Decision on Imposing a Coercive Fine on IM CIA TRANSELIT SA for Non-Execution of CNPF Decision No. 34/8/2025

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
June 12, 2026 No. 28/1

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. 34/8/2025 regarding the verbal petition submitted by Mr. [...], registered with the National Financial Market Commission under No. 2254 on March 24, 2025, in relation to IM CIA "TRANSELIT" SA

On July 15, 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 March 24, 2025, in relation to IM CIA "TRANSELIT" SA (Decision No. 34/8/2025/Decision).

In accordance with point 3 of Decision No. 34/8/2025, IM CIA "TRANSELIT" SA (insurer) was ordered to take appropriate actions to regularize the damage file related to the insured event occurring on February 4, 2022, based on Travel Health Insurance Policy No. [...] dated January 28, 2022 (insured – Mr. [...]), taking the necessary measures for the payment of insurance compensation, in accordance with the clauses of the Special Conditions for Medical Insurance for Travel Abroad.

Regarding this matter, it is noted that, under the conditions of non-submission of the corresponding information within the established deadline, the CNPF conducted, ex officio, an administrative procedure directed at verifying the actions taken by the insurer to execute Decision No. 34/8/2025, a fact communicated to IM CIA "TRANSELIT" SA via letter No. 04-5/3816 dated September 24, 2025.

That procedure was concluded by the adoption by the CNPF of Decision No. 55/3 on November 18, 2025, regarding 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 July 15, 2025, regarding the verbal petition submitted by Mr. [...], registered with the National Financial Market Commission under No. 2254 on March 24, 2025, in relation to IM CIA "TRANSELIT" SA (Decision No. 55/3/2025), by which a coercive fine of 80 conventional units, equivalent to 4,000 MDL, was imposed on the insurer.

Although the insurer paid the coercive fine of 4,000 MDL,

it continued to demonstrate inaction, expressed by the non-submission of information regarding the measures taken to execute point 3 of the dispositive part of Decision No. 34/8/2025.

Given that the application and payment of the coercive fine does not exempt the insurer from fulfilling the obligation prescribed by the Decision, via letter No. 04-5/687 dated March 5, 2026, the CNPF informed the insurer about the initiation, ex officio, of the administrative procedure and requested, repeatedly, the submission, by March 17, 2026, of information regarding the actions taken by IM CIA "TRANSELIT" SA to execute point 3 of the dispositive part of Decision No. 34/8/2025, with the attachment of corresponding justificatory documents.

Consequently, via Vice-President's Order No. 99 dated March 6, 2026 regarding the suspension of the administrative procedure, initiated, ex officio, by letter of the National Financial Market Commission No. 04-5/687 dated March 5, 2026, the administrative procedure was suspended for the duration of the deadline granted to the insurer for the submission of information.

As a response, on March 18, 2026, at the CNPF, letter No. 0462/2026 dated March 17, 2026 from IM CIA "TRANSELIT" SA was registered under No. 1806, in which it is stated that "[...] the acceptance of the payment invoice by IM CIA "TRANSELIT" SA exempts [...] from paying this amount to the Hospital, the invoices issued in the name of the Insurer are brought to the attention of the CNPF prior to [...]".

Furthermore, the insurer invoked that, "[...] once there are no other requests addressed to him [...], no recovery actions are initiated through judicial channels, in which [...], he would be placed in a situation of payment, submission of documents, or execution of obligations".

Additionally, IM CIA "TRANSELIT" SA opined that "the application of coercive measures on an already resolved action is qualified as exceeding the legal framework, as we repeatedly state that by signing the commitment with OVAG International, any obligations of [...] were exempted from payment.".

To clarify the aspect related to the assumption of debt, invoked in the aforementioned letter, the CNPF, via letter No. 04-5/896 dated March 23, 2026, requested the insurer to submit justificatory documents confirming its assertions.

Complementarily, via the same letter, the insurer was requested to communicate what impediments determine the non-payment, up to the present, of the payment according to the invoice issued by OVAG International AG Company.

Subsequently, via letter No. 0566/2026 dated March 26, 2026 (registered at the CNPF under No. 2195 on March 27, 2026), IM CIA "TRANSELIT" SA submitted the Commitment dated May 20, 2025, signed by Mr. [...] and Mr. [...], representative of IM CIA "TRANSELIT" SA, from which it results the request addressed to OVAG International AG Company for the issuance of the payment invoice directly in the name of the insurer, a copy of the invoice, from which the owed amount results, as well as copies of emails dated September 16, 2025, and October 1, 2025, sent by OVAG International AG Company to the insurer.

At the same time, via the aforementioned letter, the insurer requested the termination of the administrative procedure once the claims against the Consumer have ceased by law.

Consequently, on April 7, 2026, Decision No. 17/3 regarding the repeated summons of IM CIA "TRANSELIT" SA regarding the execution of the Decision of the National Financial Market Commission No. 34/8/2025 regarding the verbal petition submitted by Mr. [...], registered with the National Financial Market Commission under No. 2254 on March 24, 2025, in relation to IM CIA "TRANSELIT" SA (Decision No. 17/3/2026) was adopted, by which the CNPF established, repeatedly, the non-execution by the insurer of point 3 of the dispositive part of Decision No. 34/8/2025.

Accordingly, IM CIA "TRANSELIT" SA was repeatedly summoned to execute the prescribed obligation, within 10 working days from the date of communication of this decision.

Subsequently, via President's Order No. 176 dated April 9, 2026 regarding the repeated suspension of the administrative procedure, initiated, ex officio, regarding the execution of CNPF Decision No. 34/8/2025 regarding the verbal petition submitted by Mr. [...], registered with the National Financial Market Commission under No. 2254 on March 24, 2025, in relation to IM CIA "TRANSELIT" SA, the administrative procedure was suspended, repeatedly, until April 27, 2026 (inclusive).

Later, on April 15, 2026, at the CNPF, letter No. 0432/2026 from IM CIA "TRANSELIT" SA was registered (under No. 2786), communicating the fact that, "on April 14, 2026, the invoice was requested exclusively for IM CIA "TRANSELIT" SA in the name of the Insurer. In the event that the response from OVAG International is delayed, IM CIA "TRANSELIT" SA will proceed with the assumption of the claim, an Agreement to be signed with [...]".

Similarly, via the same letter, the insurer requested "[...] suspension of the procedure, until receipt of the response from OVAG, and IM CIA "TRANSELIT" SA assumes the commitment to notify the Commission, upon receipt of the invoice exclusively in the name of the Insurer.".

In this context, the request was admitted, and the administrative procedure was suspended via President's Order No. 212 dated April 28, 2026 regarding the suspension of the administrative procedure, initiated, ex officio, regarding the execution of the Decision of the National Financial Market Commission No. 34/8/2025 regarding the verbal petition submitted by Mr. [...], registered with the National Financial Market Commission under No. 2254 on March 24, 2025, in relation to IM CIA "TRANSELIT" SA until May 28, 2026 (inclusive).

Subsequently, via letter No. 881/2026 dated May 14, 2026, and the letter dated May 27, 2026 (registered at the CNPF under No. 3728 and, respectively, under No. 4151), the insurer submitted the correspondence conducted, via electronic mail, with OVAG International AG Company and with Mr. [...], who was invited to sign the debt assumption contract.

In this context, via CNPF President's Order No. 325 dated May 29, 2026 regarding the extension of the general term of the administrative procedure, initiated, ex officio, regarding the execution of the Decision of the National Financial Market Commission No. 34/8/2025 regarding the verbal petition submitted by Mr. [...], registered with the National Financial Market Commission under No. 2254 on March 24, 2025, in relation to IM CIA "TRANSELIT" SA, the term of the administrative procedure was

extended by 15 days for the thorough examination of the evidence presented and the formation of objective and motivated conclusions.

Regarding the case, it should be noted that, attached to the aforementioned letter, IM CIA "TRANSELIT" SA submitted a copy of the email dated April 21, 2026, sent by OVAG International AG Company to the insurer, by which it informs that the patient's name is to remain on the issued invoice, given that he benefited from medical services, and other modifications to the invoice cannot be made, as hospitals in Switzerland operate according to local regulations. Furthermore, OVAG International AG Company states that, previously, on August 4, 2025, it provided an invoice in which IM CIA "TRANSELIT" SA was already included.

Additionally, on June 4, 2026, the insurer submitted an email addressed to Mr. [...], by which he was repeatedly invited to sign the debt assumption contract.

At the same time, via CNPF letter No. 04-5/2271 dated June 9, 2026, the insurer was invited to the hearing scheduled for June 11, 2026, at 15:00, with the request to confirm participation or refusal to participate in the hearing by June 10, 2026, at 17:00.

Thus, during the hearing, Mr. [...], representative of the insurer, invoked that "We as insurers, cited Mr. [...] 3 times, within 30 days. We offered sufficient time to appear at the company's premises and sign the debt assumption contract. As it was not possible for the invoice to be exclusively in the name of the insurance company, we resorted to option 2, namely the assumption of the debt. [...] The reason why this signing did not occur is not opposable to us, as we cited Mr. [...] 3 times. [...] We reserve the right to identify Mr. [...] and resolve this file.", statements which were recorded in the Hearing Record of the participant in the administrative procedure (Record).

Additionally, on June 11, 2026, at the CNPF, letter No. 1059/2026 from IM CIA "TRANSELIT" SA was registered (under No. 4774), submitted as a complement to the Record.

In this context, it should be specified that regarding the assertions invoked by the insurer in the aforementioned letter, the CNPF had previously expressed itself via letters No. 04-5/3240 dated December 15, 2022, and No. 15-5/3507 dated December 5, 2023.

Regarding this matter, it should be noted that those assertions cannot be upheld, as they contradict the fact recorded in the Hearing Record of the participant in the administrative procedure dated September 4, 2024, according to which the insurer confirmed the intention to pay the insurance compensation regarding the case in question.

Analyzing the documents presented and the steps taken by the insurer, the CNPF holds that the obligation to compensate derives from the legal insurance relationship and has, as its purpose, the protection of the insured's property interests.

Although the execution of the obligation established by Decision No. 34/8/2025 could be realized through various legal methods, including making the payment to the medical service provider, issuing the invoice in the name of the insurer, or assuming the claim related to medical costs, these methods of execution do not change the nature of the obligation assumed by the insurer.

In this context, the CNPF examined the arguments and documents presented to verify if the steps taken confirm the execution of the obligation established by the individual administrative act.

Complementarily, from the documents presented by the insurer, it results that the payment invoice, issued by the medical service provider, contains the data of the insured, which does not eliminate the risk that he may be held liable for the payment of the amounts owed. Furthermore, the correspondence presented reveals that the issuance of the invoice exclusively in the name of the insurer is not possible, and the procedure for assuming the claim has not been completed.

Under these conditions, the non-execution of the compensation obligation exposes the insured to a real legal and financial risk.

Last but not least, the insurer has not presented any objective reason to justify the non-execution of the obligation established by the Decision, an individual administrative act, which retains its executory character for the addressee.

Especially, the CNPF draws attention to the conduct of the insurer, which is one non-compliant with the requirements of good faith and professional diligence, being manifested through the unjustified delay in executing the obligation established by the Decision.

Although the insurer has taken certain steps, these do not equate to the actual execution of the obligation established by Decision No. 34/8/2025, and the property risk of the insured persists.

Therefore, given the factual circumstances exposed above, the CNPF establishes, repeatedly, that the prescription imposed at point 3 of Decision No. 34/8/2025 was not executed within the established deadline, as well as within the additional term, established by Decision No. 17/3/2026.

At the same time, the insurer was warned that, in case of non-execution of the obligation, the CNPF will apply a coercive fine of 240 conventional units, equivalent to 12,000 MDL.

In this context, Decision No. 17/3/2026 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 for achieving the purpose and is necessary in relation to it, as it seeks the execution of an obligation established by law, and that respective method of execution of individual administrative acts has legal origin.

Regarding the reasonable character, it should be specified that, in accordance with Art. 29 para. (3) of the Administrative Code, which provides that "(3) The measure taken by public authorities is reasonable if the interference produced by it is not disproportionate in relation to the pursued purpose.", the coercive fine of 240 conventional units, equivalent to 12,000 MDL, pursues the purpose of emphasizing the executory character of the individual administrative act, satisfying that criterion, given the rights of the insurance service consumer, violated by the non-payment of insurance compensation.

Given what is recorded above, on the basis of Art. 4 para. (21) letter b), Art. 8 letter b), Art. 9 para. (1) letter d), Art. 18 para. (3), Art. 20 para. (1), para. (6) and para. (7) and Art. 22 para. (3) of Law No. 192/1998 regarding the National Financial Market Commission, Art. 181 and Art. 186 para. (1) of the Administrative Code and point 16 and point 19 of the Regulation regarding 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 of 240 conventional units, equivalent to 12,000 MDL, is imposed on IM CIA "TRANSELIT" SA.

2. The coercive fine of 12,000 MDL is to be transferred by
   IM CIA "TRANSELIT" SA 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 request
   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 addressee in accordance with legislation, and is published on the official website of the CNPF (www.cnpf.md).

Dumitru BUDIANSCHI,
PRESIDENT