The National Bank of Moldova (NBM) jointly with the EU High Level Advisers’ Mission organize a training session for the insurance sector, dedicated to the evaluation of quantitative requirements according to European regulations. The event is focused on the implementation of the Solvency II rules, which set requirements applicable to insurance and reinsurance companies in the EU, with the aim of guaranteeing adequate protection of policyholders and beneficiaries.
At the opening of the event, the governor of the National Bank of Moldova, Anca Dragu, emphasized the importance of the full application of EU directives in the context of Moldova’s European integration. “For the insurance sector, this means not only aligning with European standards, but also strengthening financial resilience and stability in a solid business environment. This sector must be functional, and the participants in this market must be protected”, emphasized Anca Dragu.
The deputy governor of the National Bank of Moldova, Constantin Șchendra, added that it is essential to ensure that insurance companies are prepared to implement the quantitative requirements of the Solvency II Directive and to face the inevitable changes in the regulatory and economic framework, along with the advancement the European integration process.
At the same time, the EU High Level Adviser on financial services, Nicolae Grigore, highlighted the fact that the rigorous application of the Solvency II requirements will contribute to the protection of consumers and the financial stability of insurance companies, facilitating integration into the single European market and opening new opportunities for cooperation and development for the Republic of Moldova. The EU High Level Adviser emphasized the importance of the application of similar prudential principles by all insurance companies, to ensure adequate capitalization in relation to the risks to which they are exposed, even in the most difficult economic conditions. Moreover, he emphasized the need to implement stricter corporate governance standards, as well as more complex transparency and reporting requirements, according to Solvency II requirements.
More than 50 representatives of the NBM and the insurance sector are participating in the training session. The participants will be trained for eight days, between August 28 and September 6, 2024, by two experts from Romania, who will provide the necessary support to the Moldovan insurance sector in assessing the degree of preparation for the implementation of Solvency II requirements.
