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Ministry of Justice

Republic of Moldova

No. 579 of June 4, 2008

RESOLUTION OF THE NATIONAL COMMISSION ON THE FINANCIAL MARKET

of April 10, 2008 No. 14/8

About approval of the Regulations on transfer of the insurance portfolio

For the purpose of execution of provisions of Art. 35 of h (4) the Law N 407-XVI of 21.12.2006. "About insurance" (The official monitor of the Republic of Moldova, 2007, N 47-49, Art. 213), based on provisions of Art. 1 of the h. (1), Art. 3, Art. 4 of the h. (1) and h (2), Art. 8 of the item b), Art. 21 of the h. (1), Art. 22 of the h. (1) and h. (2) the Law N 192-XIV of 12.11.1998. "About the National commission on the financial market" (republished in the Official monitor of the Republic of Moldova, 2007, N 117-126 BIS), item 5 b), item 7.3 c) the Regulations about the organization and functioning of the National commission on the financial market approved by the Resolution of the National commission on the N 48/5 financial market of 27.09.2007. (Official monitor of the Republic of Moldova, 2007, N 157-160, Art. 587), National commission on the DECIDES: financial market

1. Approve Regulations on transfer of the insurance portfolio it (is applied).

2. This resolution becomes effective from the date of publication.

 

Chairman of the National commission

on the financial market Mikhail Chibotaru

Appendix

to the Resolution of the National commission on the financial market No. 14/8 of April 10, 2008

Regulations on transfer of the insurance portfolio

This provision is developed according to requirements of the Law N 407-XVI of 21.12.2006 on insurance and regulates procedure insurers/overcautious persons of transactions on transfer of the insurance portfolio.

Chapter I. General provisions

1. Transfer of the insurance portfolio is transfer by the insurer/overcautious person of one part or all insurance contracts to another to one or several insurers / overcautious persons performing activities in the territory of the Republic of Moldova in the conditions of the current legislation.

2. For the purpose of this provision, the insurer/overcautious person transferring the insurance portfolio is called "insurer / overcautious person assignor", and the insurer/overcautious person the accepting insurance portfolio is called "insurer / overcautious person cessionary".

3. The transfer of the insurance portfolio performed by agreement signature between the assignor and the cessionary can be partial or complete. Partial transfer of portfolio can include the whole class of insurance or, at least, one insured risk included in certain class.

4. Transfer of the insurance portfolio includes assignment of rights and the obligations following from the agreements of insurance/reinsurance signed by the insurer / perestrakhovshchikom-tsedentom according to technical and mathematical reserves on the transferred portfolio with simultaneous transfer of assets, these reserves accepted for covering (in the form of money), according to provisions of the current legislation.

5. In case of realization of transfer of the insurance portfolio of condition of the transferred insurance contracts do not change.

Chapter II. Approval of transfer of the insurance portfolio

6. Intention about transfer of the insurance portfolio is brought to the attention of insurers by means of the announcement published in the Official monitor of the Republic of Moldova in which preliminary term in one month for presentation of possible claims is provided to them.

7. On the expiration, this provision specified in Item 6, the insurer/overcautious person - the assignor requests from the National commission on the financial market (further - the National commission) approval of transfer of portfolio.

8. The national commission makes the decision on approval of transfer of the insurance portfolio only in case the insurer/overcautious person - the assignor confirms lack of claims to transfer.

9. The national commission considers the application for approval of transfer of the insurance portfolio within 15 working days from the date of filing of application to which the following documents are enclosed:

a) copies of protocols of general shareholder meetings (unitholders) of the insurer/overcautious person - the assignor and the insurer / perestrakhovshchikatsessionariya according to which cession and, respectively, adoption of the insurance portfolio was established;

b) the devolution agreement of portfolio, concluded between the insurer/overcautious person - the assignor and the insurer/overcautious person - the cessionary, containing at least the following data and information:

- identification data of the parties;

- persons, representatives to represent the parties;

- the elements which are subject to transfer;

- period of realization of transfer of portfolio;

- the rights and obligations of the parties proceeding from the signed agreement;

c) the data provided in appendix to this provision;

d) structure of portfolios on categories and classes of insurance of the insurer/overcautious person - the cessionary and the insurer/overcautious person - the assignor;

e) the reporting of the insurer/overcautious person - the assignor and the insurer/overcautious person - the cessionary about the minimum and free margin of the solvency reflecting the current situation for the end of the month preceding submission of documents;

f) the reporting on assessment to the minimum and free margin of solvency which will be had by the insurer / perestrakhovshchiktsessionary after completion of transfer of portfolio;

g) the reporting of the insurer/overcautious person - the assignor and the insurer/overcautious person - the cessionary about the assets accepted in covering of technical reserves, reflecting the current situation for the end of the month preceding submission of documents;

h) the reporting on the assets accepted in covering of technical reserves which will be in the insurer/overcautious person's arrangement - the cessionary after transfer of portfolio;

i) condition of technical reserves of the insurer / perestrakhovshchikatsedenta and the insurer/overcautious person - the cessionary before transfer of portfolio, the reflecting current situation for the end of the month preceding submission of documents;

j) assessment of provision of technical reserves of the insurer/overcautious person - the cessionary after transfer of portfolio, on categories and classes of insurance;

k) the reporting of the insurer/overcautious person - the assignor about technical reserves and about assets which are transferred, corresponding to the transferred agreements of insurance/reinsurance, reflecting the current situation for the end of the month preceding submission of documents;

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