The Republic of Moldova modernizes its insurance legislation with the support of ASF

Bucharest, 19 March 2024 - The President of the Financial Supervisory Authority (ASF), Mr. Alexandru Petrescu, participated today in Chisinau in the closing event of the EU-funded Twinning project "Strengthening Supervision, Corporate Governance and Risk Management in the Financial Sector" for the Republic of Moldova.

The contribution of ASF to the twinning project was aimed at assisting the regulatory authorities in the Republic of Moldova in aligning national legislation with the provisions of the Solvency II Directive and the MTPL Law.

"With the support of experts from ASF, representatives of the National Bank of Moldova (NBM) have drafted bills for the implementation of directives and laws governing the insurance market. Although the organisation of the 27 missions, during which we advised colleagues from the Republic of Moldova, was a real challenge as time was relatively short, the result proved to be a success", said the ASF President, Mr. Alexandru Petrescu.

During the project, NBM representatives were on two study visits to the ASF headquarters, which provided a very good opportunity for the exchange of experience in both the licensing and supervision of insurance companies.

"Our support to the authorities of the Republic of Moldova will go beyond the assistance provided under the twinning project and will continue on the basis of bilateral cooperation agreements. I would like to thank our partners in this project: the National Bank of Romania, the leader of the consortium that carried out the twinning project, the National Bank of the Netherlands, the Bank of Lithuania and the National Authority for Consumer Protection. I would also like to thank the National Bank of Moldova for an excellent cooperation and my colleagues in ASF for their sustained effort in this project", underlined the ASF President.

The overall objective of the twinning project was to support the Republic of Moldova in implementing reforms related to the Association Agreement between the EU and the neighbouring country, with a focus on strengthening supervision, corporate governance and risk management in the financial sector.