Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

Registered by

Ministry of Justice

Republic of Moldova

No. 578 of June 4, 2008

RESOLUTION OF THE NATIONAL COMMISSION ON THE FINANCIAL MARKET

of April 10, 2008 No. 14/7

About approval of the Regulations on issue of permission to reorganization of the insurer / перестраxовщика

For the purpose of execution of provisions of Art. 45 of h (1) the Law No. 407-XVI of 21.12.2006. "About insurance" (The official monitor of the Republic of Moldova, 2007, 347-49, 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 No. 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, No. 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 financial market 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 issue of permission to reorganization of the insurer / перестраxовщика 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. 14/7 of April 10, 2008

Regulations on issue of permission to reorganization of the insurer / перестраxовщика

This provision is developed according to requirements of the Law No. 407-XVI of 21.12.2006. "About insurance", Art. 69-85 of the Civil code of the Republic of Moldova, Art. 93-96 of the Law No. 1134-XIII of 2.04.1997. "About joint-stock companies", Art. 80-81 of the Law No. 135-XVI of 14.06.2007. "About societies with limited and responsibility", requirements of the Instruction about stages of the reorganization of joint-stock companies approved by the Resolution of the National commission on securities No. 43/9 of 3.08.2006 (The official monitor of the Republic of Moldova, 2006, Art. No. 134-137, 464), also establishes rules and the procedure of issue by the National commission on the financial market (further - the National commission) permissions to reorganization of the insurer / перестраxовщика.

Chapter I. Conditions to start the procedure of reorganization of the insurer / overcautious person

1. State registration of reorganization of the insurer/overcautious person is performed with the permission of the National commission.

2. In case of consideration of the application about issue of permission to state registration of reorganization of the insurer/overcautious person the National commission estimates systemic risk which represents set of the risks characteristic of insurance area and which are capable to provoke the certain imbalance influencing functionality of system. The systemic risk is estimated based on the following criteria:

1) economic case of consolidation or crushing (premises and conditions, the purpose, the reasons and influence of reorganization on solvency and financial condition of the insurer/overcautious person - the successor);

2) availability of the detailed and reasonable operational plan developed participating in reorganization for carrying out process of consolidation or crushing.;

3) observance by the reception insurer / overcautious person of the prudential regulations provided by Art. 31 of the Insurance law. In case of establishment of their violation in case of consolidation or crushing, the insurer/overcautious person - the successor shall regulate the activities in the field for 6 months (which is not the exclusive period), proving this regulation by specific actions with their reflection in the business plan;

4) influence of financial position of insurer / perestrakhovshchikapreemnik on insurance sector, including on competitors (current status and further development), taking into account provisions of the legislation on protection of the competition.

3. The national commission recommends to the insurers/overcautious persons who are in process of reorganization by consolidation or crushing to attract at least one independent auditor society or one auditor - the individual entrepreneur having the license for implementation of auditor activities in the field of insurance granted according to the current legislation.

4. Reorganization by transformation is performed within the term specified in Item and) parts (4) Article 57 of the Insurance law, insurers who on the date of entry into force of the corresponding legal act have form of business of limited liability company.

5. Reorganization by transformation of the insurer with form of business - joint-stock company - is allowed only in case of change of object of activity and realization of transfer of the insurance portfolio in conditions, the stipulated in Article 35 Insurance laws and Regulations on transfer of the insurance portfolio.

6. The insurers participating in reorganization process shall provide observance of provisions of part (1) Article 72 of the Civil code of the Republic of Moldova, the creditors providing the written notice. If insurers who will be reorganized by consolidation or crushing have in insurance portfolio of the agreement of obligatory civil liability insurance for the damage caused by vehicles, the merged, attached or crushed insurers and/or the formed insurers (newly created) shall notify insurers and on identification, and the location of representatives on damage.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.