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RESOLUTION OF THE NATIONAL COMMISSION ON THE FINANCIAL MARKET OF THE REPUBLIC OF MOLDOVA

of June 24, 2019 No. 25/2

About procedure for representation, coordination and application of aktuarialny calculation of insurance premiums for compulsory third party car insurance

Based on provisions * Art. 11 of the h. (3) the Law on obligatory civil liability insurance for the damage caused by vehicles No. 414/2006 (it is repeatedly published in the Official monitor of the Republic of Moldova, 2016, No. 44-48, by the Art. 85), and according to the Resolution NKFR No. 57/13 of 28.12.2018 (The official monitor of the Republic of Moldova, 2019, No. 76-85, the Art. 416), the National commission on the DECIDES: financial market

1. The insurers authorized to perform activities for compulsory third party car insurance annually, till March 15 of the current year, represent to supervision body technical calculation basis for statistical data (avoiding duplication of the renewed/changed agreements), according to appendix to Single methodology of calculation of the basic insurance premium and corrective coefficients on internal and external compulsory third party car insurance (further - Methodology) approved by the Resolution NKFR No. 57/13 from 28.12.2018, in the following procedure:

1) the technical base of calculations is represented electronically, initially over the last 5 years (separately for each consecutive year), and then for previous year, confirmed officially by the letter certified by the autographic / strengthened qualified digital signature of authorized executive body of the insurer;

2) the insurers performing activities less than 5 years represent the technical calculation basis relating to statistical data, for the period implementation of the activities.

2. The supervision body, at least once a year, based on the generalized and conditionally offset statistical data at the market level provided according to Item 1, calculates based on Methodology and approves approximate award on internal compulsory third party car insurance according to appendix No. 1 and approximate award on external compulsory third party car insurance according to appendix No. 2.

3. Insurers annually, till May 1 of the current year, represent to supervision body, on papers and electronically, the calculation of basic insurance premium and the corrective coefficients on risk factors relating to internal compulsory third party car insurance determined according to the technical calculation basis of statistical data provided to supervision body according to Item 1, accompanied with the explanatory note, confirmed with the autographic / strengthened qualified digital signature of the actuary of the insurer.

In case of identification of discrepancies of the calculation provided on paper and its electronic option the calculation option on paper will have advantage.

4. The explanatory note specified 3, will contain in Item at least the following:

1) confirmation of correctness and completeness of the data which formed the basis for calculation of basic insurance premium and corrective coefficients (reserves, compensations and policies);

2) the used hypotheses and their reasons;

3) the used aktuarialny methods;

4) procedure for determination of basic insurance premium and corrective coefficients and, respectively, the analysis on each component and on each segment of risk from which adequacy shall proceed:

a) risk award;

b) shares of loading and profit margin;

c) corrective coefficients.

5. Insurers bear responsibility for correctness, reliability and relevance of information provided to both supervision body, and actuaries and also shall notify supervision body on the mistakes revealed in earlier provided data for all accounting periods in which they were allowed or on which they exerted impact.

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