million lei, which distorts the outcome unreported loss reserves, thus breaching the provisions of article 34 para. (1) and para. (2) c) of Law No. 407-XVI from 21.12.2006 and item 3 of the Rules and pct.28 the insurance technical reserves.
Contrary to article 34 par. (11) of Law No. 407-XVI from 21.12.2006, pct.171, subpct.6 item 4) of the Rules on solvency margins and liquidity ratio of insurers (reinsurers) , approved by NCFM Decision 2/1 of 21.01.20115 (hereinafter - Regulation on solvency margins and liquidity ratio of insurers (reinsurers)), as of 30/06/2015 CIA "ASITO" has accepted to cover reserves technical insurance and minimum solvency margin assets over which seizures were applied in the amount of 358.0 thousand, and the calculation of the available solvency margin of the insurer admitted assets, solvency purposes, are recognized at zero in the amount of 249 300 lei. ___________________________________

5Monitorul Oficial, 2011 nr.37-38, 205

Notwithstanding the provisions of article 30 par. (6) b) of Law No. 407-XVI from 21.12.2006 and item 2, section 11, point 16 - point 18 of the Regulation on solvency margins and liquidity ratio of insurers (reinsurers), CIA "ASITO" SA does not have eligible assets sufficient to cover, given the limits of dispersion established fund policyholders, thus attesting the deficiency of assets under insurance in amount of 108,816.0 thousand, respectively, in the category of life insurance in the amount of 97010.0 thousand.
Given recalculation of insurance technical reserves, assets admitted to represent policyholders' fund and other contractual obligations than those established that as of 30.06.2015 calculated with deviations insurer solvency margin in the insurance category, it It was raised wrong with 23.3276 million lei (from 70.5434 million lei reported up to 47.2158 million lei recalculated under control) and increased the solvency ratio thus as of 30.06.2015 this indicator constituted 191 0 percent, erroneously increased by 94.0 percent from 285.0 percent reported size, which is violation of article 30 par. (4), Article 31 para. (3) ), article 39 par. (2) and. (3) of Law No. 407-XVI from 21.12.2006.

However, the solvency ratio amounted sizes over control over the level established in Section 12 of the Regulation on solvency margins and liquidity ratio of insurers (reinsurers), thus ensured the solvency and financial stability of the insurer throughout certain obligations assumed under insurance contracts and future liabilities.
Contrary to section 2, point 19, pct.23 subpct.1) and subpct.4) of the Rules on solvency margins and liquidity ratio of insurers (reinsurers), the insurer planned to incorrect flow of inputs and outputs liquidity, which resulted in erroneous reflection of the liquidity ratio in the period under examination, but was set at sizes above pct.25 of that Regulation.
Respected art. 31 paragraph (4) of Law No. 407-XVI from 21.12.2006, the CIA "ASITO" SA signed in July insurance contracts whose risks exceed the maximum limit of liability of the insurer.
During 01.01.2015-31.07.2015 address NCFM have received 365 complaints regarding non-payment by the CIA "ASITO 'compensation insurance SA, following the examination which the supervisory authority of the insurer requested payment terms established by this compensation insurance. Under CIA "ASITO" SA during the same period, 379 complaints were received from consumers of insurance services. The most common violations alleged by the petitioners are non-infringement by the insurer in respect of the period for examining and resolving claims, and breach of the legal deadline for payment of insurance compensation, contrary to Article 5 paragraph . (3), Article 13 para. (5), Article 43 para. (1) a), b) and e) of Law No. 407-XVI from 21.12.2006.
In contradiction to article 43 par. (4) of Law No. 407-XVI from 21.12.2006, art. 21 (6) of Law No. 414-XVI from 22.12.2006 "On ensuring compulsory civil liability of vehicles' 6 (hereinafter - the Law No. 414-XVI from 22.12.2006), art. 8 (1), art. 12 (1) a) and Article .14 ​​par. (1) of Law No. 190-XIII of 19.07.1994 "on petitioning" 7 pct.28, pct.29 and pct.36 the Rules on how to examine petitions by participants professionals of the financial market, approved by NCFM Decision no.38 / 14 of 28.09.20128, CIA "ASITO" SA has not complied with its obligation to examine four complaints received from policyholders (beneficiaries) and / or third parties and bring informed the petitioners result of the examination. ___________________________________

6Monitorul Oficial, 2007 nr.32-35, article 112
7Republicată in the Official Gazette of the Republic of Moldova, 2003, nr.6-8, Article 23 8Monitorul
Oficial, 2012 nr.248-251, art.1491

If the insurer has seven petitions, the petitioners were unable to obtain access to information on the settlement of insurance events, thus violated the provisions of section 3 of the Rules on disclosure by professional participants of the financial market information on service provision, approved by NCFM Decision No. 8/6 of 26.02.20109 and the other 7 cases petitions to the insurer remained without examination, thus breaching the provisions of article 43 par. (4) of Law No. 407-XVI of 21.12.2006, art. 8 (1), Art. 12 (1) a) and Art. 14 (1) of Law No. 190-XIII of 19.07.1994, point 7 9 of the Regulation on the management of the Register of complaints, approved by Government Decision no.1141 of 04.10.200610.

9Monitorul ____________________________________ Oficial, 2010, nr.81-82, art.310 10Monitorul
Oficial, 2006 No.161, art.1233

Contrary to Art. 19 paragraph (1) letter f) and para. (2) of Law No. 414-XVI from 22.12.2006, article 43 para. (1) e) of the Law .407-XVI from 21.12.2006, the CIA "ASITO" has violated statutory period of settling claims with periods from 1 to 1,800 days for the 1099 claims (72.3% of total applications related compulsory motor liability outstanding at 07/31/2015, compared to 51.1% as of 31.12.2014), the sum total of 9.9448 million lei, including claims settlement paid legal deadline has passed periods from 1 to 1,380 days in 583 cases totaling 12.3738 million lei.

However, contrary to article 28 para. (1) of Law No. 414-XVI from 22.12.2006, the situation reviewable unpaid insurance compensation insurer recorded within 10 days of completion of file damage 513 cases by a total of 1698.0 thousand.
Contrary to article 34 par. (4) of Law No. 414-XVI of 22.12.2006, as of 30/06/2015 insurer debts 6 calls amounting to 731 800 lei recorded in the "calls Guarantee Online" the Council of Bureaux International Insurance System "Green Card" and the accounts of the National Bureau of Motor Insurers (hereinafter -BNAA).
And over the period 2014-2015 delayed the insurer has paid compensation insurance claim files based on certificates of insurance "Green Card" issued in 332 cases with a total amount of 715 600 Euro and the situation reviewable CIA "ASITO" SA recorded 124 requests for reimbursement submitted by foreign insurers on certificates of insurance "Green Card" with the payment deadline expired in the amount of 205 400 Euro, which is contrary to article 5.2 of the Council Regulation offices, adopted by the General Meeting of 30.05.2002.
Respected the provisions of article 31 para. (1) a), para. (2) b) and c) para. (3) i) of Law No. 407-XVI 21.12.2006 section 4 of the Regulation on requirements for the content of the policy conditions for voluntary insurance classes, approved by NCFM Decision no.55 / 6 of 08.11.20071108.11.200711, taken in insurance risks insured by the CIA "ASITO" SA and tariffs do not correspond risks and charges set its own terms of voluntary insurance of financial risks, approved by the Decision of the Board of Directors of the CIA "ASITO" SA No. 70 of 16.11.2011.

11Monitorul ______________________________________ Oficial, 2007 nr.198-202, art.719

Special report on the core business of the insurer (reinsurer) as of 06.30.2015 was presented to the supervisory authority containing false data on the number of insurance contracts in force financial losses at the end of the reporting period according to their own retention reinsurance contracts is permitted completing its failure to respect the established in article 31 par. (3) e) of Law No. 407-XVI dated 22.12.2006 and the Decision of NCFM no.26 / 15 of 07.07.2011 "on approving the form and content of specialized reports of insurers (reinsurers)" 12 (hereinafter - the NCFM Decision no.26 / 15 of 07.07.2011). Pct.68 contrary to the Regulation on insurance technical reserves in the Register of insurance contracts financial risk was found missing data that were to be made mandatory contract number (policy, insurance certificate), the effective date of receipt of the insurance premium under the contract , modification or termination date and the amount and date of actual payment of the insurance premium the insured surrendered to change (cancellation) insurance contract.

12Monitorul ______________________________________ Oficial, 2011 nr.135-138, art.1147

Respected the provisions of IAS 39 "Financial Instruments: Recognition and Measurement" and IFRS 13 "Fair value measurement", the insurer assessed at the end of reporting periods of its assets at fair value.
Notwithstanding the provisions of section 5, subpct.4) -5) and supct.8) -10), section 6, pct.7-8, Section 12 and section 18 of the Rules on disclosure by professional participants of the financial market information on service provision, the insurer does not put the prospective insured, the insured and / or beneficiary information provided by law, at its headquarters and on its official website.
Contrary to art. 31 paragraph (1) of Law No. 407-XVI from 22.12.2006, pct.7.5 contract of sale nr.AS/CM-29 of 10.01.2014, the insurer did not act the recovery of the claim in the amount of 5968.0 thousand, while admitted arrears of insurance compensations in the amount of 2.7239 million lei.

The insurer has completed three optional insurance contracts without indicating complex commercial contracts specifying sufficient elements for individualizing object insured property interests related to insurance of goods and did not justify the real value of the insured property, thus not ensuring respect for the provisions of Article 3 b), Article 13 para. (1), art. 15 (1) and para. (2) of Law No. 407-XVI dated 22.12.2006, Article 206 of the civil Code the Republic Moldova13.

13Monitorul _____________________________________ Oficial, 2002 nr.82-86, art.661

Earlier in CIA activity "ASITO" SA were found similar violations in respect of the calculation of insurance reserves, solvency margins and the liquidity ratio, compliance with the requirement categories of assets admitted to represent technical reserves and margin solvency handling claim files, compliance with the maximum limit of liability for an insured risk, thus permissible deviation decisions issued by NCFM no. 21/1 of 24.04.2015 "On the results of the unannounced check on compliance with consumer protection legislation in handling claim files by International Insurance Company" ASITO "SA" 14, no. 58/2 of 04.12.2014 "On the results of inspections in the field of compliance by International Insurance Company" ASITO "has the insurance legislation" 15, no. 31/13 of 06/06/2014 "On the results of thematic control on compliance by the International Insurance Company" ASITO "has legislation on the formation of insurance reserves and solvency margins and maintaining liquidity coefficient" 16, no. 37/1 of 06.08.2013 "On the results of thematic content and control program execution reinsurance, compliance with the limit the insurer's liability under insurance contracts concluded by some insurers' 17.

14Monitorul _____________________________________ Oficial, 2015 nr.110-114, art.724 15Monitorul
Oficial, 2015 nr.22-28, 135
Official 16Monitorul Moldova 2014 nr.160-166, art.873 17Monitorul
Oficial, 2013 nr.177-181, art.1232

Based on the findings presented under article 1, article 3, article 8 b) and paragraph f) art. 9 para. (1) d), Article 22 para. (1) and. (3), Article 25 para. (2) of Law No. 192-XIV of 12.11.1998 "On the National Commission Financial market '18, art. 18 paragraph (2), Article 43 para. (1), Article 54 para. (1) and para. (2) c), article 55 para. (1) and para. (2) of Law No. 407-XVI from 21.12.2006 and Regulation gradualizarea sanctions imposed on insurers (reinsurers) or insurance and / or reinsurance, approved by NCFM Decision No. 60/5 of 20.12.201319, _____________________________________

18Republicată in the Official Gazette of the Republic of Moldova, 2007, BIS nr.117-126 19Monitorul
Oficial, 2014 nr.53-59, 313

National Securities Commission FINANCIAREHOTĂRĂŞTE
:

1. Sanctioned International Insurance Company "ASITO" SA a fine of 112 500 lei, which transfers to the state budget.
2. Management repeatedly prescribing International Insurance Company "ASITO" SA unconditional observance of the provisions of laws and regulations and taking measures for removing breaches reflected in the control act, including:
- respect for the formation and maintenance of adequate technical reserves performance of obligations resulting from contracts of insurance and reinsurance;
- Undertaking measures regarding the removal of assets admitted to cover the deficit fund holders;
- Respect of the calculation of solvency margins and liquidity ratio;
- Compliance with the maximum limit of liability for an insured risk;
- Compliance, settlement of claims and payment of insurance compensation within the period prescribed in Article 19 para. (2) of Law No. 414-XVI from 22.12.2006;
- Payment within 10 working days of allowances, insurance indemnities and amounts of insurance on insurance contracts in accordance with decisions of acquittal situation existing at the entry into force of this decision;

- Settlement within 15 working days, claims / benefits, with the measures undertaken in order to issue decisions on them and honoring obligations arising from insurance contracts concluded.
March. Management prescribing International Insurance Company "ASITO" SA taking measures on elimination of breaches reflected in the control act, including:
- evaluation at the end of the reporting periods the fair value of all its assets in accordance with International Financial Reporting Standards;
- Terms optional insurance review financial and commercial risk in compliance Regulation on requirements for the contents insurance conditions for voluntary classes of insurance laws and regulations in the insurance sector at conclusion of insurance risks underwritten within Class 16 "financial loss";
- Compliance with current legislation optional insurance contracts or commercial complex, otherwise, their termination;
- A system of governance to ensure sound and prudent management of its business.
4. It warns International Insurance Company "ASITO" SA with penalties in accordance with art. 21 (2) letter f) of Law No. 451-XV of 30.07.2001 "On regulating the licensing of entrepreneurial activity" 20 in case of failure of this decision.

______________________________________ 20Republicată in the Official Gazette of the Republic of Moldova, 2005, nr.26-28, Article 95

May. It initiates the accountability contravention of persons with officials of International Insurance Company "ASITO" SA as required by law.
June. It notes:
- specialized presentation of the report corrected;
- Payment on debt before the BNAA 08.25.2015 amounting to 731 800 lei;
- Payment of reimbursement claims submitted by foreign insurers, the date of issue of the control being registered two applications overdue in the amount of 59 500 Euro.
July. About the execution of this decision International Insurance Company "ASITO" SA will inform the National Commission of Financial Market within one month.
August. Control over the execution of this decision is the responsibility of the General Directorate insurance supervision.
September. This decision shall enter into force in accordance with art. 22 para. (3) of Law No. 192-XIV of 12.11.1998 "On the National Commission of Financial Market".