Decision on Imposing a Coercive Fine on IM CIA TRANSELIT SA for Non-Compliance with CNPF Decision No. 34/8

REPUBLIC OF MOLDOVA
NATIONAL FINANCIAL MARKET COMMISSION
77 Stefan cel Mare si Sfant Blvd., Chisinau, MD 2012, tel: (373 22) 859 401, www.cnpf.md, e-mail: office@cnpf.md

DECISION
18 November 2025 No. 55/3

On the application of a coercive fine to IM CIA "TRANSELIT" SA for non-execution of the Decision of the National Financial Market Commission No. 34/8 dated 15.07.2025 regarding the verbal petition submitted by Mr. [...] registered with the National Financial Market Commission under No. 2254 on 24.03.2025, in relation to IM CIA "TRANSELIT" SA

On 15.07.2025, the National Financial Market Commission (CNPF) adopted Decision No. 34/8 regarding the verbal petition submitted by Mr. [...] registered with the National Financial Market Commission under No. 2254 on 24.03.2025, in relation to IM CIA "TRANSELIT" SA (Decision No. 34/8/2025/Decision).

According to point 3 of Decision No. 34/8/2025, IM CIA "TRANSELIT" SA (the insurer) was ordered to take appropriate actions to regularize the damage file related to the insured event that occurred on 04.02.2022, based on Travel Health Insurance Policy No. [...] dated 28.01.2022 (insured – Mr. [...]), taking the necessary measures to pay the insurance compensation in accordance with the clauses of the Special Conditions for Medical Insurance for Travel Abroad.

Furthermore, in accordance with point 4 of the same Decision, the insurer was required to inform the CNPF within 30 days from the date of notification about the execution of the aforementioned order.

Subsequently, it is noted that Decision No. 34/8/2025 was communicated to IM CIA "TRANSELIT" SA on 18.07.2025, to the email address office@transelit.md, with receipt confirmed on the same day.

Therefore, the insurer was required to communicate information regarding the execution of point 3 of the Decision to the CNPF by 18.08.2025.

Given the failure of IM CIA "TRANSELIT" SA to submit the corresponding information within the established deadline, the CNPF, on 24.09.2025, initiated ex officio an administrative procedure aimed at verifying the actions taken by the insurer to execute Decision No. 34/8/2025.

Furthermore, by letter No. 04-5/3816 dated 24.09.2025, the CNPF informed the insurer about the initiation of the administrative procedure and requested the submission, by 02.10.2025, of information regarding the execution of point 3 of the Decision, including an indication of the actions taken by the insurer.

In response, on 06.10.2025, letter No. 1655/2025 from IM CIA "TRANSELIT" SA was registered at the CNPF (under No. 7287), noting that "on 16 September 2025, a message was received in which 'OVAG International' refused to transfer bank accounts in Euros for the purpose of payment, confirming the position only for payment in Swiss Francs. IM CIA 'TRANSELIT' SA will make every effort to receive confirmation from Commercial Banks (Republic of Moldova) allowing this transfer."

Considering the communications from the insurer, it is established that the insurer failed to execute point 3 of Decision No. 34/8/2025 within the legal deadline set by the CNPF.

Consequently, it is noted that Decision No. 34/8/2025 constitutes an individual administrative act, within the meaning of Art. 10 para. (1) of the Administrative Code, namely that "(1) An individual administrative act is any provision, decision, or other official measure taken by a public authority to regulate an individual case in the field of public law, with the aim of producing immediate legal effects, by the creation, modification, or termination of public law relationships," as well as a unfavorable act, under Art. 11 para. (1) lit. a) of the same law, which indicates the imposition of an obligation on the insurer. Accordingly, by its nature and legal effects, the Decision is mandatory and subject to execution, under the conditions provided by normative acts.

In this context, under Art. 179 of the Administrative Code, "An obligation based on an individual administrative act or an administrative contract, aimed at delivering a good, performing another action, tolerating, or inaction, may be enforced through the following coercive measures: performance by substitution, coercive fine, and direct exercise of coercion (direct coercion)."

In turn, Art. 185 para. (1) and para. (3) of the Administrative Code stipulates that before coercive measures are applied, the debtor is summoned regarding the possibility of using coercive measures, with a reasonable deadline for execution established in the summons.

Additionally, in the case of a summons with a fine, the amount of the fine is indicated.

Furthermore, according to Art. 181 para. (4) of the Administrative Code, "The amount of the coercive fine is at least 20 and at most 10,000 conventional units. One conventional unit constitutes 50 lei. In setting the coercive fine, the economic interest of the debtor in non-performance of the obligation concerning them will be taken into account."

Thus, in accordance with Art. 185 of the Administrative Code, on 15.10.2025, the CNPF adopted Decision No. 49/3 regarding the summons for execution by IM CIA "TRANSELIT" SA of the Decision of the National Financial Market Commission No. 34/8 dated 15.07.2025 regarding the verbal petition submitted by Mr. [...], registered with the National Financial Market Commission under No. 2254 on 24.03.2025, in relation to IM CIA "TRANSELIT" SA (Decision No. 49/3/2025), according to which IM CIA "TRANSELIT" SA was summoned to execute point 3 of Decision No. 34/8/2025 within 10 working days from the date of its communication.

Regarding the administrative procedure, it is mentioned that, in accordance with Art. 81 para. (2) of the Administrative Code, "(2) If within the framework of an administrative procedure the individual administrative act depends on an act or operation of a participant, the public authority suspends the administrative procedure for a reasonable term."

In this sense, given that the insurer was summoned to execute point 3 of Decision No. 34/8/2025 within 10 working days from the date of communication, by the Order of the CNPF President No. 1085 dated 17.10.2025 regarding the suspension of the administrative procedure, initiated ex officio by letter of the National Financial Market Commission No. 04-5/3816 dated 24.09.2025, the aforementioned administrative procedure was suspended until 31.10.2025 inclusive.

Subsequently, on 03.11.2025, at the CNPF, the Preliminary Application No. 1820/2025 dated 31.10.2025, submitted by IM CIA "TRANSELIT" SA, was registered (under No. 7947), requesting the suspension and annulment as illegal of CNPF Decision No. 49/3 of 15 October 2025 on the grounds indicated in the Preliminary Application (Preliminary Application No. 1820/2025 dated 31.10.2025).

In this case, considering the imperative of conducting complete investigations, which implies time for the meticulous examination of the administrative case materials and the formation of objective and motivated conclusions, to ensure the principle of good faith of the public authority in managing deadlines, by the Order of the CNPF President No. 1147 dated 05.11.2025 regarding the extension of the administrative procedure, initiated ex officio by letter of the National Financial Market Commission No. 04-5/3816 dated 24.09.2025, it was concluded to extend the deadline of the administrative procedure by 15 days.

Furthermore, by CNPF letter No. 04-5/4374 dated 05.11.2025, the insurer was informed of the right to be heard, provided for in Art. 94 of the Administrative Code, as well as the fact that the hearing is to be conducted in writing, by submitting a statement, by 07.11.2025, 17:00, to the CNPF email address office@cnpf.md.

By letter No. 1847/2025 dated 07.11.2025 (registered at the CNPF under No. 8118), IM CIA "TRANSELIT" SA requested "the hearing of its representatives with a verbal hearing within the National Financial Market Commission, in the administrative procedure launched."

Accordingly, by CNPF letter No. 04-5/4423 dated 10.11.2025, the insurer was invited to the hearing scheduled for 13.11.2025, 09:00, with a request to confirm participation or refusal to participate in the hearing by 12.11.2025, 16:00.

Subsequently, by message sent on 12.11.2025, from the email address office@transelit.md, the insurer confirmed, within the established deadline, the presence of Mr. [...] and Mr. [...], who subsequently participated in the hearing on the stated date and time.

During the hearing, Mr. [...], the representative of the insurer, presented arguments regarding Preliminary Application No. 1820/2025 dated 31.10.2025, invoking and continuing to argue only the point that the action is time-barred, because the three-year statute of limitations provided by the Civil Code would have expired, which was recorded in the Hearing Protocol of the participant in the administrative procedure.

In this context, it is necessary to note that Preliminary Application No. 1820/2025 dated 31.10.2025 was rejected as unfounded by CNPF Decision No. 55/2 dated 18.11.2025.

Therefore, given the factual circumstances exposed above, the CNPF establishes that the order imposed in point 3 of Decision No. 34/8/2025 was not executed within the established deadline, nor within the additional deadline established by Decision No. 49/3/2025.

Furthermore, the insurer was warned that, in case of non-execution of the obligation, the CNPF will apply a coercive fine in the amount of 80 conventional units, equivalent to 4,000 MDL.

In this context, Decision No. 49/3/2025 contains the necessary reasoning for establishing the amount of the fine to be applied in case of non-execution.

Thus, it is repeatedly appreciated that the coercive measure in question is one suitable to achieve the purpose and is necessary in relation to it, as it aims to execute an obligation established by law, and that specific method of execution of individual administrative acts has a legal basis.

With reference to the reasonable character, in accordance with Art. 29 para. (3) of the Administrative Code, which provides that "(3) A measure taken by public authorities is reasonable if the interference produced by it is not disproportionate in relation to the pursued goal," it is specified that the coercive fine in the amount of 80 conventional units, equivalent to 4,000 MDL, aims to emphasize the executive character of the individual administrative act, satisfying this criterion, given the rights of the insurance service consumer, harmed by the non-payment of insurance compensation.

Considering the above recorded, on the basis of Art. 4 para. (21) lit. b), Art. 8 lit. b), Art. 9 para. (1) lit. d), Art. 18 para. (3), Art. 20 para. (1), para. (6) and para. (7) and Art. 22 para. (3) of Law No. 192/1998 on the National Financial Market Commission, Art. 181 and Art. 186 para. (1) of the Administrative Code, and points 16 and 19 of the Regulation on the organization and functioning of the National Financial Market Commission (Decision No. 57/11/2022),

The National Financial Market Commission DECIDES:

1. A coercive fine in the amount of 80 conventional units, equivalent to 4,000 MDL, is imposed on IM CIA "TRANSELIT" SA.

2. The coercive fine in the amount of 4,000 MDL must be collected to the IBAN account [...], Ministry of Finance – State Treasury, tax code 1006601000037, within 7 days from the communication of this Decision.

3. Regarding the measures taken to execute this Decision, IM CIA "TRANSELIT" SA will inform the CNPF within 30 days from the date of communication of this decision.

4. Control over the execution of this Decision is assigned to the Insurance Department within the Consumer Protection Supervision Department and the Legal Department.

5. This Decision may be contested by submitting a preliminary application to the CNPF (MD-2012, Chisinau, 77 Stefan cel Mare si Sfant Blvd.), within 30 days from the date of communication.

6. This Decision enters into force on the date of adoption, is communicated to the recipient in accordance with legislation, and is published on the official website of the CNPF (www.cnpf.md).

Dumitru BUDIANSCHI,
PRESIDENT