MOLDOVA: World Bank appreciates supervisor's work and is ready to further assist in reforming the insurance market

8 October 2019 — Marina MAGNAVAL
At the end of September 2019, the World Bank's (WB) final mission from Chisinau was to assist in the implementation of the Moldovan insurance market reform, as reports.

For a period of 18 months, a team of WB experts advised with the Supervisory Authority (CNPF) on the assessment of the local insurance market and the development of a new strategy framework that aligns the national legislation with EU norms and standards.

CNPF's work, consisting in the introduction of new regulations and supervision guidelines over insurance companies, as well as the achievements made in the development of the national Law on insurance and the Law on compulsory insurance of civil liability for damage caused by motor vehicles, were highly appreciated by WB representatives.

CNPF and WB agreed to continue their joint efforts to complete the reform process of the market and to implement the best international practices.

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