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

of September 30, 2016 No. 49/5

About approval of the Regulations on requirements to professional training and competence of insurance

In pursuance of provisions of Art. 31 of the h. (1) item b), Art. 48 of the h. (2) item a), h. (3) item f) and item h), h (3-1) items d) and h. (6), Art. 49 of the h. (2) the item f) the 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), with subsequent changes and amendments, Art. 8 of the item b), Art. 21 of the h. (1) and Art. 25 of the h. (2) 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), the National commission on the DECIDES: financial market

1. Approve Regulations on requirements to professional training and competence of insurance according to appendix.

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

Appendix

to the Resolution of the National commission on the financial market of the Republic of Moldova of September 30, 2016 No. 49/5

Regulations on requirements to professional training and competence of insurance

This Provision is transposition of the Directive of the European Parliament 2016/97 of January 20, 2016 about the distribution of insurance services (new edition) (the text is applicable in the EEA) published in the Official magazine of the European Union No. L 26/19 of February 2, 2016, the Directive of the European Parliament and Council No. 2002/92/EU of December 9, 2002 about insurance (reinsurance) mediation (the text is applicable in the EEA) published in the Official magazine of the European Union No. L 009/3 of January 15, 2003 and the principles IAIS No. 18 "Intermediaries" and No. 19 "Business".

Chapter I. General provisions

1. This Provision determines requirements to preparation, professional competence and experience of the following categories of persons:

1) salaried employees of the insurer;

2) salaried employees of the agent bankashurans;

3) administrator of the insurance and/or reinsurance broker;

4) the salaried employees of the insurance and/or reinsurance broker which are directly performing mediatorial functions;

5) insurance agents – physical persons;

6) the administrator of insurance agent - the legal entity;

7) subagents.

2. Acquisition by physical persons of the qualities provided by subitems 3) of Item 1, is caused by availability of the certificate on professional qualification issued in the conditions of this provision.

3. Requirements of the Regulations on certification of specialists of professional participants of the non-bank financial market approved by the National commission on the financial market (further – the National commission) by the Resolution No. 44/5 of 18:09 are applied to the situations which are not regulated by this Provision. 2008, registered in the Ministry of Justice at No. 648 of February 10, 2009.

4. For the purpose of this provision the following concepts are used:

requirements to professional training – all requirements and conditions of professional training determined profile legislative and regulations; professional requirements include criteria of preparation and/or certification;

professional competence – knowledge and abilities created as a result of the accumulated working experience, the professional qualification corresponding to the education level and/or number of hours of professional training, including continuous, listened by person;

the qualification certificate - the certificate issued by the National commission, confirming test passing and availability of necessary capabilities in insurance field, and also sufficiency of the professional training level of person;

distribution of insurance services – any activities consisting in rendering consultations according to insurance contracts, the offer of such agreements or implementation of other preparatory actions for the purpose of the conclusion of such agreements in the conclusion of such agreements or assistance for management or implementation of such agreements, especially in case of the requirement of compensation, including in submission of information on one or several insurance contracts according to the criteria chosen by consumers on the web page or by means of other means of communication and in classification of insurance products including price comparison and products or discount on certain award if the consumer has opportunity to sign, directly or indirectly, the insurance contract by means of the web page or other means of communication;

salaried employees – set of persons directly or indirectly involved in activities of the insurer/intermediary irrespective of specifics and complexity of the carried-out works, except for the actuary owning the qualification certificate of the actuary issued in the conditions of the Resolution of the National commission No. 44/5 of 18.09.2008. Salaried employees of the insurer are meant as the personnel involved in insurance activity, and salaried employees of the agent bankashurans – the personnel involved in intermediary activities;

persons whose function is distribution of insurance services – the persons which are marked out in Item 1 and owning the qualification certificate.

5. Persons specified in Item 1, shall meet the professional requirements and conditions of preparation and experience according to posts, responsibility and powers on the basis of which perform the activities and, depending on circumstances, to own the qualified certificate issued in the conditions of this provision.

Chapter II. Professional requirements, conditions of preparation and experience for persons which function is distribution of insurance services

6. In addition to requirements of this provision officials of insurers/overcautious persons and insurance intermediaries shall correspond to the criteria of preparation and experience established by regulations of the National commission.

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