RESOLUTION OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of December 19, 2024 No. 328

About approval of Regulations about own means, assessment of the assets and liabilities, assets allowed for covering of technical reserves and the requirement to the minimum capital, solvency and liquidity of insurance or reinsurance company and modification of some regulations (indicators of prudential/financial stability in the sphere of insurance)

Based on part (6) the Art. 16, parts (6) the Art. 50, parts (1) the Art. 57, parts (2) the Art. 58, parts (3) the Art. 59, the Art. 71, parts (3) and (7) the Art. 72, parts (8) the Art. 74, Item d) parts (6) Art. 123 of the Law on insurance or reinsurance activity No. 92/2022 (The official monitor of the Republic of Moldova, 2022, No. 129-133, the Art. 229), 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 own means, assessment of the assets and liabilities, assets allowed for covering of technical reserves and the requirement to the minimum capital, solvencies and liquidities of insurance or reinsurance company it (is applied).

2. In the Resolution of the National commission on the financial market No. 2/1/2011 about approval of the Regulations on margins of solvency and liquidity rate of the insurer (overcautious person) (The official monitor of the Republic of Moldova, 2011, No. 59-62, the Art. 310), registered in the Ministry of Justice of the Republic of Moldova at No. 812 of 8:04. 2011, with subsequent changes to make the following changes:

2.1. in the name of the resolution, Item 1 of the resolution and in all text of appendix No. 1 texts "insurer", "the insurer (overcautious person)" and "the insurer (overcautious person) / insurance company", "insurance company" in any grammatical form shall be replaced with words "society" in the corresponding grammatical form;

2.2. in acceptance formula the text "Art. 30 of the h. (4) and h. (7), Art. 34 of the h. (10) the Law 407-XVI of 21.12.2006 "About insurance" (The official monitor of the Republic of Moldova, 2007, No. 47-49, the Art. 213)" to replace with the text "parts (6) the Art. 16, the item d) parts (6) Art. 123 of the Law on insurance or reinsurance activity No. 92/2022 (The official monitor of the Republic of Moldova, 2022, No. 129-133, the Art. 229)";

2.3. in appendix No. 1:

2.3.1. in Item 1-1 "the insurer (overcautious person) and" and "insurance company and" to exclude texts;

2.3.2. Add with Item 1-2 of the following content:

"12. These Regulations are applied to insurance or reinsurance companies which licenses were revoked on the date of entry into force of Regulations about own means, assessment of the assets and liabilities, assets allowed for covering of technical reserves and the requirement to the minimum capital, solvency and liquidity of the insurance or reinsurance company approved by the decision of Executive committee of National Bank of Moldova No. 328 of December 19, 2024.";

2.3.3. in Item 2:

2.3.3.1. add with determination "insurance or reinsurance company which license was revoked" the following content:

"insurance or reinsurance company which license was revoked (further – society) – the society which had the license for implementation of insurance or reinsurance activity and having the payment obligations assumed based on insurance contracts and to which part provisions (6) are applied by Art. 16 and, depending on circumstances, part (6) Art. 123 of the Law No. 92/2022, on which the judgment is not made on initiation of process of insolvency and/or the judgment about liquidation process initiation.";

2.3.3.2. "warranty minimum margin of solvency" to state determination in the following edition:

"warranty minimum margin of solvency - the size of the minimum margin of solvency of society";

2.3.4. in the subitem 10) of item 4 "article 28 of the Law No. 407/2006 on insurance" to replace the text with the text "article 32 of the Law on insurance or reinsurance activity No. 92/2022";

2.3.5. state Item 12 in the following edition:

"12. The standard rate of sufficiency of solvency of less than 100% specifies inability of society to repay the debts on measure of their origin.";

2.3.6. in Item 13 of the word "monthly", "continuously" to exclude;

2.3.7. Items 121, of 14, of 15, of 21, of 25, of 28, 29 to recognize invalid;

2.3.8. in the subitem 1) of Item 18 the text", on condition of observance of the liquidity rate established in the item 25 of this provision" to exclude;

2.3.9. in Item 26 to exclude the word "monthly";

2.3.10. state Item 27 in the following edition:

"27. The specialized reports constituted in forms of appendices No. 1-7, are represented to National Bank of Moldova quarterly - to the 25th following the accounting period, except for the IV quarter which is represented annually - till February 25 of the year following after accounting year or upon the demand of National Bank of Moldova for any other date.";

2.3.11. in appendix No. 1 in line 1.1, the column 3, the text", on condition of observance of the liquidity rate established in the item 25 of this provision" to exclude.

3. Declare invalid appendix No. 3 to the Resolution of the National commission on the financial market No. 26/15/2011 on approval of form and content of the specialized reporting of insurers (overcautious persons) (The official monitor of the Republic of Moldova, 2011, No. 135-138, the Art. 1147).

4. In the Regulations about the specialized financial reporting of insurance or reinsurance companies approved by the Resolution of the National commission on the financial market No. 30/13/2023 (The official monitor of the Republic of Moldova, 2023, No. 216-219 the Art. 622) registered in the Ministry of Justice of the Republic of Moldova at No. 1800 of 22:06. 2023, to make the following changes:

4.1. in item 3 "Items 34 and 48" to replace the text with the text "Item 201";

4.2. in item 9 "and in the Excel format" to exclude the text;

4.3. Add with Item 20-1 of the following content:

"20-1. In case of creation of the balance sheet in the BB form – the Balance sheet (appendix No. 1):

1) provisions of the International accounting standards, except as specified, provided by Items 34 and 48 are applied to columns 4 and 5;

2) Regulations regulations on own means, assessment of the assets and liabilities, assets allowed for covering of the technical reserves and the requirement to the minimum capital, solvency and liquidity of the insurance or reinsurance company approved by the resolution of Executive committee of National Bank of Moldova No. 328 of December 19 2024, except as specified provided by Items 34 and 48 are applied to columns 6 and 7;

3) the values reflected in the line items of balance relating to Items 34 and 48, for the same accounting period will be equal, respectively, column 4 is equal to column 6 and column 5 is equal to column 7.".

4.4. Add with Item 63-1 of the following content:

„63-1. The net income from investments of the insurance company performing activities for general insurance is specified in the nontechnical report (line item of III). The investment income and expenses on investments of the insurance company performing activities for life insurance are specified in the technical report of life insurance (line items of IX and X).".

4.5. in item 65" (line items of V and VI of the nontechnical report)" to replace the text with the text" (line items of XI and XII of the profit and loss statement)";

4.6. Add with Item 70-1 of the following content:

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