MOLDOVA: peaceful settlement of traffic accidents to significantly simplify damage compensation

As of September 8, 2019, a procedure exists for peaceful settlement of traffic accidents without police documentation, Capital.market reported, according to the press-service of the National Commission for Financial Markets (CNPF).

This peaceful settlement procedure can be applied only to traffic accidents within Moldova with the participation of only two vehicles, in cases where material damage is no more than MDL 10 thousand (~EUR 512) and provided that both parties of an accident mutually agree on the party at fault. Accident participants fill out a form of peaceful settlement and pass it on to an insurer without involving the police.

According to CNPF, this procedure will simplify damage compensation. As of September this year, it is valid for MTPL policy holders, and Green Card policyholders will be able to apply it beginning in 2021.

Based on Automated Information System RCA data, in 2018 the share of traffic accidents with the amount of damage up to MDL 10 thousand was 60% of the total number of traffic insurance events.



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