At its 15 July 2025 meeting, Moldova's National Commission for Financial Markets adopted a set of authorisation and supervisory decisions spanning securities issuance, insurance conduct and consumer credit. The package includes removing RENET SA’s 297,200 ordinary registered shares from the securities issuers register following its conversion into a limited liability company, prohibiting insurer ÎM CIA “TRANSELIT” SA from using aggressive commercial practices in claims handling and directing it to regularise and pay a delayed travel medical insurance claim, and ordering OCN “AVENTUS FINANCE” SRL to return all consumer credit payments other than the principal after a repayment schedule error pushed the total payable above the legal limit. On insurance conduct, the regulator found TRANSELIT breached Article 13(1) of Law No. 105/2003 on consumer protection by demanding documents not reasonably relevant to validating a claim and systematically ignoring pertinent correspondence to pressure a consumer to abandon contractual rights; it also noted the insurer’s refusal and subsequent delay in paying compensation for an accident occurring within the policy period, despite later recognising the event as insured. TRANSELIT was additionally instructed to comply with an earlier CNPF decision and to report with supporting documents after failing to provide the requested information by the original deadline. On consumer credit, CNPF upheld a consumer’s preliminary complaint relating to a credit contract with AVENTUS FINANCE, finding a technical error in the repayment schedule that breached Article 15(7)(b) of Law No. 202/2013 and ordering reimbursement of interest, commissions, fees, penalties, late interest and any other payments under the contract, except the initial amount disbursed. Separately, it rejected suspension requests filed by OCN “MOGO LOANS” SRL and OCN “EASY CREDIT” SRL against enforcement of prior CNPF decisions, dismissed as out of time preliminary complaints by four companies challenging findings on shareholders acting in concert at “ASPA” SA, and rejected a consumer request concerning a 2017 mortgage loan with ICS “PRIME CAPITAL” SRL as falling within the exclusive competence of the courts. TRANSELIT must inform the supervisory authority within 30 days, with documentary evidence, on execution of the required measures.
National Commission for Financial Markets 2025-07-18
Moldova's National Commission for Financial Markets orders TRANSELIT to stop aggressive insurance practices and tells AVENTUS FINANCE to refund unlawful consumer credit payments
Moldova's National Commission for Financial Markets made decisions on securities issuance, insurance conduct, and consumer credit, including removing RENET SA's shares from the register and prohibiting TRANSELIT from aggressive claims practices. TRANSELIT breached consumer protection laws and must comply with previous decisions. AVENTUS FINANCE was directed to reimburse excess consumer credit payments due to a repayment schedule error.