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Ministry of Justice

Republic of Moldova

On March 5, 2024 No. 1920

RESOLUTION OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of February 29, 2024 No. 71

About approval of Regulations about audit of insurance or reinsurance companies

Based on part (1) and parts (11) the Art. 53, parts (1) and parts (3) the Art. 54, parts (1) and parts (2) Art. 118 of the Law on safety or reinsurance activities No. 92/2022 (The official monitor of the Republic of Moldova, 2022, No. 129-133 the Art. 229), with subsequent changes, parts (6) the Art. X of the Law on modification of some regulations No. 214/2023 (ensuring transfer of powers according to the Law on modification of some regulations No. 178/2020), (The official monitor of the Republic of Moldova, 2023, No. 287-290, the Art. 504) the Executive committee of National Bank of Moldova DECIDES:

1. Approve Regulations about audit of insurance or reinsurance companies it (is applied).

2. Declare invalid the Resolution of the National commission on the financial market No. 19/3/2019 about approval of Regulations about audit of insurers (overcautious persons) (The official monitor of the Republic of Moldova, 2019, No. 178-184, the Art. 914), registered in the Ministry of Justice of the Republic of Moldova at No. 1455 of May 22, 2019.

3. This resolution becomes effective from the date of its publication in the Official monitor of the Republic of Moldova.

Deputy Chairman of Executive committee

Vladimir Muntyanu

Appendix

to the Resolution of Executive committee of National Bank of Moldova of February 29, 2024 No. 71

Regulations about audit of insurance or reinsurance companies

Chapter I. General provisions

1. These Regulations establish the regulatory base for implementation of financial records audit and audit in the supervising purposes in insurance or reinsurance company, procedure for acceptance/approval (further - approval), including requirements to the subject of audit, procedure for withdrawal of approval of the subject of audit, the requirement to creation of audit opinions.

2. In these regulations the concepts provided by the Law on safety or reinsurance activities No. 92/2022 (further – the Law No. 92/2022), are used by the Law on financial accounting and the financial reporting No. 287/2017 (further – the Law No. 287/2017) and the Law on financial records audit No. 271/2017 (further – the Law No. 271/2017).

3. For the purposes of these regulations the concept "insurance or reinsurance company" includes the insurance company or reinsurance society with the central location in the Republic of Moldova, and also departments of insurance or reinsurance companies from the third countries.

4. The subject of audit which will perform audit of insurance or reinsurance company shall be approved by National Bank of Moldova to the conclusion of the auditing contract.

Chapter II. Requirements to the subject of audit

Part 1. Requirements to the subject of audit and to group of the audit engagement

5. The National Bank of Moldova is approved by the subject of audit for implementation of financial records audit and audit in the supervising purposes which in total carries out the following criteria:

1) it is registered in the Public register of subjects of audit;

2) disciplinary actions in auditing process for the last 3 years were not applied to the subject;

At least 3 years of work experience in audit area of financial statements of subjects of public value have 3);

4) it did not withdraw approval of National Bank of Moldova in the context of observance of provisions of the regulatory base relating to activities of insurance or reinsurance companies for the last 3 years;

At least two auditors having the existing qualification certificate of the auditor, the auditors registered in the Public register have 5) in the state;

6) the group of the audit engagement in total carries out the following criteria:

a) the work experience in audit area of financial statements according to the International Accounting Standards (IAS) has at least 3 years at least 1/3 groups of the audit engagement;

b) at least one auditor of group of the audit engagement has work experience at least 3 years in audit area of financial statements of subjects of public value from which one year in audit area of financial statements of insurance or reinsurance companies;

c) at least one auditor of group of the audit engagement has the qualification certificate of the actuary provided that it has no and had no, at least, during the last two consecutive accounting periods of contractual relations with insurance or reinsurance company;

d) the performed activities within these activities allow to conclude in audit areas and responsibility that the group has good professional reputation. The professional reputation is estimated by insurance or reinsurance company according to the documents and information specified in subitem 8) to item 8;

e) at least one auditor has the international qualification certificate in the field of financial accounting and/or audit;

f) at least one member of group of the audit engagement has the auditor certificate in the information systems CISA (Certified Information Systems Auditor) issued by the international independent society of Association on audit and control of information systems (ISACA) in case of the audit in the supervising purposes appointed according to subitem 7) item 25;

g) at least one member of group of the audit engagement has experience and/or the certificate in the field of the prevention and anti-money laundering and terrorism financing (the ave.: CAMS (Certified Anti-Money Laundering Specialist, etc.), in case of the audit in the supervising purposes appointed according to subitem 4) item 25.

6. The actuary appointed in structure of group of the audit engagement shall observe professional and ethical standards, and also provisions of regulations of National Bank of Moldova, having obligation to allocate enough time not to affect quality of the actuarial analyses necessary for accomplishment of the audit engagement.

7. The auditing contract is signed in writing and contains, at least, the following:

1) purpose and scope of audit;

2) the accounting period for which audit, according to the Law No. 287/2017 is performed;

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