Regulatory Alerts2023-06-13
Regulation on the Requirements for the Insurer’s Reinsurance Programme, Rules for Contracting Reinsurance, and Provisions for Approving the Insurer’s Own Retention Level
The National Commission for Financial Markets of the Republic of Moldova has approved a new regulation governing insurers' reinsurance programmes, contracting rules, and the approval of own retention levels, repealing the previous 2017 framework. The regulation mandates that insurers develop annual reinsurance programmes aligned with their risk profiles and underwriting policies, supported by actuarial opinions and strict reinsurer selection criteria requiring a minimum BBB+ credit rating or 120% Solvency II coverage. It establishes a formal supervisory approval process for annual retention levels, requires immediate notification of major programme changes or reinsurer non-compliance, and imposes biannual reporting obligations on all reinsurance contracts.