Pursuant to the Order of National Financial Market Commission Vice no.22 of 19/04/2016 and following the notification of Money Laundering Prevention and Combating Service Center within the National Anti-pitch inspection was carried out on compliance with insurance legislation in respect of the advance actions of recovery and subrogation of the damage by the Insurance company "ALLIANCE INSURANCE GROUP" JSC (hereinafter - CA "ALLIANCE INSURANCE GROUP" SA) to International Insurance company "ASITO" JSC (hereinafter - CIA "ASITO" SA) in which they were found the following.
Based on claims submitted by CA "ALLIANCE INSURANCE GROUP" SA during the years 2009-2016, the CIA "ASITO" SA, on 08/04/2016, paid a sum of 4237.1 thousand Intended "pay damages plus default interest ". On 04.18.2016 CA "ALLIANCE INSURANCE GROUP" SA and CIA "ASITO" JSC have concluded the transaction on extinguishing mutual obligations created under subrogation claims in order and on 20.04.2016 CA "ALLIANCE INSURANCE GROUP" SA returned amount of 3003.7 thousand.
It was also found that CA "ALLIANCE INSURANCE GROUP" has mistakenly submitted to the CIA "ASITO" SA 3 claims on damage claim files on vehicles insured under voluntary Motor Hull insurance contracts totaling 1416.2 thousand lei, including default interest in the amount of 378 400 lei, where insurance policies against civil liability of motor vehicles were issued by the internal another insurer, the amount is included in the total amount returned to CIA "ASITO "SA
noted that the amount of 1233.4 thousand was recognized as an obligation of the share recovery and subrogation of damages paid by CA" ALLIANCE iNSURANCE GROUP "SA voluntary insurance CASCO, where the person responsible for the accident had liability insurance policy for damage caused by motor vehicles released internal CIA "ASITO" SA
Contrary to article 3, art. 4 (1) and Article 6 para. (1) b) of the Law accounting no.113-XVI from 27.04.20071, IAS 39 "financial instruments: recognition and Measurement" CA "ALLIANCE INSURANCE GROUP SA", until the date of 31.12.2015, registered in the accounts of recovery and subrogation claims of damages by way home.
1
_______________________ Official Gazette of the Republic of Moldova, 2007, nr.90-93, article 399
When calculating interest for delay in accordance with art.585 and art.619 par. (2) of the Code Civil2, CA "ALLIANCE INSURANCE GROUP" SA in 20 cases of interest calculated without regard to due date (deadline for payment) and repeated the claim date, so the interest calculated and paid by the CIA "ASITO" SA. unfounded increased by 8.5 thousand. _________________________
2 Official Gazette of the Republic, 2002 nr.82-86, art.661
It was therefore determined that the insurer admitted non-compliance with specific prudential under insurance practices, so as to organize and perform with caution and professionalism activity in accordance with specifics and size, and to organize control procedures in conformity with the legal provisions being violated Article 31 para. (1) a), para. (3) c) and article 39 par. (2) of Law No. 407-XVI from 21.12. 2006 "on insurance" in March.
____________________________ 3 Official Gazette of the Republic of Moldova, 2007, nr.47-49, 213
Based on the findings presented under article 1, article 3, article 8 b) and paragraph f), article 9 para. (1) d), Article 21 para. ( 1), Article 25 para. (2) of Law No. 192-XIV of 12.11.1998 "on the National Commission of Financial Market" 4 54 para. (1) and para. (2) c) , article 55 para. (1) of Law No. 407-XVI from 21.12.2006 "on insurance" Regulation on gradualizarea sanctions imposed on insurers (reinsurers) or insurance and / or reinsurance, approved by the National Commission Decision Financial Market No. 60/5 of 20.12.20135, __________________________
4 Republished in the Official Gazette of the Republic of Moldova, 2007, BIS nr.117-126
Official Gazette of the Republic of Moldova in May 2014, no .53-59, 313
NATIONAL FINANCIAL MARKET COMMISSION DECIDES
:
1. Sanctioned Insurance Company "ALLIANCE INSURANCE GROUP" SA a fine of 5.0 thousand, which is transferred to the budget of the supervisory authority.
2. Management repeatedly prescribing Insurance Company "ALLIANCE INSURANCE GROUP" SA unconditional observance of the provisions of laws and regulations.
March. About the execution of this decision Insurance Company "ALLIANCE INSURANCE GROUP" SA will inform the National Commission of Financial Market within one month.
4. Control over the execution of this decision is the responsibility of the General Directorate insurance supervision.
May. This decision shall enter into force upon adoption, will 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.
