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With Regard To The Results Of The Inspection In The Field Concerning The Compliance Of The International Joint Venture Insurance Company "transelit" Of The Legislation In The Insurance Field In The Formation Of Insurance Technical Reserves And Maintain...

Original Language Title: cu privire la rezultatele inspecției în teren privind respectarea de către Întreprinderea Mixtă Compania Internațională de Asigurări „TRANSELIT” S.A. a legislației în domeniul asigurărilor la formarea rezervelor tehnice de asigurare și menținerea nivelulu

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   Pursuant to the order of the Vice-President of the National Commission of Financial Market (C.N.P.F.)  No. 68 of 05.12.2016, has been carried out an inspection on the ground concerning the compliance of the International joint venture Insurance Company "TRANSELIT" S.A. (hereinafter referred to as "JV TRANSELIT" CIA S.A.) legislation in the insurance field in the formation of insurance technical reserves and solvency margins to maintain the level of liquidity and the situations in 31.03.2016, 30.06.2016 and 30.09.2016, as well as verification of compliance with the legal requirements relating to the company's registered office.
Result of the selective verification of notifications of production in cases of damage to insured and records, it was found that the CIA "TRANSELIT" JV Jsc formed reserve declared unresolved, but damage to motor vehicle liability insurance in the amount domestic setback: the situation in 31.03.2016 with 359.8 MDL, the situation in 30.06.2016 with 424.0 thou lei and the situation in the 30.09.2016 with 421.3 thousand lei , being violated article 34 para. (1) and paragraph 1. (2) letter b) of law No. 407-XVI dated 21.12.2006 "insurance" (hereinafter-the law No. 407-XVI dated 21.12.2006), item 3, section 21, paragraph 22 and paragraph 24 of the regulation on insurance technical reserves, approved by Decision C.N.P.F. nr. 1/5 from 11.01.20112.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 "Monitorul Oficial" of the Republic of Moldova, 2007, no. 47-49, article 213 2 Official Gazette of the Republic of Moldova, 2011, no. 37-38, article 205 Consequently, JV "TRANSELIT" S.A. CIA formed reserve unauthorized damage to motor vehicle liability insurance in the amount raised: internal situation from 31.03.2016 with 13.1 thousand lei, at the situation in 30.06.2016 with 328.5 thou lei and the situation in the 30.09.2016 with 104.3 MDL.
   Recalculation under inspection in the field of insurance technical reserves, it was found that the solvency rate of JV CIA "TRANSELIT" S.A. was of: 31.03.2016-104.25 percent, being reduced by 2.31 percent reported size-106.56 percent of 30.06.2016-100.25 percent being reduced by 0.67 percent reported size-100.92 percent and as of 30.09.2016-100.28 percent , being reduced by 2.08 percent reported size-102.36 percent, such provisions are nerespectîndu-point 9 of the regulation on solvency margins and liquidity coefficient of the insurer (reinsurer), approved by Decision No. 2/C.N.P.F. 1 of 21.01.20113.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 3 Monitorul Oficial al Republicii Moldova, 2011, no. 59-62, art. 310 contrary to the provisions of article 30 paragraph 2. (6) letter b) of law No. 407-XVI dated 21.12.2006, point 2, point 11 and paragraph 16-18 of the regulation on solvency margins and liquidity coefficient of insurers (reinsurers), JV "TRANSELIT" S.A. CIA did not maintain sufficient eligible assets to cover, taking into account the limits of established reserves of dispersion insurance and minimum solvency margin Fund (insured persons), the amount of the deficit being recorded from 31.03.2016 of 7665.1 thou lei at the situation in the 30.06.2016 of 9561.6 thou lei and the situation in the 30.09.2016 of 9247.8 thou lei. 
   Based on the findings above, pursuant to article 1, article 3, article 8 b) and paragraph 2 of point f), art. 9 para. (1) (a)), article 22 para. (3), para. (2) of law No. 192-XIV of 12.11.1998 "Concerning the National Commission for financial market" 4, art. 54 para. (1) and paragraphs 1 and 2. (2) Letter c), para. (4), article 55 para. (1) letter a) and b) of law No. 407-XVI dated 21.12.2006, regulation on gradualizarea of sanctions applied by the insurer (reinsurer) broker or insurance and/or reinsurance C.N.P.F., approved by Decision No. 60/5 of 20.12.20135, _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 4 Republished in the Official Gazette of the Republic of Moldova, 2007, nr. 117-126 BIS 5 Monitorul Oficial al Republicii Moldova, 2014, nr. 53-59, art. 313 NATIONAL COMMISSION of financial market DECIDES: 1. Shall be imposed on an international joint venture Insurance Company "TRANSELIT" with fine in amount of 15.0 MDL that transfer to the budget of the supervisory authority.
   2. The Joint Undertaking Shall also prescribe the International Insurance Company "TRANSELIT" unconditioned provisions of legislative and normative acts, as well as the undertaking of measures relating to the Elimination of violations reflected in the Act of inspection in the field of respect for the way of formation and maintenance of technical reserves of sufficient fulfilment of the obligations resulting from insurance and reinsurance contracts.
    3. notes that by Decision of the National Commission of financial market nr. 58/1 of 24.11.2016 "With regard to prescribing certain licensed insurers ' 6 i was prescribed the joint enterprise of the International Insurance Company" TRANSELIT "S.A., within a period of up to 31.03.2017, the measures relating to admitted assets deficit elimination to cover insured Fund, registered as of 30.09.2016.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 6 Monitorul Oficial al Republicii Moldova, 2016, nr. 416-422, 2055 4. It shall initiate the procedure for the contravențională of the person with reference to the liability of joint enterprise International Insurance Company "TRANSELIT" S.A. in accordance with the legislation in force.
   5. About enforcement of paragraphs 1 and 2 of this resolution the international joint venture Insurance Company "TRANSELIT" S.A. will inform the National Commission of financial market within a month.
  6. control of the execution of the given decision is put in charge of the Directorate-General for insurance supervision.
  7. 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-PRESIDENT of the NATIONAL COMMISSION of financial market Karen Fahie