of June 18, 1999 No. 79
About approval of the Regulations on calculation of net assets of insurance companies
According to approval and enforcement of National accounting standards and the Chart of accounts of financial accounting of financial and economic activities of the companies
1. Approve Regulations on calculation of net assets of insurance companies it (is applied).
2. Enact Regulations on calculation of net assets of insurance companies from the moment of publication in Monitorul Oficial al Republicii Moldova.
3. Declare invalid the Order of the Ministry of Finance No. 108 of July 7, 1997.
Minister of Finance Anatol Arapu
to the Order of the Ministry of Finance of the Republic of Moldova No. 79 of June 18, 1999
1. The regulations on calculation of net assets of insurance companies (further - provision) are developed according to item 7 of the Order of the Government of the Republic of Moldova N533 of June 10, 1997 "About some measures for settlement of insurance activity".
2. Net assets represent the actual cost of all assets created at the expense of own sources and free from obligations (debts).
Proceeding from this determination net assets of insurance companies are calculated by the following general formula:
Чистые активы = стоимость - Заемные средства
The size of net assets of insurance company is determined based on the balance sheet (form N 1) this organization as follows:
Net assets = code of p. 470 "All - asset" - code of p. 820 "Total on time to case 4" - code of p. 1060 "Total according to Section 5".
3. Assets of insurance companies in case of cost determination of net assets are included:
Chapter 1. Non-current assets (p. code 200);
Chapter 2. Current assets (p. code 460).
4. When calculating net assets value of insurance company the total cost of the following liabilities is excluded from total cost of assets:
Chapter 4. Long-term obligations (p. code 820);
Chapter 5. Short-term obligations (p. code 1060).
5. The size of net assets of insurance company is equal to the size of equity of this organization which is their source, and is reflected in the balance sheet by code of p. 650 "Total according to Section 3".
6. Net assets value of insurance company shall be not lower than the size of its authorized capital specified in its constituent documents. If upon termination of the second year or any subsequent financial year net assets value, according to the year balance of insurance company, appears lower than the size of the authorized capital, annual general meeting of founders shall make the decision:
a) about reduction of the authorized capital and/or
b) about the increase in size of net assets by introduction by founders of the organization of additional deposits according to the procedure provided by the charter or
c) about liquidation of insurance company.
Before reduction of size of net assets of insurance company in compliance with size of its authorized capital according to the procedure, provided by Items and) and b), issue of securities of the organization is not allowed.
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