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

of December 4, 2014 No. 58/3

About the external bank guarantee

In view of the letter of Council of Bureau of the International system of insurance "Green card" (further – Council of Bureau) from 25.11.2014, according to which for National bureau of insurers of vehicles was established the external bank guarantee in the minimum size of 4250000 Euros, based on Art. provisions 3, by Art. 4 of the h. (1) and h. (2), Art. 8 of the item c) and r), Art. 9 of the h. (1) the item d) and r) The law No. 192-XIV of 12.11.1998 "About the National commission on the financial market" (it is repeatedly published in the Official monitor of the Republic of Moldova, 2007, No. 117-126 BIS), Art. 30 of the h. (4), Art. 5 of the h. (2) the item b) 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, No. 32-35, the Art. 112), Art. 24 of the h. (3) item i), Art. 55 of h. (2) and (3) Law No. 407-XVI of 21.12.2006 "About insurance" (The official monitor of the Republic of Moldova, 2007, No. 47-49, the Art. 213), the National commission on the DECIDES: financial market

1. Order to insurers who on the date of entry into force of this resolution have the license for internal and external compulsory third party car insurance (further - insurers):

1) to perform within 15 working days transfer of own money to the bank account of National bureau of insurers of vehicles for difference covering between share of each insurer in the external bank guarantee according to the new requirement of Council of Bureau (531250 Euros = 4250000 Euros / 8 insurers) and the share contributed by each insurer (500000 USD) according to the requirement of Council of Bureau of 2009;

To provide 2) to the National commission on the financial market within 30 working days the conclusion of the independent auditor which confirms that the money covering the difference specified in the subitem 1) is own means.

2. Warn insurers that in case of non-execution of Item 1 of this resolution, the license for internal and external compulsory third party car insurance will be withdrawn.

3. Insurers will inform the National commission on the financial market on execution of this resolution in time, specified in the subitem 2) of Item 1.

4. To impose control over execution of this resolution on general management of insurance supervision.

5. This resolution becomes effective from the date of publication.

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