World Bank2015-11-062015-11-062014-09https://hdl.handle.net/10986/22903This 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-USCC BY 3.0 IGOINDEMNITY INSURANCERISK PROFILESMONETARY POLICYRISKSCAPITAL MARKETSMOTOR THIRD PARTY LIABILITY INSURANCECUSTOMS UNIONMARKET STRUCTUREFOREIGN CAPITALINSURANCE SUPERVISORSINSURANCE OBLIGATIONSSUBROGATIONMONEY LAUNDERINGEXPOSURESINCOMEFOREIGN EXCHANGE MARKETINTERESTLIFE INSURANCELAWSLIABILITY INSURANCEGUARANTEESREGULATORY REGIMEEXCHANGEACTUARIAL ASSUMPTIONSINSURERPROGRAMSINFORMATIONPORTFOLIOINFLATION TARGETINGREGULATORINSURANCE POLICIESMARKET SHARESPRICINGINSURANCE CLAIMSPRICEEXCHANGE MARKETMARKET INFORMATIONINFLATIONINSURANCE MARKETPOLICYHOLDERSMARKET PARTICIPANTSCENTRAL BANKASSURANCEJURISDICTIONSREINSURERSSAVINGSCURRENCYNATURAL DISASTERACTUARIAL SCIENCEINSURANCE MARKETSPORTFOLIOSMARKETSFINANCIAL REPORTINGLIFE INSURERSINSURANCE ACTIVITIESCAPITAL REQUIREMENTSFINANCIAL PRODUCTSRATESINSURERSRENEWALSRESERVESPENSION FUNDSCONSUMER DEMANDINSURANCE COVERAGEREAL ESTATELEGAL FRAMEWORKLIBERALIZATIONBROKERSSUPERVISORY AUTHORITIESINSURANCESREINSURANCEEQUITYSECURITIES MARKETSREGULATIONSINTEGRITYMOTOR INSURANCESYSTEMIC RISKFRAUDUNDERDEVELOPED MARKETECONOMIC PERFORMANCEAUDITORSTRANSPARENCYNON-LIFE INSURANCEINSURANCE AGENTSTRAVEL INSURANCEINSURANCE PRODUCTSLIFE INSURANCESFINANCIAL CRISISFUTUREREGULATORY REQUIREMENTSLOSSESAPPLICATIONSINSURANCE LAWINSURANCE CONTRACTSSALVAGECLAIMSFINANCIAL SECURITYINCOMESCONSUMERSINTERNAL CONTROLSINSURANCE INDUSTRYSHARESINVESTIGATIONSASSETSACTUARIESFOREIGN EXCHANGELOCAL CURRENCYREGULATIONPROFESSIONAL LIABILITY INSURANCEINVESTMENT PORTFOLIOSRISK TRANSFERRISK MANAGEMENT SYSTEMSECURITIESINSURANCE SYSTEMSOLVENCYRECIPROCITYOUTPUTINSURANCE BROKERSGOVERNANCESHAREHOLDERSEXPOSUREENFORCEMENTINSURANCEECONOMIC DEVELOPMENTTRADEAGENTSSECURITYGROWTH RATEEXPANSIONARY MONETARY POLICYSOLVENCY REQUIREMENTSNATIONAL BANKINVESTMENTRISKCOMMISSIONSINDEMNITYSECURITIES REGULATORFINANCIAL MARKETSINSPECTIONSBANKINGTRADE RELATIONSUNDERWRITINGINSURER SOLVENCYPROFESSIONAL LIABILITYCONTINGENCY PLANNINGREGULATORSLAWINVESTMENTSRISK MANAGEMENTCOMMUNICATIONINSURANCE COMPANIESMACROECONOMIC POLICIESRECOVERABLESREINSURANCE CONTRACTSFINANCIAL SECTORLIABILITIESCOVERAGERISK ASSESSMENTSINSURANCE SUPERVISIONRISK ASSESSMENTCONSUMER PROTECTIONPREMIUMSCOMPETITIONReportWorld Bank10.1596/22903