The National Bank of Moldova has published a draft decision to amend several insurance-sector rules. The main change is to the outsourcing framework for insurers and reinsurers, which would require prior notification to the central bank before outsourcing functions or activities, including subcontracting under chain outsourcing, and would extend that requirement to changes in outsourcing contracts. The draft also refines the treatment of outsourcing linked to information and communication technologies and adds clearer obligations for insurers to approve and oversee subcontracting. Under the draft, outsourcing contracts would need to address when further subcontracting is allowed, ensure the provider's responsibilities are not weakened by subcontracting, and give the insurer ongoing oversight of subcontracted services. A new chapter on chain outsourcing would require insurers to assess and manage the related risks, allow chain outsourcing only with the insurer's prior consent and on the same terms as the original outsourcing, and require subcontractors to assume the same obligations as the primary provider, including obligations toward the National Bank of Moldova. Separate amendments would revise suitability rules for insurance managers, audit committee members, key function holders, heads of third-country branches and liquidators, including changes to experience criteria, application forms, criminal record information and the cases in which interviews are mandatory or may be waived. The draft would also remove one provision from the qualified holdings regulation and repeal the 2020 actuarial activity regulation. If adopted, the outsourcing amendments would enter into force two months after publication in the Official Monitor of the Republic of Moldova, while the other amendments and repeals would apply on publication.
National Bank of Moldova2026-07-24
National Bank of Moldova publishes draft insurance outsourcing and governance rule changes, adds prior notification and chain outsourcing controls
The National Bank of Moldova has published a draft package of insurance rule changes centered on outsourcing, fit and proper requirements and related repeals. For outsourcing, it would require prior notification before insurers outsource or further subcontract activities and would impose specific controls for chain outsourcing, including insurer consent and risk oversight. The draft also revises suitability requirements for key insurance roles and would repeal the 2020 actuarial activity regulation.