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It is registered

Ministry of Justice

Republic of Moldova

On September 26, 2008 No. 611

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

of May 29, 2008 No. 23/3

About approval of the Regulations on Fonda of compensations

(The last edition from 29-05-2008)

For the purpose of execution and enforcement of provisions of Art. 34 of the h. (3) the Law No. 414-XVI of 22.12.2006. "About obligatory civil liability insurance for the damage caused by vehicles" (The official monitor of the Republic of Moldova, 2007, Art. No. 32-35, 112), 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 No. 192-XIV of 12.11.1998. "About the National commission on the financial market" (repeatedly published in the Official monitor of the Republic of Moldova, 2007, No. 117-126 BIS), and 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 NKFR No. 48/5 of 27.09.2007. (Official monitor of the Republic of Moldova, 2007, Art. No. 157-160, 587), National commission on the DECIDES: financial market

1. Approve Regulations on Fonda of compensations 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 of the Republic of Moldova of May 29, 2008 No. 23/3

Regulations on Fonda of compensations

Chapter I. General provisions

1. The provision o Fund of compensations (further – the Provision) is developed according to the Law No. 414-XVI of 22.12.2006. "About obligatory civil liability insurance for the damage caused by vehicles" (The official monitor of the Republic of Moldova, 2007, Art. No. 32-35, 112).

2. The fund of compensations (further - Fund) is established for guaranteeing goal achievement, provided by part (1) article 34 of the Law on obligatory civil liability insurance for the damage caused by vehicles.

3. The fund is established due to obligatory expels of the insurers having the right to perform compulsory third party car insurance for the damage caused by vehicles with territorial covering out of the Republic of Moldova (further - external compulsory third party car insurance).

Chapter II. Source, the size and payment due date of fees in fund of compensations

4. According to provisions of Art. 34 of the h. (2) the Law on obligatory civil liability insurance for the damage caused by vehicles, sources of financial resources of Fund of compensations are:

a) the admission fee which has warranty nature in case of insolvency of the insurer of external car responsibility insurance;

b) the monthly fee intended for accomplishment of tasks of fund;

c) special fee in the form of loan depending on current demands of Fund.

5. The admission fee constitutes 5% of the minimum authorized capital for the general insurance established according to Art. 22 of the h. (1) Item and) the Law No. 407-XVI of 21.12.2006. "About insurance" (The official monitor of the Republic of Moldova, 2007, Art. No. 47-49, 213).

6. The admission fee and income gained from its investment returns to the insurer in case of its exit from members of National bureau of insurers of vehicles, but not earlier than liquidation without debts of insurance portfolio on external car responsibility insurance.

7. The monthly fee in the amount of 5% from gross – the awards added in the accounting period on external compulsory third party car insurance is listed by insurers of external compulsory third party car insurance to the 15th following for reporting month.

8. Monthly fees become property of National bureau of insurers of vehicles and are not compensated to insurers in case of refusal from membership or exception of the list of members of National bureau of insurers of vehicles.

9. The special fee represents the amount which is transferred by insurers of external car responsibility insurance in the form of loan in case fund is insufficient for guaranteeing return by the foreign managing director of bureau of the amounts paid by them as compensation for the damage caused by the insurers of external car responsibility insurance insured by the insurers who are members of National bureau of insurers of vehicles.

10. The amount of special fees cannot exceed the amount of the financial shortages registered at some point in Fund and is paid by members of National bureau of insurers of vehicles equal shares.

11. In process of receipt the special fee returns to Fund of necessary financial resources to insurers in the amount of in which it was paid or according to the decision of administrative board of National bureau of insurers of vehicles can be carried on account of overdue monthly fees, including in the form of advance payment of future monthly fees.

Chapter III. Final and transitional provisions

12. The rights of persons which were injured as a result of motor transportation incident in which the owner of the vehicle has the insurance policy Green card are performed in relation to National bureau of insurers of vehicles.

13. Compensations from fund based on the judgment will be paid to the injured persons, citizens of the Republic of Moldova who pushed judicially the recourse action against person or persons responsible for damages. In these cases the National bureau of insurers of vehicles is the third party who is not declaring independent requirements regarding dispute as the guarantor of the obligation of compensation in the limits and conditions provided by the current legislation.

14. The national bureau of insurers of vehicles provides to quarterly National commission on the financial market to the 25th day of the next quarter arrival report and use of fund according to appendix No. 1, which is integral part of this provision.

15. Before execution of each payment due date of monthly fees the insurers having the right to perform external compulsory third party car insurance submit to National bureau of insurers of vehicles the report on charge and transfer of fees in Fund, according to appendix No. 2, which is integral part of this Provision.

16. Information which joins in the provided reports undertakes from the accounting and operational accounting seen by the insurer of external car responsibility insurance according to article 38 of the Law on obligatory civil liability insurance the damage caused by vehicles.

17. Participants of the market of insurance bear responsibility according to the current legislation for non-execution of requirements of this provision.

Appendix No. 1

to Regulations on Fonda of compensations

Arrival report and use of fund of compensations for the period _______________________

I. Receipt of fees in the accounting period 

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