Regulatory Alerts2023-06-13
Regulation on Insurance Technical Provisions
The National Commission for Financial Markets of Moldova issued Decision No 30/10 to approve the Regulation on insurance technical provisions, establishing mandatory calculation methods for general and life insurance reserves. The document mandates that insurers maintain sufficient, prudent, and objective technical provisions based on realistic approaches, with strict requirements for data quality, actuarial oversight, and quarterly adequacy testing. It details specific calculation formulas for unearned premium reserves, reported but not settled reserves, and incurred but not reported reserves to ensure insurers can meet their contractual obligations.
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