Regulatory Alerts2023-06-15
Regulation on the registration and licensing of insurance or reinsurance undertakings and branches in third countries
The National Commission for Financial Markets of Moldova issued Decision No 31/1 to approve the Regulation governing the prior approval and licensing procedures for insurance and reinsurance undertakings from third countries. This framework mandates a two-stage process requiring applicants to submit extensive documentation regarding capital, governance, and beneficial ownership to the supervisory authority. The regulation also repeals previous licensing provisions and establishes specific timelines and grounds for the rejection or withdrawal of approvals to ensure market stability and policyholder protection.
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