Moldova Financial Sector Assessment Program : Insurance Core Principles--Detailed Assessment Report
This 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 Supervis...
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| Format: | Report |
| Language: | English en_US |
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Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/10/25149654/moldova-financial-sector-assessment-program-insurance-core-principles-detailed-assessment-report http://hdl.handle.net/10986/22903 |
| id |
okr-10986-22903 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
INDEMNITY INSURANCE RISK PROFILES MONETARY POLICY RISKS CAPITAL MARKETS MOTOR THIRD PARTY LIABILITY INSURANCE CUSTOMS UNION MARKET STRUCTURE FOREIGN CAPITAL INSURANCE SUPERVISORS INSURANCE OBLIGATIONS SUBROGATION MONEY LAUNDERING EXPOSURES INCOME FOREIGN EXCHANGE MARKET INTEREST LIFE INSURANCE LAWS LIABILITY INSURANCE GUARANTEES REGULATORY REGIME EXCHANGE ACTUARIAL ASSUMPTIONS INSURER PROGRAMS INFORMATION PORTFOLIO INFLATION TARGETING REGULATOR INSURANCE POLICIES MARKET SHARES PRICING INSURANCE CLAIMS PRICE EXCHANGE MARKET MARKET INFORMATION INFLATION INSURANCE MARKET POLICYHOLDERS MARKET PARTICIPANTS CENTRAL BANK ASSURANCE JURISDICTIONS REINSURERS SAVINGS CURRENCY NATURAL DISASTER ACTUARIAL SCIENCE INSURANCE MARKETS PORTFOLIOS MARKETS FINANCIAL REPORTING LIFE INSURERS INSURANCE ACTIVITIES CAPITAL REQUIREMENTS FINANCIAL PRODUCTS RATES INSURERS RENEWALS RESERVES PENSION FUNDS CONSUMER DEMAND INSURANCE COVERAGE REAL ESTATE LEGAL FRAMEWORK LIBERALIZATION BROKERS SUPERVISORY AUTHORITIES INSURANCES REINSURANCE EQUITY SECURITIES MARKETS REGULATIONS INTEGRITY MOTOR INSURANCE SYSTEMIC RISK FRAUD UNDERDEVELOPED MARKET ECONOMIC PERFORMANCE AUDITORS TRANSPARENCY NON-LIFE INSURANCE INSURANCE AGENTS TRAVEL INSURANCE INSURANCE PRODUCTS LIFE INSURANCES FINANCIAL CRISIS FUTURE REGULATORY REQUIREMENTS LOSSES APPLICATIONS INSURANCE LAW INSURANCE CONTRACTS SALVAGE CLAIMS FINANCIAL SECURITY INCOMES CONSUMERS INTERNAL CONTROLS INSURANCE INDUSTRY SHARES INVESTIGATIONS ASSETS ACTUARIES FOREIGN EXCHANGE LOCAL CURRENCY REGULATION PROFESSIONAL LIABILITY INSURANCE INVESTMENT PORTFOLIOS RISK TRANSFER RISK MANAGEMENT SYSTEM SECURITIES INSURANCE SYSTEM SOLVENCY RECIPROCITY OUTPUT INSURANCE BROKERS GOVERNANCE SHAREHOLDERS EXPOSURE ENFORCEMENT INSURANCE ECONOMIC DEVELOPMENT TRADE AGENTS SECURITY GROWTH RATE EXPANSIONARY MONETARY POLICY SOLVENCY REQUIREMENTS NATIONAL BANK INVESTMENT RISK COMMISSIONS INDEMNITY SECURITIES REGULATOR FINANCIAL MARKETS INSPECTIONS BANKING TRADE RELATIONS UNDERWRITING INSURER SOLVENCY PROFESSIONAL LIABILITY CONTINGENCY PLANNING REGULATORS LAW INVESTMENTS RISK MANAGEMENT COMMUNICATION INSURANCE COMPANIES MACROECONOMIC POLICIES RECOVERABLES REINSURANCE CONTRACTS FINANCIAL SECTOR LIABILITIES COVERAGE RISK ASSESSMENTS INSURANCE SUPERVISION RISK ASSESSMENT CONSUMER PROTECTION PREMIUMS COMPETITION |
| spellingShingle |
INDEMNITY INSURANCE RISK PROFILES MONETARY POLICY RISKS CAPITAL MARKETS MOTOR THIRD PARTY LIABILITY INSURANCE CUSTOMS UNION MARKET STRUCTURE FOREIGN CAPITAL INSURANCE SUPERVISORS INSURANCE OBLIGATIONS SUBROGATION MONEY LAUNDERING EXPOSURES INCOME FOREIGN EXCHANGE MARKET INTEREST LIFE INSURANCE LAWS LIABILITY INSURANCE GUARANTEES REGULATORY REGIME EXCHANGE ACTUARIAL ASSUMPTIONS INSURER PROGRAMS INFORMATION PORTFOLIO INFLATION TARGETING REGULATOR INSURANCE POLICIES MARKET SHARES PRICING INSURANCE CLAIMS PRICE EXCHANGE MARKET MARKET INFORMATION INFLATION INSURANCE MARKET POLICYHOLDERS MARKET PARTICIPANTS CENTRAL BANK ASSURANCE JURISDICTIONS REINSURERS SAVINGS CURRENCY NATURAL DISASTER ACTUARIAL SCIENCE INSURANCE MARKETS PORTFOLIOS MARKETS FINANCIAL REPORTING LIFE INSURERS INSURANCE ACTIVITIES CAPITAL REQUIREMENTS FINANCIAL PRODUCTS RATES INSURERS RENEWALS RESERVES PENSION FUNDS CONSUMER DEMAND INSURANCE COVERAGE REAL ESTATE LEGAL FRAMEWORK LIBERALIZATION BROKERS SUPERVISORY AUTHORITIES INSURANCES REINSURANCE EQUITY SECURITIES MARKETS REGULATIONS INTEGRITY MOTOR INSURANCE SYSTEMIC RISK FRAUD UNDERDEVELOPED MARKET ECONOMIC PERFORMANCE AUDITORS TRANSPARENCY NON-LIFE INSURANCE INSURANCE AGENTS TRAVEL INSURANCE INSURANCE PRODUCTS LIFE INSURANCES FINANCIAL CRISIS FUTURE REGULATORY REQUIREMENTS LOSSES APPLICATIONS INSURANCE LAW INSURANCE CONTRACTS SALVAGE CLAIMS FINANCIAL SECURITY INCOMES CONSUMERS INTERNAL CONTROLS INSURANCE INDUSTRY SHARES INVESTIGATIONS ASSETS ACTUARIES FOREIGN EXCHANGE LOCAL CURRENCY REGULATION PROFESSIONAL LIABILITY INSURANCE INVESTMENT PORTFOLIOS RISK TRANSFER RISK MANAGEMENT SYSTEM SECURITIES INSURANCE SYSTEM SOLVENCY RECIPROCITY OUTPUT INSURANCE BROKERS GOVERNANCE SHAREHOLDERS EXPOSURE ENFORCEMENT INSURANCE ECONOMIC DEVELOPMENT TRADE AGENTS SECURITY GROWTH RATE EXPANSIONARY MONETARY POLICY SOLVENCY REQUIREMENTS NATIONAL BANK INVESTMENT RISK COMMISSIONS INDEMNITY SECURITIES REGULATOR FINANCIAL MARKETS INSPECTIONS BANKING TRADE RELATIONS UNDERWRITING INSURER SOLVENCY PROFESSIONAL LIABILITY CONTINGENCY PLANNING REGULATORS LAW INVESTMENTS RISK MANAGEMENT COMMUNICATION INSURANCE COMPANIES MACROECONOMIC POLICIES RECOVERABLES REINSURANCE CONTRACTS FINANCIAL SECTOR LIABILITIES COVERAGE RISK ASSESSMENTS INSURANCE SUPERVISION RISK ASSESSMENT CONSUMER PROTECTION PREMIUMS COMPETITION World Bank Moldova Financial Sector Assessment Program : Insurance Core Principles--Detailed Assessment Report |
| geographic_facet |
Europe and Central Asia Moldova |
| description |
This 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. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Moldova Financial Sector Assessment Program : Insurance Core Principles--Detailed Assessment Report |
| title_short |
Moldova Financial Sector Assessment Program : Insurance Core Principles--Detailed Assessment Report |
| title_full |
Moldova Financial Sector Assessment Program : Insurance Core Principles--Detailed Assessment Report |
| title_fullStr |
Moldova Financial Sector Assessment Program : Insurance Core Principles--Detailed Assessment Report |
| title_full_unstemmed |
Moldova Financial Sector Assessment Program : Insurance Core Principles--Detailed Assessment Report |
| title_sort |
moldova financial sector assessment program : insurance core principles--detailed assessment report |
| publisher |
Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2015/10/25149654/moldova-financial-sector-assessment-program-insurance-core-principles-detailed-assessment-report http://hdl.handle.net/10986/22903 |
| _version_ |
1764452376686624768 |
| spelling |
okr-10986-229032021-04-23T14:04:11Z Moldova Financial Sector Assessment Program : Insurance Core Principles--Detailed Assessment Report World Bank INDEMNITY INSURANCE RISK PROFILES MONETARY POLICY RISKS CAPITAL MARKETS MOTOR THIRD PARTY LIABILITY INSURANCE CUSTOMS UNION MARKET STRUCTURE FOREIGN CAPITAL INSURANCE SUPERVISORS INSURANCE OBLIGATIONS SUBROGATION MONEY LAUNDERING EXPOSURES INCOME FOREIGN EXCHANGE MARKET INTEREST LIFE INSURANCE LAWS LIABILITY INSURANCE GUARANTEES REGULATORY REGIME EXCHANGE ACTUARIAL ASSUMPTIONS INSURER PROGRAMS INFORMATION PORTFOLIO INFLATION TARGETING REGULATOR INSURANCE POLICIES MARKET SHARES PRICING INSURANCE CLAIMS PRICE EXCHANGE MARKET MARKET INFORMATION INFLATION INSURANCE MARKET POLICYHOLDERS MARKET PARTICIPANTS CENTRAL BANK ASSURANCE JURISDICTIONS REINSURERS SAVINGS CURRENCY NATURAL DISASTER ACTUARIAL SCIENCE INSURANCE MARKETS PORTFOLIOS MARKETS FINANCIAL REPORTING LIFE INSURERS INSURANCE ACTIVITIES CAPITAL REQUIREMENTS FINANCIAL PRODUCTS RATES INSURERS RENEWALS RESERVES PENSION FUNDS CONSUMER DEMAND INSURANCE COVERAGE REAL ESTATE LEGAL FRAMEWORK LIBERALIZATION BROKERS SUPERVISORY AUTHORITIES INSURANCES REINSURANCE EQUITY SECURITIES MARKETS REGULATIONS INTEGRITY MOTOR INSURANCE SYSTEMIC RISK FRAUD UNDERDEVELOPED MARKET ECONOMIC PERFORMANCE AUDITORS TRANSPARENCY NON-LIFE INSURANCE INSURANCE AGENTS TRAVEL INSURANCE INSURANCE PRODUCTS LIFE INSURANCES FINANCIAL CRISIS FUTURE REGULATORY REQUIREMENTS LOSSES APPLICATIONS INSURANCE LAW INSURANCE CONTRACTS SALVAGE CLAIMS FINANCIAL SECURITY INCOMES CONSUMERS INTERNAL CONTROLS INSURANCE INDUSTRY SHARES INVESTIGATIONS ASSETS ACTUARIES FOREIGN EXCHANGE LOCAL CURRENCY REGULATION PROFESSIONAL LIABILITY INSURANCE INVESTMENT PORTFOLIOS RISK TRANSFER RISK MANAGEMENT SYSTEM SECURITIES INSURANCE SYSTEM SOLVENCY RECIPROCITY OUTPUT INSURANCE BROKERS GOVERNANCE SHAREHOLDERS EXPOSURE ENFORCEMENT INSURANCE ECONOMIC DEVELOPMENT TRADE AGENTS SECURITY GROWTH RATE EXPANSIONARY MONETARY POLICY SOLVENCY REQUIREMENTS NATIONAL BANK INVESTMENT RISK COMMISSIONS INDEMNITY SECURITIES REGULATOR FINANCIAL MARKETS INSPECTIONS BANKING TRADE RELATIONS UNDERWRITING INSURER SOLVENCY PROFESSIONAL LIABILITY CONTINGENCY PLANNING REGULATORS LAW INVESTMENTS RISK MANAGEMENT COMMUNICATION INSURANCE COMPANIES MACROECONOMIC POLICIES RECOVERABLES REINSURANCE CONTRACTS FINANCIAL SECTOR LIABILITIES COVERAGE RISK ASSESSMENTS INSURANCE SUPERVISION RISK ASSESSMENT CONSUMER PROTECTION PREMIUMS COMPETITION This 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. 2015-11-06T15:37:26Z 2015-11-06T15:37:26Z 2014-09 Report http://documents.worldbank.org/curated/en/2015/10/25149654/moldova-financial-sector-assessment-program-insurance-core-principles-detailed-assessment-report http://hdl.handle.net/10986/22903 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work Economic & Sector Work :: Financial Sector Assessment Program Europe and Central Asia Moldova |