Regulatory Alerts2024-09-26
Regulation on Outsourcing by Insurance and Reinsurance Undertakings (NBM Decision No 242/2024)
The National Bank of Moldova issued Decision No 242/2024 approving a comprehensive regulation that establishes mandatory oversight for insurance and reinsurance undertakings outsourcing operational functions or activities. The framework requires firms to conduct rigorous provider assessments, execute detailed outsourcing contracts with continuity and audit rights, and submit prior approval applications to the regulator before implementation. Existing arrangements must align with the new standards within nine months, with ICT outsourcing granted an eighteen-month transition period, while all new contracts trigger immediate prior authorization and ongoing risk management obligations.
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