Publication:
Moldova Financial Sector Assessment Program: Insurance Core Principles--Detailed Assessment Report

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dc.contributor.authorWorld Bank
dc.date.accessioned2015-11-06T15:37:26Z
dc.date.available2015-11-06T15:37:26Z
dc.date.issued2014-09
dc.description.abstractThis assessment reviews the regulatory and supervisory developments in the insurance sector of Moldova. The current assessment is benchmarked against the insurance core principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS) in October 2011 and revised in 2012. The ICPs apply to all insurers, whether private or state-owned. Specific principles apply to the supervision of intermediaries. The assessment covers the supervisory practices of the Comisa Nationala a Pietei Financiare (National Commission for Financial Markets (NCFM)) which began operations in 2007. The recent decision to move from a pure compliance approach to a more risk based methodology needs to be gradual and carefully staged given the technical capacity constraints in Moldova. Insurer risk management is not universally developed so insurers will only be able to effectively move toward a more risk based approach in a series of small and quite specific steps, supported by regulatory clarity. Many shortcomings in the observance of the ICPs will be addressed by a well-structured transition to risk-based supervision (RBS). Group supervision, particularly operational level cooperation and communication with other supervisors, is also an opportunity and a priority. Ensuring the credibility of the regulatory regime will rely on transparent and sustained enforcement.en
dc.identifierhttp://documents.worldbank.org/curated/en/2015/10/25149654/moldova-financial-sector-assessment-program-insurance-core-principles-detailed-assessment-report
dc.identifier.doi10.1596/22903
dc.identifier.urihttps://hdl.handle.net/10986/22903
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectINDEMNITY INSURANCE
dc.subjectRISK PROFILES
dc.subjectMONETARY POLICY
dc.subjectRISKS
dc.subjectCAPITAL MARKETS
dc.subjectMOTOR THIRD PARTY LIABILITY INSURANCE
dc.subjectCUSTOMS UNION
dc.subjectMARKET STRUCTURE
dc.subjectFOREIGN CAPITAL
dc.subjectINSURANCE SUPERVISORS
dc.subjectINSURANCE OBLIGATIONS
dc.subjectSUBROGATION
dc.subjectMONEY LAUNDERING
dc.subjectEXPOSURES
dc.subjectINCOME
dc.subjectFOREIGN EXCHANGE MARKET
dc.subjectINTEREST
dc.subjectLIFE INSURANCE
dc.subjectLAWS
dc.subjectLIABILITY INSURANCE
dc.subjectGUARANTEES
dc.subjectREGULATORY REGIME
dc.subjectEXCHANGE
dc.subjectACTUARIAL ASSUMPTIONS
dc.subjectINSURER
dc.subjectPROGRAMS
dc.subjectINFORMATION
dc.subjectPORTFOLIO
dc.subjectINFLATION TARGETING
dc.subjectREGULATOR
dc.subjectINSURANCE POLICIES
dc.subjectMARKET SHARES
dc.subjectPRICING
dc.subjectINSURANCE CLAIMS
dc.subjectPRICE
dc.subjectEXCHANGE MARKET
dc.subjectMARKET INFORMATION
dc.subjectINFLATION
dc.subjectINSURANCE MARKET
dc.subjectPOLICYHOLDERS
dc.subjectMARKET PARTICIPANTS
dc.subjectCENTRAL BANK
dc.subjectASSURANCE
dc.subjectJURISDICTIONS
dc.subjectREINSURERS
dc.subjectSAVINGS
dc.subjectCURRENCY
dc.subjectNATURAL DISASTER
dc.subjectACTUARIAL SCIENCE
dc.subjectINSURANCE MARKETS
dc.subjectPORTFOLIOS
dc.subjectMARKETS
dc.subjectFINANCIAL REPORTING
dc.subjectLIFE INSURERS
dc.subjectINSURANCE ACTIVITIES
dc.subjectCAPITAL REQUIREMENTS
dc.subjectFINANCIAL PRODUCTS
dc.subjectRATES
dc.subjectINSURERS
dc.subjectRENEWALS
dc.subjectRESERVES
dc.subjectPENSION FUNDS
dc.subjectCONSUMER DEMAND
dc.subjectINSURANCE COVERAGE
dc.subjectREAL ESTATE
dc.subjectLEGAL FRAMEWORK
dc.subjectLIBERALIZATION
dc.subjectBROKERS
dc.subjectSUPERVISORY AUTHORITIES
dc.subjectINSURANCES
dc.subjectREINSURANCE
dc.subjectEQUITY
dc.subjectSECURITIES MARKETS
dc.subjectREGULATIONS
dc.subjectINTEGRITY
dc.subjectMOTOR INSURANCE
dc.subjectSYSTEMIC RISK
dc.subjectFRAUD
dc.subjectUNDERDEVELOPED MARKET
dc.subjectECONOMIC PERFORMANCE
dc.subjectAUDITORS
dc.subjectTRANSPARENCY
dc.subjectNON-LIFE INSURANCE
dc.subjectINSURANCE AGENTS
dc.subjectTRAVEL INSURANCE
dc.subjectINSURANCE PRODUCTS
dc.subjectLIFE INSURANCES
dc.subjectFINANCIAL CRISIS
dc.subjectFUTURE
dc.subjectREGULATORY REQUIREMENTS
dc.subjectLOSSES
dc.subjectAPPLICATIONS
dc.subjectINSURANCE LAW
dc.subjectINSURANCE CONTRACTS
dc.subjectSALVAGE
dc.subjectCLAIMS
dc.subjectFINANCIAL SECURITY
dc.subjectINCOMES
dc.subjectCONSUMERS
dc.subjectINTERNAL CONTROLS
dc.subjectINSURANCE INDUSTRY
dc.subjectSHARES
dc.subjectINVESTIGATIONS
dc.subjectASSETS
dc.subjectACTUARIES
dc.subjectFOREIGN EXCHANGE
dc.subjectLOCAL CURRENCY
dc.subjectREGULATION
dc.subjectPROFESSIONAL LIABILITY INSURANCE
dc.subjectINVESTMENT PORTFOLIOS
dc.subjectRISK TRANSFER
dc.subjectRISK MANAGEMENT SYSTEM
dc.subjectSECURITIES
dc.subjectINSURANCE SYSTEM
dc.subjectSOLVENCY
dc.subjectRECIPROCITY
dc.subjectOUTPUT
dc.subjectINSURANCE BROKERS
dc.subjectGOVERNANCE
dc.subjectSHAREHOLDERS
dc.subjectEXPOSURE
dc.subjectENFORCEMENT
dc.subjectINSURANCE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectTRADE
dc.subjectAGENTS
dc.subjectSECURITY
dc.subjectGROWTH RATE
dc.subjectEXPANSIONARY MONETARY POLICY
dc.subjectSOLVENCY REQUIREMENTS
dc.subjectNATIONAL BANK
dc.subjectINVESTMENT
dc.subjectRISK
dc.subjectCOMMISSIONS
dc.subjectINDEMNITY
dc.subjectSECURITIES REGULATOR
dc.subjectFINANCIAL MARKETS
dc.subjectINSPECTIONS
dc.subjectBANKING
dc.subjectTRADE RELATIONS
dc.subjectUNDERWRITING
dc.subjectINSURER SOLVENCY
dc.subjectPROFESSIONAL LIABILITY
dc.subjectCONTINGENCY PLANNING
dc.subjectREGULATORS
dc.subjectLAW
dc.subjectINVESTMENTS
dc.subjectRISK MANAGEMENT
dc.subjectCOMMUNICATION
dc.subjectINSURANCE COMPANIES
dc.subjectMACROECONOMIC POLICIES
dc.subjectRECOVERABLES
dc.subjectREINSURANCE CONTRACTS
dc.subjectFINANCIAL SECTOR
dc.subjectLIABILITIES
dc.subjectCOVERAGE
dc.subjectRISK ASSESSMENTS
dc.subjectINSURANCE SUPERVISION
dc.subjectRISK ASSESSMENT
dc.subjectCONSUMER PROTECTION
dc.subjectPREMIUMS
dc.subjectCOMPETITION
dc.titleMoldova Financial Sector Assessment Programen
dc.title.subtitleInsurance Core Principles--Detailed Assessment Reporten
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.date.disclosure2015-10-14
okr.date.doiregistration2025-05-07T10:13:10.097005Z
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Financial Sector Assessment Program
okr.docurlhttp://documents.worldbank.org/curated/en/2015/10/25149654/moldova-financial-sector-assessment-program-insurance-core-principles-detailed-assessment-report
okr.guid975031467994694804
okr.identifier.externaldocumentum090224b083142967_1_0
okr.identifier.internaldocumentum25149654
okr.identifier.report100209
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/10/13/090224b083142967/1_0/Rendered/PDF/Moldova000Fina0ed0assessment0report.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryMoldova
okr.sectorFinance
okr.themeInternational financial standards and systems
okr.themeFinancial and private sector development
okr.topicInsurance Law
okr.topicInsurance Risk Mitigation
okr.topicNon Bank Financial Institutions
okr.topicEmerging Markets
okr.topicDebt Markets
okr.topicFinance and Financial Sector Development
okr.topicLaw and Development
okr.topicPrivate Sector Development
okr.unitFinance Markets - GP - IBRD (GFMDR)
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