Regulatory Alerts2023-05-23
Regulation on Requirements for Management, Audit Committee, Key Functions, Branch Heads, and Liquidators in Insurance
The National Commission for Financial Markets of Moldova issued Decision No 26/2 to approve a new regulation establishing suitability requirements for key personnel in insurers and reinsurers. The regulation mandates that the National Bank of Moldova assess the individual and collective competence, reputation, and independence of board members, executive officers, and heads of critical functions before appointment. It further requires insurers to conduct ongoing internal assessments and notify the regulator of any non-compliance or changes in personnel status within specified timeframes.
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