The National Bank of Moldova has issued a draft decision to amend the regulation setting suitability requirements for persons with management functions, audit committee members, key function holders, third-country branch heads and liquidators in the insurance and reinsurance sector. The draft aligns the framework with the National Bank as the supervisory authority and updates core notification, assessment and documentation expectations used in approvals and ongoing evaluations. Under the proposal, insurers would have to notify the National Bank within 10 working days of electing audit committee members, attaching the competent body’s decision and the company board’s conclusions on the individuals’ compliance. The draft broadens reputational assessment criteria to capture serious complaints or other credible adverse information, and adds requirements where a person is subject to ongoing judicial, administrative or similar investigations, including reassessment and notification once the investigation concludes. It also clarifies how knowledge and competence are assessed, including the role of interviews, expands the description of acceptable higher education fields and introduces a specific requirement for economics studies where the insurer’s executive body is unipersonal, sets out how training and prior practical experience should be weighed, streamlines reappointment filings for previously approved managers and requires reappointment requests to be submitted at least three months before the current mandate expires. The fit and proper questionnaire annex is updated with additional questions on criminal and contravention history, judicial protection measures, family ties within the insurer, and past shareholdings or associations in other insurers or insurance intermediaries, alongside a new declaration to comply with relevant National Bank rules for insurance. The draft provides for entry into force on publication in the Official Monitor of the Republic of Moldova.
National Bank of Moldova 2025-04-23
National Bank of Moldova publishes draft changes to fit and proper rules for insurers’ senior management, audit committees and key functions
The National Bank of Moldova issued a draft decision to amend suitability requirements for management roles in the insurance and reinsurance sector, aligning with its supervisory framework. Key changes include expanded reputational assessment criteria, updated notification and documentation expectations, and revised fit and proper questionnaire requirements. The draft will take effect upon publication in the Official Monitor of the Republic of Moldova.