Moldova to establish a Street Victims Protection Fund

19 October 2008 — Oleg DORONCEANU
Moldavian National Commission of Financial Markets (NCFM) intends to establish a Street Victims Protection Fund and a Green Card Guarantee Fund, according to news portal prim.md.
Under this project, S.V.P.F. will compensate the citizens in case of accidents with unknown author or without a mandatory insurance MTPL.

NCFM proposed that the insurance companies should contribute with 1% of the written premiums on compulsory insurance MTPL, transferred monthly to the National Bureau of Motor Insurers. Contribution rate can be increased up to 2%, if the fund will not be able to cover the claims.

Regarding the Street Victims Protection Fund, the aim is to guarantee the compensations for the foreign Motor Insurers Offices, for claims that they paid as a compensation for Green Card policy holders, as well as to indemnify policies holders issued by foreign states for accidents in Moldova.
The Fund will be constituted of monthly and special contributions, which will represent 10% of the insurer's share capital at the time they receive the license and 5% of gross written premiums, respectively.
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