The National Bank of Moldova has put two draft laws out for public consultation, prepared by the NBM and promoted by the Ministry of Finance, to modernise the legal framework for the insurance market and align it with European Union standards. The package sets staged entry-into-force timelines across 2028–2029 and is presented as not introducing immediate changes for consumers or the insurance market. The draft law on compulsory motor third-party liability insurance (RCA) would align Moldova’s rules with those applied in the EU and clarify institutional roles, separating the NBM’s prudential supervision of insurers from the National Commission for Financial Market’s responsibilities for the contractual relationship with customers, including claims assessment and compensation payments. It would also move RCA to a free-tariff system, update compensation limits, and create the basis for a modern RCA information system with centralised records of policies and claims; most provisions are designed to apply after a two-year transition period, while a single premium covering both domestic RCA and “Green Card” external insurance would apply only upon Moldova’s accession to the EU. The draft law on insurance and reinsurance activity would introduce stronger capital, governance, risk-management and ownership-transparency requirements, with proportional application for smaller or less complex insurers, and update minimum capital requirements by business type. It envisages phased compliance and proposes an entry into force date of 1 January 2029.

Original source View in tracker