The General Assembly of the Council of Bureaux in Brussels decided on June 2 to revoke the suspension of the National Bureau of Motor Insurers of Moldova (BNAA) from the "Green Card" system.
In the first three months of 2016, the total premiums of Moldova's insurance companies increased by 12.12%, up to MLD 284.41 million, compared to the same period of 2015, according to the official data published by the supervisory authority - NCFM.
On Friday, May, 13, 2016, the Board of Directors of the National Commission for Financial Market convoked urgently an extraordinary meeting. The reason was the imminent risk Moldova to be excluded from the international system of insurance Green Card, informs the Mold-Street.
At the end of December 2015, the Moldavian insurance market totaled MDL 1.2 billion (about EUR 58.8 million), up by 2.1% y-o-y, according to the preliminary statistics recently published by the market's supervisory authority. Claims paid by the 15 insurers that have reported operations totaled MDL 386.6 million (or EUR 18.5 million) - equivalent to 31% of the total GWP.
Council of Bureaux (CoB), the European institution based in Brussels, manager of the international insurance system "Green Card", has decided to postpone the decision suspending the National Bureau of Motor Insurers of Moldova (NBMI) of the "Green Card" until the General meeting of its members, scheduled to take place in early June, reads a press release issued by the NBMI.
All 15 insurance companies active on the Moldavian insurance market have concluded the first nine months of the year with a positive balance, according to data published by the National Commission of Financial Market (NCFM).
Starting April 1st, 2016, Moldavian drivers will not be able to buy Green Card policies from local companies, according to the most recent decision taken by the National Bureau of Motor Insurers (BNAA). According BNAA's statistics, on December 7th, there were 39,589 valid Green Card policies issued by 10 authorized insurers.
The GWP, in the first nine months, by the 15 Moldavian insurance companies active on the local market, totaled MDL 909.25 million (EUR 44.16 million), up by 1% y-o-y, according to the official data published by the National Commission of Financial Market of Moldova.
In the first half of 2015, the premiums mediated by the Moldavian insurance brokerage companies went up by 13% y-o-y, to MDL 179.35 million, according to the official data published by the National Commission of Financial Market of Moldova.
The European Union has launched a new Twinning Project in the field of prudential regulation and supervision of the non-banking financial market in Moldova, according to the official press-release published by the National Commission for Financial Markets. The project is financed by the European Union to the tune of EUR 1.3 million.
The National Motor Insurers' Bureau of Moldova (BNAA) has recently elected a new executive staff. Thus, the new CEO is Alina OSOIANU. She will replace Mihai MANOLE who resigned from the top executive position.
2014 and the first half of the current year were one of the most
difficult periods for the domestic insurance market due to the internal
disputes in the National Bureau of Motor Insurers in Moldova between the
members with rights to issue Green Card policies, namely, regarding the
principle of internal organization and the lack of access by the local
management to the funds of the bureau.
In the first six months of this year, the insurance companies of Republic of Moldova reported a total GWP volume of about MDL 573.17 million, down by half percent compared with the 1H2014 figures. About 93.72% of aggregated GWP volume was generated by the non-life classes, the remaining 6.28% being accounted by life policies.
According to preliminary data of the National Commission for financial
market, in January-June 2015 the largest volume of premiums accounted
for the company Moldasig - 26,04 million lei, Donaris Grup - 24,62
million lei, Asito - 17,85 million lei, Klassika Asigurari - 17,64
million lei, Victoria Asigurari - 15,52 million lei. The share of these
companies accounted for over 80% of the collected premiums on the "Green
The Bureau for Reintegration informs that currently, all 14 Moldovan insurance companies, issuing motor third party liability insurance (MTPL) policies, joined the "mechanism-frame on cooperation of insurance agents from both banks of the Dniester in compulsory insurance contracts on civil auto liability".
In the first three months of this year, the 15 active Moldavian insurers reported a total GWP volume of about MDL 253.66 million (EUR 12.48 million), down by a half a percentage point as compared with the 1Q2014 figures. About 92% of aggregated GWP voume was generated by the non-life classes, the remaining 8% being accounted by life policies. The value of paid claims by insurers decreased by 31.4% y-o-y to MDL 79.36 million (EUR 3.90 million).
ASITO KAPITAL, the Romanian insurance company controlled by MOLDASIG, will take over 99% of the Ukrainian insurer STAR-POLIS's shares, based in Kiev.
Last year the Moldavian insurance market totaled MDL 1.2 billion or 0.4% more y-o-y, according to the official statistics published by the National Commission of Financial Market - NCFM. Denominated in euro, due to the depreciation of the national currency, the local insurance market was down by 9.9% to EUR 64.6 million. The value of claims paid by insurers was up by 6.6% y-o-y to EUR 27.6 million, of which motor insurance classes (hull, MTPL and Green Card, summed) accounted for more than 58% (or EUR 16 million) while financial loss policies represented 30% (or EUR 8.2 million).
During a telephone conversation between the Moldovan Prime Minister
Kirill Gaburici and Tiraspol leader Yevgeny Shevchuk it was agreed
today, April 1, to suspend the implementation of the motor insurance in
the region until April 14.
Moldovan drivers will be required to buy insurance for their cars at the
entrance to Transnistria. Each day, some 2,000 cars cross the security
zone, separatist authorities will increase the number of inspectors.
Thus, Tiraspol is trying to accumulate money in the budget of the
region, to overcome the financial crisis. Chisinau say that it is a
unilateral measure that will hinder dialogue between the two sides, TV
"Moldova 1" reported.