MOLDOVA: financial recovery of Moldova-Astrovaz SA and Klassika Asigurari SA continues

22 October 2019 — Marina MAGNAVAL
The financial recovery procedure, introduced in July 2019, of Moldova-Astrovaz SA and Klassika Asigurari SA continues, reports with reference to the National Financial Market Commission (CNPF) press service.

The recovery of Moldova-Astrovaz SA started on July 1, 2019 due to the revealed violations and significant shortage of assets. The insurer plans to increase its charter capital by the end of 2019, as well as to reduce costs, eliminate assets shortage and take other measures to stabilize its financial position, CNPF noted.

Klassika Asigurari SA has been under financial recovery since July 29, 2019. Following multiple suspicious transactions of funds withdrawal, temporary management was introduced in the company. The regulator requested the company's shareholder to alienate its shareholding within 3 months. However, due to non-compliance with this request, on October 3, 2019 CNPF suspended the license of Klassika Asigurari SA for a six month period.

Based on 1H2019 market results, Klassika Asigurari SA ranked 6th place on the local market overall among the 14 operating insurers, with a total market share of 8.15%, while Moldova-Astrovaz SA was ranked 11th, with a market share of 2.72%.

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