Regulation on Specialised Financial Statements of Insurance or Reinsurance Undertakings No 30/13

NATIONAL COMMISSION FOR FINANCIAL MARKETS
DECISION on the approval of the Regulation on specialised financial statements of insurance or reinsurance undertakings No 30/13 of 13.06.2023 (in force 27.06.2023) Official Monitor of the Republic of Moldova No 216-219 Article 622 of 27.06.2023

REGISTERED:
at Ministry of Justice of the Republic of Moldova No 1800 of 22 June 2023 The minister _______ Veronica MIHAILOV-MORARU Pursuant to Article 50 paragraph (6) of the Law No 92/2022 on insurance or reinsurance activity (Official Monitor of the Republic of Moldova, 2022, No 129-133, Article 229), National Commission for Financial Market DECIDED:

The Regulation on specialised financial statements of insurance or reinsurance
undertakings is hereby approved (attached).
The Decision of the National Commission for Financial Market No 15/1/2020 on the
approval of the Regulation on specialised financial statements of entities performing insurance and/or reinsurance activity (Official Monitor of the Republic of Moldova, 2020, No 142-146,
Article 521), registered at the Ministry of Justice of the Republic of Moldova under No 1572 on 9
June 2020, is hereby repealed.
This Decision shall enter into force on the date of its publication in the Official Monitor
of the Republic of Moldova.
PRESIDENT Dumitru BUDIANSCHI
No 30/13. Chişinău, 13 June 2023.
Approved by the Decision of the National Commission for Financial Markets No 30/13 of 13.06.2023 REGULATION on specialised financial statements of insurance or reinsurance undertakings This Regulation on the specialised financial statements of insurance or reinsurance undertakings partially transposes Council Directive 91/674/EEC of 19 December 1991 on the

annual financial statements and consolidated financial statements of insurance undertakings, published in the Official Journal of the European Communities L 374 of 31 December 1991, as last amended by Directive 2006/46/EC of the European Parliament and of the Council of 14 June 2006.
Chapter I
DISPOZIŢII GENERALE
Section 1
Purpose and applicability

The Regulation on specialised financial statements of insurance or reinsurance
undertakings (hereinafter - Regulation) establishes the manner of completion and presentation of specialised financial statements at individual and/or consolidated level, as well as special provisions concerning certain positions in the financial statements, drawn up on the basis of accounting and technical-operational records, which are part of the periodic prudential supervisory reporting, provided for by the legislation.
The provisions of this Regulation shall apply to entities carrying on insurance or
reinsurance activity in the "general insurance" and/or "life insurance" categories, as well as to their branches in third countries. Throughout this Regulation, references to insurance undertakings shall be read as references to all entities referred to in this paragraph, unless otherwise stated.
The provisions of International Financial Reporting Standards shall apply to the
preparation of specialised financial statements, except as provided for in paragraphs 34 and 48.
The composite insurance undertaking shall draw up the accounting records and the
specialised financial statements both separately for life insurance activity and general insurance activity and consolidated by undertaking.
The accounting elements, bases, conventions, rules, and specific practices applied by the
entities referred to in paragraph 2 in the preparation and presentation of the specialised financial statements shall be included in their accounting policies, which shall be approved annually.
The accounts shall be kept in Romanian language and in the national currency of the
Republic of Moldova. The accounting of economic facts carried out in foreign currency shall be kept both in national currency and in foreign currency in accordance with the accounting standards.
Section 2
Definitions
For the purposes of this Regulation, the terms and expressions used shall have the
following meanings:
assets – a resource controlled by the entity as a result of past events that is expected to generate future economic benefits for the entity. An asset is recognised in the accounts and presented in the balance sheet when it is probable that future economic benefits will be realised by the entity and the asset has a cost or value that can be measured/reliably measured, balance sheet – the summary accounting document showing the assets, liabilities, and equity of the entity at the end of the reporting period as well as at the end of a period (e.g., quarter, year), equity – the amount remaining in the assets of the entity after deduction of liabilities, – in the case of general insurance, the part of acquisition expenses that corresponds to the unexpired risk period for contracts in force at the balance sheet date or at any other reporting date and that is carried forward from one reporting period to subsequent reporting periods, – in the case of life insurance, that part of the acquisition expenses corresponding to contracts in force at the date of the balance sheet date or at any other reporting date and that is carried forward from one reporting period to subsequent reporting periods, taking into account that these expenses may be recovered from future margins on insurance contracts after the contractual obligations have been settled,

exceptional expenses are expenses arising from events or transactions that are clearly distinct from current activities and are therefore not expected to recur on a frequent or regular basis, amortised costs refers to the purchase price of a repayable debt security or other fixed income security, adjusted for any increase or decrease in its value, taking into account the difference between its purchase price and its ultimate redemption value or the difference between the income during the period the investment was held and the period remaining until the redemption date (or the assumed redemption date when there is more than one redemption date), claims handling costs refer to expenses incurred in the process of negotiating and settling claims and comprise all internal and external expenses incurred in the handling of claims; internal expenses include all direct expenses of the subdivision of the claims adjusting entity; external expenses include legal expenses, state fees and fees of independent claims adjusters, with-profits policy or contract refers to a life insurance contract in which the policyholder is contractually entitled to a share of the benefits of the corresponding life fund, liabilities – present obligations of the entity that arise from past economic events and the settlement (discharge) of which is expected to result in an outflow (decrease) of resources embodying economic benefits, loss – the amount to be paid under an insurance (reinsurance) contract when the insured event occurs, participating interests – rights in the capital of other entities, whether or not represented by certificates, which, by creating a lasting link with these entities, are intended to contribute to the activities of the company, policy loan refers to a loan granted by the insurance undertaking to the policyholder as security for the redemption value of the life insurance policy; the loan is limited to a percentage of the actual redemption value of the policy; the insurer has the right to demand advance payment of interest on the initial amount of such a loan and on the amounts outstanding on the loan at each repayment term of the loan, net earned premium refers to that part of written premiums which corresponds to the risks assumed, excluding premiums on terminated contracts, minus premiums ceded in reinsurance and changes in the unearned premium reserve during the reporting period, realised profit/loss on investments represents:
– for investments measured at fair value, the difference between the net proceeds from the sale of the investment and its purchase price, – for investments valued at amortised cost, the difference between the net proceeds from their sale and their last book value, net expense ratio refers to the ratio or percentage calculated by dividing the sum of net acquisition costs and administrative or management expenses by the net premium earned, net combined ratio is an indicator of the operating profitability of insurance undertakings calculated by adding together the net claims ratio and the net expense ratio; the net combined ratio does not take account of income/expenses from investment activity, net claims ratio refers to the ratio or percentage calculated as the ratio of claims incurred (claims paid plus modification of outstanding claims reserves), reduced by the amount of reinsurance recoveries, to the net premium earned, accepted reinsurance refers to the acceptance of risks by means of a reinsurance contract, ceded reinsurance refers to the placement or transfer of risks through a reinsurance contract, premium refund refers to a rebate of the insurance premium or premium refunded to the insured under certain conditions, such as the termination of the insurance contract, insurance result refers to the result (profit or loss) an entity derives from insurance activity, operational result refers to the result obtained by an insurance undertaking after taking into account investment income and expenses, net capital gains and other income and expenses,

maturity (maturity of the contract) or due date (maturity date of the contract) refers to the date specified in the insurance contract on which the benefits accrued under the life insurance policy become payable while the insured is alive (survival benefit), surrender value refers to the amount payable by an insurance undertaking to the policyholder on cancellation of the policy before the expiry of the policy term, current output value refers to the amount that the insurance undertaking would expect to be obliged to pay to another entity if it immediately transferred to that entity all remaining contractual rights and obligations, except for any claims or liabilities relating to other rights and obligations, fair value – the amount at which an asset can be traded, or a liability settled, between knowledgeable, interested parties in an objectively determinable transaction, exceptional income are revenues resulting from events or transactions that are clearly distinct from current activities and are therefore not expected to be repeated frequently or regularly. Terms and expressions used, which have not been defined in this Regulation, shall have the meaning assigned to them by law or normative acts.
Chapter II
SPECIALISED FINANCIAL STATEMENTS
Section 1
General provisions
8. The entities named in paragraph 2 shall prepare, quarterly and annually, for reporting
purposes to the supervisory authority, specialised financial statements, in accordance with the annexes to this Regulation, which shall include:
1) Form BS – Balance Sheet (Annex no.1),
2) Form PL – Profit and loss account, including the technical account by classes of insurance
and the non-technical account (Annex No 2),
3) Form CF – Cash flow statement (Annex 3),
4) Form E – Equity (Annex 4),
5) Form I – Investments (Annex 5),
6) Notes to the specialised financial statements.
9. Insurance undertakings shall submit to the supervisory authority, in electronic form, with
a qualified electronic signature, and in Excel format, the specialised financial statements specified in the Regulation, as follows:
1) on a quarterly basis, at individual level, Annexes No 1 and 2 as of 31 March, 30 June, 30
September, and 31 December (unaudited), with the deadline for submission no later than the end of the month following the corresponding period, except for the fourth quarter - by 28 February,
2) on an annual basis, at individual level, audited, Annexes No 1 to 5 and the explanatory
notes to the specialised financial statements, as of 31 December, with the deadline for submission no later than 30 April of the year following the reporting year,
3) on an annual basis, at consolidated level, audited, Annexes No 1 to 5 and the explanatory
notes to the specialised financial statements as of 31 December, with the deadline for submission no later than 30 April of the year following the financial year.
10. The specialised financial statements shall give a true and fair view of the assets,
liabilities, equity, income, and expenses, including profit and loss, during a current reporting period and of its financial position at the end of the similar period of the previous year.
11. Insurance undertakings licensed for the right to conduct life and non-life insurance
activity may apply the technical principles relating to life insurance to accident and health insurance where this activity has a significant weight.
12. In the balance sheet and profit and loss account items shall be shown separately in the
order indicated. A more detailed division of items shall only be made in the explanatory notes.

For each balance sheet and profit and loss account item, the amount relating to it for the
reporting period 31 March, 30 June, 30 September, 31 December of the current year and the similar period of the previous year shall be provided.
Insurance undertakings shall be responsible for the fairness, accuracy, and timeliness of
the information in the specialised financial statements submitted to the supervisory authority.
The persons holding managerial positions in insurance undertakings shall be responsible,
in accordance with the legislation in force, for the preparation and approval of their accounting policies and their individual and consolidated specialised financial statements in accordance with this Regulation.
Section 2
Consolidated specialised financial statements
Insurance undertakings shall prepare and present consolidated financial statements
annually in case where they have control of the entity in which they have invested, have investments in associates or joint ventures.
Insurance undertakings and insurance branches in third countries which are required to
report under this Regulation shall report individual financial statements. Participating insurance and reinsurance undertakings, insurance holding companies or mixed financial holding companies which are required to report under this Regulation shall report consolidated financial statements.
The consolidated financial statements shall comprise the individual financial statements
of the parent undertaking and of all entities controlled by it, except for entities which:
1) are temporarily controlled because the branch has been acquired and is held exclusively
for sale or disposal in the foreseeable future; or
2) operate under long-term restrictions that significantly limit their ability to transfer funds
and enter into transactions with their parent, branches, and affiliates.
Consolidation methods include:
1) the assets and liabilities of the entities included in the consolidation fully incorporated in
the consolidated balance sheet,
2) income and expenses of consolidated entities fully incorporated in the consolidated profit
and loss account,
3) the accounting values of the shares or units in the capital of the entities included in the
consolidation offset against the share of the equity of the entities they represent,
4) shares or units in the capital of the parent undertaking held either by the entity concerned
or by another entity included in the consolidation treated as own shares,
5) balances, transactions between consolidated entities, income and expenditure relating to
transactions between consolidated entities, eliminated in full of the consolidated accounts. Losses arising from transactions between consolidated entities may indicate depreciation requiring recognition in the consolidated financial statements,
6) the financial statements of the parent company and subsidiaries used in the preparation of
the consolidated financial statements for the same reporting date,
7) consolidated financial statements prepared using uniform accounting policies for similar
transactions and other events in similar circumstances. Any differences between the accounting policies used by the entities included in the consolidation shall be fully described and disclosed in the consolidated financial statements,
8) minority interests presented in the consolidated balance sheet in equity, but separately
from the equity of the parent company.
Minority interests in the profit or loss of the group shall be presented separately.
Section 3
Special provisions relating to certain balance sheet items
In case where an asset or liability relates to more than one item in the balance sheet
format, its relationship to other items should be disclosed in the explanatory notes if such disclosure is essential to the understanding of the financial statements.
Shares held in affiliated entities may be disclosed only within the items provided for that
purpose.
The movements of the various items of fixed assets shall be presented in the explanatory
notes. For this purpose, there shall be presented separately, starting with the purchase price or production cost, for each item of fixed assets, on the one hand, increases, sales and transfers during the reporting period and, on the other hand, cumulative value adjustments at the beginning of the reporting period and at the balance sheet date, as well as adjustments made during the reporting period to value adjustments made in the previous reporting period. The value adjustments shall be presented in the balance sheet as clear deductions from the corresponding items.
In case specialised financial statements are prepared in accordance with this Regulation
for the first time by newly established insurance or reinsurance undertakings which have been licensed to carry on activities, the residual value at the beginning of the reporting period may be treated as the acquisition price or production cost. Any application of this provision shall be reported in the notes to the specialised financial statements.
Adjustments to the value of assets established at the balance sheet date shall include all
adjustments to the values of individual assets, whether or not the adjustment is permanent. Value adjustments may be permanent adjustments, known as depreciation, and/or temporary adjustments, known as impairments.
When revaluation of tangible assets is carried out, the movements of the various asset
items, as set out in paragraph 24 of this Regulation, shall be presented at fair value in the case of valuation after recognition, according to the revaluation model, or at cost in the case of valuation according to the cost model.
Bonds and other securities (asset item B. III. 2.) shall include bonds and other types of
debt securities, including depository receipts on such securities, issued by state authorities, licensed banks or other entities, to the extent that they are not included in asset item B. II. 2. or B.
II. 4.
Interest-bearing bonds, the rate of which varies according to certain factors (e.g., the
interbank market interest rate), shall also be treated as bonds and other fixed-income securities.
Shares in collective investment funds (asset item B. III. 3.) shall comprise shares held by
insurance undertakings in collective investments constituted by more than one pension entity or fund, the management of which has been entrusted to one of these entities or funds.
Loans granted to policy holders for which the insurance policy is the main guarantee
shall be included in the item "Loans granted under insurance policies" (asset item B. III. 4.) and their amount shall be reported in the explanatory notes. Loans granted unsecured by insurance policies shall be included under "Other loans" (asset item B. III. 5.) and a corresponding detail shall be disclosed in the explanatory notes to the specialised financial statements.
Deposits with licensed banks (asset item B. III. 6.) shall include amounts which may be
withdrawn only after a certain period. Amounts deposited without withdrawal restrictions shall be included in asset item F. II. 2. "Current accounts", even if they are interest-bearing.
Other financial investments (asset item B. III. 7.) shall include those investments which
are not included under asset items B. III. 7. III. 1. - B. III. 6. Where these investments have a significant value, they should be disclosed in the explanatory notes to the specialised financial statements.
Deposits with ceding enterprises (asset item B. IV.), included in the balance sheet of a
company accepting reinsurance, shall include amounts owed by ceding enterprises corresponding to guarantees which are deposited with or retained by those ceding enterprises or third parties. These amounts may not be aggregated with other amounts owed by ceding companies to reinsurers or set off against amounts owed by reinsurers to ceding companies. Securities held with a ceding undertaking or with third parties which remain the property of the undertaking accepting the

reinsurance shall be included in the balance sheet by the latter as investments under the corresponding item.
33. Life insurance investments for which the investment risk exposure is transferred to the
policyholder (asset item C.), in respect of life insurance, shall include, on the one hand, investments the value of which is used to determine the value or yield of insurance policies relating to an investment fund and, on the other hand, investments intended to cover commitments which are determined by reference to an index.
34. The share of the reinsurer in the technical provisions in respect of contracts ceded for
reinsurance (asset item D.) shall include the amount by which the reinsurance undertaking participates in the gross technical provisions of the insurance undertaking, i.e., the actual or estimated amounts which, under the contractual reinsurance commitments, are deducted from the gross amount of the technical provisions. The share of the reinsurer in the technical provisions shall be calculated in accordance with the regulatory acts of the supervisory authority.
35. Income which, although relating to the current accounting period, will not be collected
by its expiry shall be included under "Receivables" (asset item E.). Where such income is material, it shall be disclosed in the explanatory notes to the specialised financial statements.
36. Claims arising from direct insurance and reinsurance operations, as well as other claims,
are valued according to their maturity with an adjustment to the carrying amount, by setting up impairment provisions based on its own provisioning matrix derived from the experience of its customer base. For claims with a maturity of more than 365 days, the impairment provision shall constitute 100 %. In addition to the valuation and impairment of receivables, based on the maturity, the following circumstances shall also be considered to justify the need for impairment provisions:
a) significant financial difficulty of the debtor, b) breach of contract, c) the creditor, for economic or legal reasons related to the financial difficulties of the debtor, grants a concession to the debtor which the creditor would not otherwise consider, d) it becomes probable that the debtor will enter bankruptcy or some other form of financial reorganisation.
37. Related party claims (asset items E. I. 4. and E. III.) shall include claims arising from
transactions with entities or natural persons that have the ability to control or are controlled, have significant influence, or are significantly influenced by the other party in financial and operating policies.
38. Other claims (asset item E. IV) shall include asset items not disclosed under items E. I.

III. such as: current and long-term trade claims related to commercial invoices, advances granted,
budget debts to the entity, staff debts to the entity for loans, advances, debts to natural or legal entities for rent, lease, internal and external guarantees, initial contributions, etc. In case these items are significant, they shall be detailed in the explanatory notes to the specialised financial statements.

Real estate (asset item F. I. 1.) shall include property as defined in Chapter III, Section
5 of this Regulation.
Other assets (asset item F. III.) shall include those assets not included in items F. I. - II.
In case the value of this item is material, a breakdown of these assets shall be disclosed in the explanatory notes to the specialised financial statements.
Expenditure paid/payable in the current reporting period and to be charged to the costs
and expenses of future periods on the basis of a maturity schedule shall be disclosed in the balance sheet under the item "Prepaid expenses" (asset item G.).
Prepaid interest and rents (asset item G.I.) shall include amounts representing interest
and rents paid/payable up to the balance sheet date but relating to the next reporting period.
Deferred acquisition costs (asset item G. II.) shall include costs incurred in concluding
insurance contracts carried over in accordance with this Regulation.
Other prepaid expenses (asset item G. III.), also referred to as anticipated expenses, shall
include the remaining expenses incurred in the reporting period but relating to future periods, such as rent, prepaid concessions, insurance premiums, prepaid subscriptions to publications, etc.
Share capital (liability item A.I.) shall include the amounts which are considered to be
the members' subscribed shares in equity.
Reserves (liability item A. VI.) are components of equity capital in the form of reserve
capital (laid down in the regulatory framework), statutory reserves (laid down in the statutes) and other reserves.
Subordinated liabilities (liability item B.) shall include liabilities which, according to
contractual terms, are paid, in case of liquidation or bankruptcy, after the debts have been met, to all other creditors.
General and life insurance technical reserves (liability item C.) are reserves calculated
by actuarial methods in accordance with the normative acts of the supervisory authority and shall be reflected in the balance sheet separately for general insurance activity and life insurance activity as well as by type of reserves.
Provisions (liability item D.) are intended to cover losses or liabilities the nature of which
is clearly defined and which, at the balance sheet date, are either expected to arise or certain to arise but uncertain as to when they will arise. Provisions shall not be used to adjust asset values.
Deposits received from reinsurance undertakings (liability item E.) shall include, in the
balance sheet of a ceding undertaking, amounts deposited by or retained from other insurance undertakings under reinsurance contracts. These amounts may not be set off against other amounts due to or from the entity concerned. Where the ceding reinsurance undertaking has received securities on deposit which have been transferred to its ownership, this item shall include the amount due from the ceding undertaking by virtue of the deposit.
Liabilities that relate to the current reporting period but will be paid in the next reporting
period are included in "Liabilities" (liability item F.) In case these liabilities are material, they shall be presented in the explanatory notes to the specialised financial statements.
Liabilities to related parties (liability items F. I. 3. and F. VII.) shall include liabilities to
entities or natural persons that have the ability to control or are controlled, have significant influence, or are significantly influenced by the other party in the financial and operating policies.
Revenue that is received before the balance sheet date but relates to the next reporting
period shall be presented in the balance sheet under "Accrued income and calculated liabilities" (liability item G.).
Section 4
Format and special provisions concerning certain items of the profit and loss account
The profit and loss account for insurance undertakings shall include:
1) general insurance technical account,
2) life insurance technical account,
3) non-technical account.
The general insurance technical account shall be drawn up both cumulatively and
separately for the classes of direct insurance assigned to general insurance activity under the regulatory framework and for the corresponding reinsurance classes.
The life insurance technical account shall be compiled both cumulatively and separately
for the classes of insurance assigned to the life insurance activity in accordance with the regulatory framework and for the corresponding reinsurance classes.
Gross written premiums (item I.1. of the general insurance technical account and item
I.1. of the life insurance technical account) shall include all written premiums during the accounting period on insurance contracts, irrespective of whether these amounts relate in whole or in part to future periods.
Premiums refunded on terminated and cancelled insurance contracts shall be reflected
under item I. 2. in the general insurance technical account and under item I. 2. in the life insurance technical account.
Premiums ceded for reinsurance (item I.3. of the general insurance technical account and
item I.3. of the life insurance technical account) shall include all premiums paid or payable under reinsurance contracts concluded by the insurance undertaking.
Gross claims paid (item III.1. of the general insurance technical account and item III.1.
of the life insurance technical account) shall include all amounts paid by the insurance undertaking during the accounting period for insurance contracts.
Net expenses for benefits and discounts (item V. of the general insurance technical
account and item VI. of the life insurance technical account) shall include all amounts chargeable to the accounting period which are paid or payable to policyholders and other insured persons or are provided as benefits to them, including amounts used to increase technical provisions or to reduce future premiums, to the extent that these amounts represent the allocation of a surplus or profit arising out of all or part of the insurance operations after deduction of amounts included in previous periods which are no longer required. Discounts shall include amounts representing a partial refund of premiums as a result of the performance of individual contracts. Where material, amounts relating to premiums and discounts shall be disclosed separately in the notes to the specialised financial statements.
Acquisition expenses (item VI. 1. of the general insurance technical account and item
VII. 1. of the life insurance technical account) are expenses for concluding insurance contracts
which include both directly attributable expenses, such as acquisition commissions and expenses for opening the file or accepting contracts in the portfolio, and indirectly attributable expenses, such as marketing expenses and administrative expenses for examining applications and issuing policies.
Administrative expenses (item VI.4. of the general insurance technical account and item
VII.4. of the life insurance technical account) shall include expenses for premium collection, portfolio management, reinsurance premium management, including staff, rent, maintenance and similar expenses, as well as expenses for the maintenance, repair, and depreciation of tangible fixed assets to the extent that they are not recognised as acquisition expenses, damage costs or investment expenditure.
Share of net investment income (item VIII. of the general insurance technical account,
item XII. of the life insurance technical account and item IV. of the non-technical account) - when
part of the investment income is transferred to the general insurance technical account, the amount
transferred shall be deducted from item IV. of the non-technical account and added to item VIII. of the general insurance technical account. Where part of the investment income stated in the life insurance technical account is transferred to the non-technical account, the amount transferred shall be deducted from item XII. of the life insurance technical account and added to item IV. of the non-technical account. In both cases, both the reasons for these transfers and the way in which they are calculated shall be disclosed in the explanatory notes to the specialised financial statements.
Exceptional income and expenses (items V. and VI. of the non-technical account) shall
include income and expenses not arising from the ordinary activities of the entity. Unless the exceptional income and expenses are insignificant for the estimation of results, explanations of their amount and nature shall be given in the explanatory notes. Exceptional expenses may arise from:
1) management operations - expenses of an exceptional nature, but incurred in connection
with the entity's day-to-day management operations, such as: stock losses due to calamities; losses from time-barred debtors or debtors insolvent and written off; the sum of damages, fines and penalties due or paid; donations and grants given in the form of current assets; other extraordinary expenses relating to management operations,

2) capital operations - represented both by expenses relating to tangible, intangible and
financial fixed assets out of the patrimony (e.g.: non-depreciated value of tangible and intangible assets out of the patrimony, book value of financial fixed assets out of the patrimony) and other extraordinary expenses relating to capital operations,
3) depreciation and provisions - i.e., extraordinary expenses incurred as a result of
depreciation and provisions of an exceptional nature, such as: expenses relating to the establishment of statutory provisions; expenses relating to provisions for risks and charges or for depreciation of an exceptional nature; extraordinary expenses relating to the depreciation of intangible or tangible fixed assets. Exceptional income can come from:
1) management operations - operations of an exceptional nature that relate to the operating
activity of the entity, such as: receipt of donations of current assets, unclaimed and prescribed personnel rights, income from compensation and penalties, other exceptional income from management operations,
2) capital operations - income from the sale of fixed assets, excluding value added tax,
investment grants transferred to the result for the year, other extraordinary income from capital operations,
3) provisions - exceptional income from the cancellation or reduction of provisions for risks
and charges, impairment, and regulatory provisions.
Section 5
Content of the explanatory note to the specialised financial statements
66. The explanatory note shall contain additional information not included in the specialised
financial statements. The volume, structure and presentation of the explanatory note shall be determined by the insurance undertaking itself, according to the type of activity carried on, its size and its information needs.
67. Separate explanatory notes shall be drawn up for the financial statements for life
insurance and general insurance activities as well as for the consolidated financial statements per company.
68. For general insurance, the notes to the financial statements shall disclose gross written
premiums, gross earned premiums, gross claims expenses, gross operating expenses and the reinsurance balance. These amounts are broken down in direct insurance by classes of insurance:
accident, health, land vehicles (other than railways), rail vehicles, air, sea, lake and river vessels, property in transit, fire and other natural disasters, other property insurance, motor third party liability, aviation third party liability, marine, lake and river third party liability, general liability, credit, guarantees, financial loss and legal expenses. Entities indicate the amounts relating to the three classes of insurance which account for the largest share of their activity.
69. For life insurance, the explanatory note shall indicate the gross written premiums
allocated to direct insurance as follows:
1) individual premiums and premiums on group insurance contracts,
2) periodic premiums and single premiums,
3) nonparticipating, participating and contract premiums, where the investment risk is borne
by insurance undertakings, and the reinsurance balance.
70. Insurance undertakings shall disclose in the explanatory notes to the specialised financial
statements the total amount of direct insurance commissions accounted for during the reporting period. This obligation concerns commissions of all kinds, i.e., acquisition, renewal, collection, and after-sales commissions.
Section 6
Auditing and disclosure of specialised financial statements

The entities referred to in paragraph 2 are required to ensure the annual audit of the
specialised financial statements, including consolidated financial statements, in accordance with the provisions of the regulatory framework.
The information disclosed in the audited specialised financial statements is:
1) Information that helps users to identify amounts in the financial statements of the
insurance undertaking arising from insurance contracts:
a) accounting policies applied to insurance contracts and related assets, liabilities, income, and expenses, b) assets, liabilities, income, recognised expenses, and cash flows arising from insurance contracts, c) in case the undertaking has ceded the insurance risk, the names of the reinsurance undertakings, the class or classes of insurance ceded under reinsurance and an overall assessment of the safety offered by the reinsurance undertakings, d) estimates that have the most significant impact on the valuation of assets, liabilities, income, and expenses, including, where possible, quantifiable disclosures of those estimates and the result of changing those estimates, e) reconciliation of material changes in insurance liabilities, reinsurance assets and related acquisition expenses.
2) Information that helps users assess the nature and extent of the risks covered by insurance
contracts:
a) risk management objectives and policies, b) terms and conditions of insurance contracts that have a significant impact on the amount, timing, and uncertainty of the future cash flows of the insurance undertaking.
3) Information about the insured risk (both before and after risk mitigation through
reinsurance), including information on:
a) insurance risk sensitivity, b) concentrations of insurance risk, c) actual claims compared to previous estimates.
4) Information on concentration risk, credit risk, liquidity risk, operational risk, market risk
and underwriting risk, as well as risk tolerance limits and business strategy.
5) Information on market risk exposures relating to embedded derivatives in the host
insurance contract if the insurance undertaking is not required to and does not value the embedded derivatives at fair value.
6) Information on all investments in derivatives, regardless of whether they are recognised
in the balance sheet or in off-balance sheet items, the nature and purpose of these investments, whether the investment was made in an actual hedging transaction, the investment risk that is hedged by the derivative and the current status of the hedge and the related investment, indicating the financial impact (profit or loss) in case the hedging status will end at the reporting date or at the date of the financial report.
7) Other information that may be disclosed in accordance with the normative acts of the
supervisory authority.
Chapter III
VALUATION RULES SPECIFIC TO INSURANCE ACTIVITY
Section 1
Insurance premiums
Gross written premiums refer to the premiums calculated by the insurance undertaking
as earned and receivable in respect of all insurance contracts and reinsurance premiums earned and receivable in respect of reinsurance contracts, respectively, before any amounts are deducted therefrom.
Insurance premiums, in case of classic life insurance contracts, including with-profits
contracts, contingent life annuities and pensions shall be recognised as income on the maturity date, according to the insurance contract.
In case of life insurance contracts with an annual premium, premiums for the current
period shall be recognised as income. The surplus shall be recorded as "premiums received in advance" (or in another specific liability account), the balance of which shall be reduced by the amount of premiums receivable and recognised as income at each policy anniversary during the term of the policy.
Amounts received in the form of premiums for investment-type contracts, such as unitlinked insurance products, shall be reported as deposits when received. Receipts related to these
contracts, such as insurance expenses, cost of insurance policies, document processing fees or management fees, shall be recognised as income in the appropriate accounts in the period to which they relate.
Gross written premiums in general insurance shall include all premiums received and
receivable over the entire period of cover provided for in the contracts (policies) issued in the reporting period, including any adjustments made during the reporting period to premiums receivable in respect of contracts written in the previous reporting period.
Additional insurance premiums or premium refunds following the reinstatement of
insurance contracts shall be treated as adjustments to the original premiums.
In case of co-insurance, the written premiums shall include the share of the total amount
of the premiums borne by the insurance undertaking.
In case where the premiums are paid in instalments over the period of cover provided for
in the insurance contract, any amount due at the date of establishment of the balance sheet to which the insurance undertaking is contractually entitled shall be treated as a claim.
In case of reinstatement of suspended insurance contracts, additional premiums, to the
extent of the amounts necessary to renew the period of cover, shall be recognised as income when the insurance undertaking collects the premium necessary to reinstate the suspended contract.
In case where premiums for renewals of insurance contracts are subject to retroactive
increases or decreases (e.g., based on claims history or where the risk covered is of a variable nature and its true nature cannot be accurately assessed at the date of commencement of insurance cover):
1) recognition of the amount representing the premium increase shall be made when the
additional premium can be reasonably determined,
2) adjustment and recording of the reduced premium amount shall be made as soon as such
reduction can be reasonably determined.
All premiums referred to in paragraphs 73 to 82 shall be exclusive of any charges or
taxes which may be levied thereon.
The premium shall be recognised as earned premium during the term of the policy
according to the incidence of risk. The earned premium is calculated by adding to or subtracting from the net premium the change in the unearned premium reserve in the accounting period (e.g., reduced by the increase and increased by the decrease in the unearned premium reserve in the same accounting period).
Section 2
Reinsurance activity
A reinsurance contract creates new assets (e.g., the right to collect reinsurance
recoveries) and new obligations (e.g., the obligation to pay reinsurance premiums) in the cedant's books and balance sheet. Similarly, it generates new assets (e.g., the right to collect reinsurance premiums) and new obligations (e.g., the obligation to pay claims related to the risk received in reinsurance) in the cedant's books and balance sheet.
At the ceding insurance undertaking (reinsured), premiums relating to reinsurance under
treaty reinsurance contract shall be recorded as "premiums ceded" in the same accounting period in which the basic premiums relating to direct insurance or accepted reinsurance are recorded. The

amount of "ceded premiums" shall be recorded on a gross basis (before deduction of commissions or corresponding reinsurance indemnities) in order to assess the effectiveness of reinsurance agreements.
87. The accepted reinsurance premiums shall be recorded, recognised, and valued in a
manner which gives a true and fair view of the financial performance of the reinsurance undertaking over a reporting period and of its financial position at the end of that period. Contractual obligations relating to accepted reinsurance shall be recognised on a current outflow basis.
88. Premiums ceded to reinsurance undertakings (reinsurance ceded), less premiums on
terminated and cancelled contracts, shall be deducted from gross written premiums.
89. Reinsurance recoveries received or receivable from reinsurance undertakings shall be
recognised as income or assets and shall not offset reinsurance premiums due to the reinsurance undertaking.
Section 3
Insurance claims and benefits
90. Claims/benefits covered in life insurance arise on the death of the insured, on expiry,
surrender, as well as in case of accident, incapacity for work and illness, if these are covered by contractual provisions.
91. Claims due on the death of the insured are recognised as liabilities on the date the
insurance undertaking receives notification; claims due on maturity are recognised as liabilities on the date the policy expires. In case a claim/benefit is payable, and the policy or contract remains in force, the corresponding rates shall be recorded when due.
92. Redemption amounts are recognised as claims or benefits on the date they are paid to the
insured person/insurance beneficiary. If the redemption notice results in the termination of the insurance, the entire redemption amount shall be recorded as a liability (claims/benefits due) on the day the insurance undertaking receives this notice.
93. Damages incurred include the costs of handling related internal or external claims.
94. Recoveries arising from recourse or subrogation shall be deducted from the sum of
incurred claims at the time of the recognition of recoveries according to the primary supporting documents.
95. Any amount expected to be recovered from reinsurance undertakings in respect of
incurred claims shall be recognised separately in the balance sheet as an asset.
96. Insurance liabilities remain recorded in the balance sheet until discharged, cancelled, or
expired, without being offset against the corresponding reinsurance assets.
Section 4
Deferred acquisition expenses
97. Expenses are recognised when they arise, without being offset against reinsurance
commissions or benefits or any other reinsurance income.
98. By derogation from paragraph 97, acquisition expenses incurred shall be attributed to
written premiums in the reporting period, because a part of the written premiums in the reporting period is carried forward to the next period, i.e., it is appropriate to carry forward the equivalent
part of the corresponding acquisition expenses.
99. Acquisition expenses incurred in a reporting period that correspond to a subsequent
reporting period or periods shall be carried forward.
100. Deferred acquisition expenses shall be recognised as an asset in the period in which the
insurance premium income is recognised and shall be disclosed appropriately and clearly in the explanatory notes to the financial statements.
101. An insurance undertaking shall elaborate in its own policy acquisition expense rules the
methodology used in calculating deferred acquisition expenses by classes and types of insurance.

In life insurance, deferred acquisition expenses are calculated, in whole or in part, by
an actuarial method.
In case of general insurance, acquisition expenses shall be deferred in proportion to the
unearned premium reserve. The deferred acquisition expenses represent that part of the total acquisition expenses which corresponds to the unearned premium reserve in relation to the written premium for each class and type of insurance.
The total amount of deferred acquisition expenses shall be included in the balance sheet
as an asset.
The change in deferred acquisition expenses during the reporting period shall be
included in the technical account of the profit and loss account.
Section 5
Investments and real estate (immovable property) used by the owner
An investment property is real estate (a piece of land or a building, or part of a building,
or both) held (by the owner or the lessee as an asset related to the right of use) rather to earn rental income or to increase capital value, or both.
A property used by the insurance undertaking shall not constitute investment property.
If the insurance undertaking uses only part of the real estate and the other part is rented or held for rental or for capital appreciation purposes and these parts can be sold or rented separately, they may be recorded separately so that the part that is rented or that can be sold shall be considered investment property. If the parts cannot be sold or rented separately, they shall be regarded as investment property unless the part used by the insurance undertaking has an insignificant weight.
Real estate leased to the parent company, a branch, or an affiliate (associate) shall not
be considered as investment property, because this real estate is used by the holder from the point of view of the group.
Investment property shall be recognised as an asset when it is probable that future
economic benefits associated with the property will flow to the insurance undertaking and the cost of the property can be measured reliably.
Investment property is initially measured at cost, including transaction costs.
Development costs, professional fees for architects and engineers and all costs necessary to bring the property to the appropriate condition are not included in the value of the investment property until the property is brought to the desired operating condition and planned occupancy. Valuation subsequent to initial recognition may be carried out, at the option of the insurance undertaking, under either the fair value model or the cost model.
The insurance undertaking shall adopt a single model to be applied to all investment
property. Switching from one model to another shall be prohibited.
The fair value of investment property shall reflect current market conditions at the
balance sheet date. The best evidence of fair value is normally current prices in an active market for similar properties in a similar condition and location and subject to similar leases or other similar contracts. In the absence of such information, fair value may be determined using discounted cash flow projections based on reliable estimates of future cash flows.
Independent valuation of investments and real estate may be carried out periodically in
accordance with the regulatory framework and/or accounting policies approved by the insurance undertaking.
Real estate used by the holder is property held for administrative purposes. These are
properties occupied by employees, including properties held for subsequent use as owner-occupied property and owner-occupied property to be disposed of.
Owner-occupied property is initially measured at cost, including all costs necessary to
bring the property to the condition necessary to bring it into use. Valuation shall be based on the cost model.
Based on the cost model, real estate is valued at its cost minus accumulated depreciation
and accumulated impairment losses.
Depreciation expense is recognised in the income statement. Depreciation of property
begins when it becomes available for use and continues until it is derecognised.
Profits or losses on the sale or disposal of property used by the owner are recognised in
the profit and loss account.
The method used to determine the current value of land and buildings and the allocation
by valuation period shall be disclosed in the explanatory notes to the specialised financial statements.
Section 6
Investments in financial assets
Financial assets, including cash, investments in associates and investments in securities
(shares, bonds, and other securities) for which the effective interest method is used shall be depreciated in the profit or loss account. Depreciation may begin as soon as there is an adjustment and shall begin no later than the date on which the hedged item ceases to be adjusted for changes in its fair value attributable to the hedged risk. The adjustment is based on an effective interest rate, recalculated at the date the depreciation begins. In case of a fair value hedge of the interest rate exposure of a portfolio of financial assets, depreciation using a recalculated effective interest rate is not possible, the adjustment shall be amortised using the straight-line method. The adjustment shall be fully depreciated by the maturity date of the financial asset or, in the case of a portfolio hedge against interest rate risk, by the end of the relevant period in which the revaluation is performed.
Financial assets shall be classified at the date of acquisition or initial recognition
according to the purpose of the investment.
A financial asset measured at fair value through profit or loss account initially has a fair
value equal to the transaction cost of its acquisition at the date of recognition. Changes in fair value over time shall be recognised in the income statement.
Available-for-sale financial assets include non-derivative financial assets that are
designated as available-for-sale financial assets at the date of initial recognition or any other financial instrument that is not classified as a financial asset measured at fair value through profit or loss account, loan and receivable or held-to-maturity investment.
Available-for-sale financial assets are measured at fair value in the balance sheet.
Loans are non-derivative financial assets that are not quoted in an active market,
financial assets with fixed or determinable payments that are not held for sale or are not designated at initial recognition as financial assets at fair value through profit or loss accounts. Loans are measured at amortised cost. Profits and losses are recognised in the income statement. Investments in unsecured loans for which the insurance undertaking may not recover substantially all of the original investment are classified as available-for-sale.
Held-to-maturity investments are non-derivative financial assets with fixed or
determinable payments that the insurance undertaking has the intention and ability to hold to maturity, and that are not loans and receivables designated at the date of initial recognition as financial assets measured at fair value through profit or loss accounts or available-for-sale financial assets. Held-to-maturity investments are measured at amortised cost. Investment income and expenses are recognised in the income statement. If an insurance undertaking sells one of its heldto-maturity investments, all of its held-to-maturity investments shall be reclassified as availablefor-sale assets, unless the sale is for insignificant amounts or is a non-recurring transaction or is an isolated event that is beyond the control of the insurance undertaking and could not reasonably have been anticipated by the insurance undertaking.
Initial valuation at fair value is the fair value of a financial asset at the date of initial
recognition and represents the transaction costs (e.g., the amount paid to acquire the asset, or the amount received to dispose of the asset).
By subsequent valuation at fair value, an insurance undertaking, after initial
recognition, measures financial assets, including derivatives that are assets and not hedging

instruments, at their fair value, without any deduction for transaction costs that might arise on sale, exchange, or other disposal, except for the following categories of financial assets:
1) held-to-maturity loans and investments that are measured at amortised cost using the
effective interest method,
2) investments in equity instruments whose fair value cannot be reliably measured and
derivative instruments linked to these equity instruments, which are measured at cost.
129. The following methods are used to determine the fair value of a financial asset in the
order indicated below:
1) quoted prices in an active market (best evidence of fair value),
2) if the market for a financial instrument is not active, fair value may be determined based
on a valuation technique that makes maximum use of market information and includes informed and objective trading, reference to the current fair value of another instrument that is mostly the same, an analysis of settled cash flow and optional pricing models. An acceptable valuation technique incorporates all factors that market participants would consider in pricing and is consistent with accepted economic methodologies for pricing financial instruments,
3) when there is no active market for an equity instrument and the range of reasonable fair
values is significant, and no reliable estimates can be made, then that equity instrument is measured at cost minus impairment.
130. An insurance undertaking shall, for prudential purposes, assess at the end of each
reporting period whether there is any objective evidence that a financial asset or group of financial assets measured at amortised cost is impaired. The carrying amount of the asset shall be reduced either directly or through the use of an allowance account for impairment. The amount of the loss shall be recognised in profit or loss.
Section 7
Technical provisions
131. Amounts transferred to the technical provisions, set up and maintained in accordance
with the legal provisions, shall constitute obligations of the insurance undertaking and shall be deducted from its income for the purpose of determining its profit.
132. Any deduction or any reduction resulting from the valuation of the reserve to cover a
claim at a present value lower than the amount which can be expected to be paid later, or any deduction or reduction resulting in any other way, shall be prohibited.
133. In general insurance, at the reporting date, a claims reserve is recognised and established
comprising the total estimated costs relating to the payment of all claims incurred, including all corresponding costs of settling claims relating to events that have occurred up to that date (whether reported or not), but less amounts already paid in respect of such claims. In case other liabilities are known to exist in relation to claims or the settlement of claims, but their final amount cannot be foreseen, a reserve shall also be established to cover, as appropriate, potential liabilities (reserve for reported but unsettled claims).
134. In determining the adequacy of reserves and the ability to assess the cost of settling
claims, the insurance undertaking shall take all necessary steps to ensure that it has all appropriate information concerning its exposure to claims payments, thereby preventing underestimation of its liabilities.
135. Technical provisions shall be disclosed separately in the specialised financial
statements.
Section 8
Liabilities
136. Financial liabilities can be classified into two categories:
1) financial liabilities measured at fair value through profit and loss account,
2) other financial liabilities measured at amortised cost using the effective interest method.

The category of financial liabilities measured at fair value through profit or loss account
can be divided into two subcategories:
1) designated - financial liabilities designated by the insurance undertaking as liabilities
measured at fair value through profit or loss account at the date of initial recognition,
2) held for sale - financial liabilities classified as held for sale, such as obligations related to
securities borrowed in the context of uncovered forward sales that shall be returned in the future.
138. The initial recognition and subsequent measurement of financial liabilities follow the
recognition and measurement rules applicable to financial assets described in paragraphs 127, 128 and 129 of the present Regulation.
139. All other liabilities shall be measured at the higher of their present outgoing value and
carrying amount.
Annex No 1
to the Regulation on specialised financial statements of insurance or reinsurance undertakings, approved by Decision of the National Commission for Financial Markets No 30/13 of 13.06.2023 BS FORM – BALANCE SHEET as of _________________ 20__ Name of entity_______________ IDNO _________________________
1. ASSETS
No ASSETS Code Balance at:
the end of the similar period of the previous year the end of the reporting period of the current year 1 2 3 4 5 A. INTANGIBLE FIXED ASSETS 010
1. Goodwill 011
2. Licence 012
3. Software
programs
013
4. Other intangible
assets
014
B. INVESTMENTS: 020
I. Real estate
investments
021
1. Lands 0211
2. Buildings 0212
II. Investments in
affiliated entities
022

and participating interests:
1. Shares held in
affiliated entities
0221
2. Debt securities
and loans granted to affiliated entities
0222
3. Securities in the
form of participating interests
0223
4. Debt securities
and loans granted to entities in which there are participating interests 0224
5. Other
investments
0225
III. Other financial
investments:
023
1. Shares and other
variable-income securities and units in investment funds 0231
2. Bonds and other
securities
0232
3. Shares in
collective investment funds
0233
4. Loans based on
insurance policy
0234
5. Other loans 0235
6. Deposits with
licensed banks
0236
7. Other financial
investments
0237
IV. Deposits with
ceding companies
024
C. LIFE
INSURANCE
INVESTMENTS FOR
WHICH THE
INVESTMENT RISK
EXPOSURE IS
TRANSFERRED TO
030

THE
POLICYHOLDER
D. THE
REINSURER'S
SHARE OF
TECHNICAL
PROVISIONS
RELATED TO
CONTRACTS
CEDED FOR
REINSURANCE:
040
I. Reinsurer's
share of technical provisions related to contracts ceded for reinsurance in general insurance:
041
1. Reinsurer's share
of the unearned premium reserve
0411
2. Reinsurer's share
of the reported but not settled reserves
0412
3. Reinsurer's share
of the incurred but not reported reserves
0413
4. Reinsurer's share
of unexpired risk reserve
0414
5. Reinsurer's share
of other technical provisions relating to contracts ceded in reinsurance 0415
II. Reinsurer's
share of technical provisions relating to contracts ceded for reinsurance in life insurance:
042

1. Reinsurer's share
of mathematical provisions
0421
2. Reinsurer's share
of unearned premium reserve
0422
3. Reinsurer's share
of the reported but not settled reserves
0423
4. Reinsurer's share
of the incurred but not reported reserves
0424
5. Reinsurer's share
of other technical provisions relating to contracts ceded in reinsurance 0425
III. The share of the
mathematical provision, relating to life insurance for which the investment risk exposure is transferred to the contractor, ceded in reinsurance 043 E. RECEIVABLES: 050
I. Claims arising
out of direct insurance operations:
051
1. Policyholders
(insured)
0511
2. Insurance
intermediaries
0512
3. Recourse
receivables
0513
4. Related party
receivables
0514
5. Other claims
arising out of direct insurance operations
0515

II. Claims arising
out of reinsurance operations:
052
2.1. Ceding entities 0521
2.2. Reinsurance
recoveries
0522
III. Receivables of
related parties other than those from direct insurance 053
IV. Other receivables 054
F. OTHER ASSETS: 060
I. Tangible fixed
assets and stocks:
061
1. Used real estate 0611
2. Machinery,
equipment, and technical installations
0612
3. Means of
transport, other fixed assets
0613
4. Advances and
tangible assets in progress
0614
5. Consumables 0615
6. Advances for
stock purchases
0616
II. Cash 062
1. Cash in hand 0621
2. Current accounts 0622
III. Other assets 063
G. PREPAYMENTS: 070
I. Interest and
prepaid rent
071
II. Deferred
acquisition costs:
072
1. Deferred
acquisition costs related to general insurance 0721
2. Deferred
acquisition costs related to life insurance
0722

III. Other
prepayments
073
TOTAL ASSETS 080
2. LIABILITIES
No LIABILITIES Code Balance at:
the end of the similar period of the previous year the end of the reporting period of the current year 1 2 3 4 5 A. EQUITY: 090
I. Share capital 091
II. Uncalled capital 092
III. Unregistered
capital
093
IV. Withdrawn
capital
094
V. Capital
premiums
095
VI. Reserves: 096
1. Reserve capital 0961
2. Statutory reserve 0962
3. Revaluation
reserve
0963
4. Other reserves 0964
VII. Retained
earnings
(unrelieved loss) of previous years
097
VII
I.
Net profit (net loss) of the management period 098
IX. Used profit of
the management period
099
B. SUBORDINATE
DEBT
100
C. TECHNICAL
PROVISIONS:
110
I. Gross technical
provisions related to general insurance:
111

1. Unearned
premium reserve
1111
2. Reported but not
settled reserves
1112
3. Incurred but not
reported reserves
(IBNR)
1113
4. Unexpired risk
reserve
1114
5. Other provisions
related to general insurance
1115
II. Gross technical
provisions related to life insurance:
112
1. Mathematical
provisions
1121
2. Additional
mathematical provision
1122
3. Reserve for
additional benefits
1123
4. Unearned
premium reserve
1124
5. Reported but not
settled reserves
1125
6. Incurred but not
reported reserves
(IBNR)
1126
7. Other provisions
related to life insurance
1127
D. PROVISIONS: 120
1. Provisions for
pensions and similar obligations
121
2. Tax provisions 122
3. Alte provisions 123
E. DEPOSITS
RECEIVED FROM
REINSURERS
130
F. LIABILITIES: 140
I. Liabilities arising
out of direct insurance operations:
141

1. Liabilities to
policyholders
1411
2. Liabilities to
insurance intermediaries
1412
3. Liabilities to
related parties
1413
4. Other insurance
liabilities
1414
II. Liabilities
arising from reinsurance operations
142
III. Loans from bond
issues
143
IV. Other loans and
long-term liabilities
144
V. Current
liabilities to financial institutions
145
VI. Liabilities to
shareholders
146
VII. Liabilities to
related parties other than direct insurance
147
VII
I.
Liabilities to suppliers, creditors, staff
148
IX. Other liabilities,
including tax and social security liabilities
149
G. ANTICIPATED
INCOME AND
CALCULATED
LIABILITIES:
150
I. Investment
subsidies
151
II. Current deferred
income
152
III. Advances
received
153
IV. Other calculated
liabilities
154

TOTAL
LIABILITIES
160
Date of preparation_________________________________ Chief accountant__________________________________ (Name, surname, signature) Manager __________________________________ (Name, surname, signature) Statement control BS Form – Balance sheet Vertical control 010 = 011+012+013+014+015 020 = 021+022+023+024 021 = 0211+0212 022 = 0221+0222+0223+0224+0225 023 = 0231+0232+0233+0234+0235+0236+0237 040 = 041+042+043 041 = 0411+0412+0413+0414+0415 042 = 0421+0422+0423+0424+0425 050 = 051+052+053+054 051 = 0511+0512+0513+0514 052 = 0521+0522 060 = 061+062+063 061 = 0611+0612+0613+0614+0615+0616 062 = 0621+0622 070 = 071+072+073 072 = 0721+0722 080 = 010+020+030+040+050+060+070 090 = 091+092+093+094+095+096+097+098+099 096 = 0961+0962+0963+0964 110 = 111+112 111 = 1111+1112+1113+1114+1115 112 = 1121+1122+1123+1124+1125+1126+1127 120 = 121+122+123 140 = 141+142+143+144+145+146+147+148+149 141 = 1411+1412+1413+1414 150 = 151+152+153+154 160 = 090+100+110+120+130+140+150 080 = 160
Annex No 2
to the Regulation on specialised financial statements of insurance or reinsurance undertakings, approved by Decision of the National Commission for Financial Markets No 30/13 of 13.06.2023 PL FORM – PROFIT AND LOSS ACCOUNT as of _________________ 20__

Name of entity_______________
IDNO _________________________
No Indicators Code Similar period of the previous year Reporting period of the current year 1 2 3 4 5
I. Technical account: 010
1. General insurance 011
2. Life insurance 012
II. Investment income: (code
r.700 col.4+col.5+col.6 forma I
1.2.)
020
1. Investment income on real
estate
021
2. Investment income in
affiliated entities and participating interests:
022
2.1. From shares and participating
interests
0221
2.2. From loans and receivables 0222
2.3. From other investments 0223
3. Income from other financial
investments:
023
3.1. From shares, participating
interests and other variableyield securities, units, and certificates in investment funds 0231
3.2. From bonds and other
securities
0232
3.3. From deposits with licensed
banks
0233
3.4. From other investments 0234
4. Profits on the revaluation of
investments (code r.700 col.6 forma I 1.2.)
024
5. Profits on the realisation of
investments (code r.700 col.5 forma I 1.2.)
025
III. Unrealised profit on
investments (code r.700 col.7 forma I 1.2.)
030
IV. Net investment share
including costs transferred from the life insurance technical account 040

V. Investment expenditure: (code
r.700 col.8+col.9+col.10 forma I
1.2.)
050

Maintenance costs for real
estate investments
051
Other investment expenditure 052
Losses on the adjustment of
investments (code r.700 col.10 forma I 1.2.)
053
Losses on the realisation of
investments (code r.700 col.9 forma I 1.2.)
054
VI. Unrealised losses on
investments (code r.700 col.11 forma I 1.2.)
060
VII. Net investment share
including costs transferred from the general insurance technical account 070
VIII. Other operating income 080
IX. Other operating charges 090
X. Profit/loss on operating
activities
100
XI. Revenue windfall 110
XII. Exceptional expenses 120
XIII. Profit/loss before tax 130
XIV. Income tax expense 140
XV. Other mandatory profit
reductions (increase in losses)
150
XVI. Net profit/loss 160
Date of preparation_______________________________ Chief accountant________________________________ (Name, surname, signature) Manager _________________________________ (Name, surname, signature) Statement control PL Form – Profit and loss account Vertical control 010 = 011+012 020 = 021+022+023+024+025 022 = 0221+0222+0223 023 = 0231+0232+0233+0234 050 = 051+052+053+054 100 = 010+020+030+040-050-060+070+080-090 130 = 100+110-120 160 = 130-140-150

1.1. General insurance technical account
No Indicators Code Similar period of the previous year Reporting period of the current year 1 2 3 4 5
I. Net premiums earned: 010
1. Gross written premiums 011
2. Premiums returned on
terminated and cancelled contracts
012
3. Premiums ceded under
reinsurance
013
4. Change in unearned
premium reserve (+/-)
014
5. Change in unearned
premium reserve, ceded under reinsurance (+/-) 015
II. Other net technical income
from insurance activities
020
III. Net damage: 030
1. Gross damage paid 031
2. Claims handling costs 032
3. Total claims paid by the
reinsurer
033
4. Change in gross reserves for
claims endorsed and not endorsed (+/-)
034
5. Change in reserves for
outstanding claims, ceded under reinsurance (+/-) 035
6. Recoveries arising from
recourse or subrogation
036
IV. Change in other technical
provisions (+/-) *
040
V. Net expenses for benefits
and discounts
050
VI. Net operating expenses: 060
1. Acquisition expenses 061
2. Change in amount of
deferred acquisition costs
(+/-) *
062
3. Reinsurance commission 063
4. Administrative expenses 064
5. Other operating expenses 065

VII. Other technical expenses,
net of reinsurance
070
VIII. Share of net investment
income
080
IX. Technical result 090
X. Net damage rate, % 100
XI. Net expenditure rate, % 110
XII. Net combined rate, % 120
increase in reserves + (plus), decrease - (minus).
Statement control PL Form– 1.1 General insurance technical account Vertical control 010 = (011-012-013) - (014-015) 030 = (031+032-033-036) + (034-035) 060 = 061-062-063+064+065 090 = 010+020-030-040-050-060-070+080 100 = 030/010100 110 = (050+060+070)/010100 120 = 100+110
1.2. Life insurance technical account
No Indicators Code Similar period of the previous year Reporting period of the current year 1 2 3 4 5
I. Net premiums earned: 010
1. Gross written premiums 011
2. Premiums returned on
terminated and cancelled contracts
012
3. Premiums ceded under
reinsurance
013
4. Change in unearned premium
reserve, gross (+/-)
014
5. Change in unearned premium
reserve, ceded under reinsurance (+/-)
015
II. Other net technical income
from insurance activities
020
III. Net damage: 030
1. Gross damage paid 031
2. Total claims paid by the
reinsurer
032
3. Change in gross reserves for
outstanding claims (+/-)
033

4. Change in reserves for
outstanding claims, ceded under reinsurance (+/-) 034
IV. Change in net mathematical
provisions
040
1. Gross amount 041
2. Reinsurer's share 042
V. Change in other net technical
provisions (+/-) *
050
1. Gross amount 051
2. Reinsurer's share 052
VI. Net expenses for benefits and
discounts
060
VII. Net operating expenses: 070
1. Acquisition expenses 071
2. Change in amount of deferred
acquisition costs (+/-)
072
3. Reinsurance commission 073
4. Administrative expenses 074
5. Other operating expenses 075
VIII. Other technical expenses,
net of reinsurance
080
IX. Investment income: 090
1. Income from participating
interests
091
1.1. from affiliated entities 0911
1.2. from other entities 0912
2. Income from real estate
investments
092
2.1. from affiliated entities 0921
2.2. from other entities 0922
3. Interest income 093
3.1. from affiliated entities 0931
3.2. from other entities 0932
4. Realised profits on investments 094
5. Unrealised profits on
investments
095
X. Investment expenses 100
1. Investment management
expenses, including interest and other expenses 101
2. Realised losses on investments 102
3. Unrealised losses on
investments
103

XI. Unrealised profit/loss on life
insurance investments for which the investment risk exposure is borne by policyholders (unitlinked) (+/-) 110
XII. Share of net investment
income
120
XIII. Technical result 130
*increase in reserves + (plus), decrease - (minus).
Statement control PL Form– 1.2 Life insurance technical account Vertical control 010 = (011-012-013) - (014-015) 030 = (031-032) + (033-034) 040 = 041-042 050 = 051-052 070 = 071-072-073+074+075 090 = 091+092+093+094+095 091 = 0911+0912 092 = 0921+0922 093 = 0931+0932 100 = 101+102+103 130 = 010+020-030-040-050-060-070-080+090-100+110+120
1.3. Non-technical account
No Indicators Code Similar period of the previous year Reporting period of the current year 1 2 3 4 5
I. General insurance technical
result
010
II. Life insurance technical
result
020
III. Net investment income:
(code r.700 (col.4+... col7) -
(col.8+...col.11) forma I 1.2.)
030

Income from participating
interests
031
1.1. from affiliated entities 0311
1.2. from other entities 0312
Income from real estate
investments
032
2.1. from affiliated entities 0321
2.2. from other entities 0322
Interest income 033
3.1. from affiliated entities 0331

3.2. from other entities 0332
4. Income from other
investments
034
4.1. from affiliated entities 0341
4.2. from other entities 0342
5. Investment expenditure 035
5.1. Interest and other expenses 0351
5.2. Value adjustments on
investments
0352
6. Profit/loss on the realisation
of investments (code r.700 col.5- col.9 forma I 1.2.)
036
6.1. Shares 0361
6.2. Bonds and other securities 0362
6.3. Insurance policy loans 0363
6.4. Real estate investments 0364
6.5. Other investments 0365
IV. Share of net investment
income transferred to the technical account
040
V. Other operating income 050
VI. Other operating expenses 060
VII. Non-technical result 070
Date of preparation__________________________
Chief accountant ___________________________
(Name, surname, signature)
Manager ___________________________
(Name, surname, signature)
Actuary ________________________________
(Name, surname, signature)
Statement control PL Form – 1.3 Non-technical account Vertical control 030 = 031+032+033+034-035+036 031 = 0311+0312 032 = 0321+0322 033 = 0331+0332 034 = 0341+0342 035 = 0351+0352 036 = 0361+0362+0363+0364+0365 070 = 010+020+030-040+050-060
Annex No 3
to the Regulation on specialised financial statements of insurance or reinsurance undertakings,

approved by Decision of the National Commission for Financial Markets No 30/13 of 13.06.2023 CF FORM – CASH FLOW STATEMENT as of _________________ 20__ Name of entity _______________ IDNO _________________________ No Indicators Code Similar period of the previous year Reporting period of the current year 1 2 3 4 5 A. Cash flow from operating activities 100
I. Receipts: 110
1. Receipts from direct
activities and reinsurance receipts:
111
1.1. Premium receipts - gross 1111
1.2. Recourse proceeds and
claims return - gross
1112
1.3. Other receipts from direct
activities
1113
2. Receipts from reinsurers: 112
2.1. Receipts from reinsurers
resulting from their share in claims
1121
2.2. Commission receipts from
reinsurers and profit participations
1122
2.3. Other receipts from
reinsurers
1123
3. Receipts from other
operating activities:
113
3.1. Receipts from average
adjusting activities
1131
3.2. Sales of tangible and
intangible assets, excluding investments
1132
3.3. Other receipts 1133
II. Payments: 120
1. Payments for direct
activities and reinsurance receipts:
121
1.1. Return of premiums - gross 1211
1.2. Claims paid - gross 1212

1.3. Acquisition expenses 1213
1.4. Administrative expenses 1214
1.5. Commissions and profit
participations for reinsurance receipts
1215
1.6. Other expenses on direct
activities and reinsurance receipts
1216
2. Payments out of reinsurance
activity:
122
2.1. Premiums paid for
reinsurance
1221
2.2. Other payments on
reinsurance activity
1222
3. Payments for other
operating activities:
123
3.1. Payments related to average
adjustment activities
1231
3.2. Acquisition of tangible and
intangible assets, except investments
1232
3.3. Other operating payments 1233
B. Cash flow from investing activities:
200
I. Receipts: 210
1. Sale of land and buildings 211
2. Sale of shares or
participating interests:
212
2.1. from affiliated entities 2121
2.2. from other entities 2122
3. Realisation of debt
securities issued:
213
3.1. from affiliated entities 2131
3.2. from other entities 2132
4. Settlement of deposits with
licensed banks
214
5. Making other investments 215
6. Income from real estate
investments
216
7. Interest earned 217
8. Dividends received 218
9. Other investment income 219
II. Payments: 220
1. Purchases of land and
buildings
221

2. Purchases of shares or
participating interests
222
2.1. from affiliated entities 2221
2.2. from other entities 2222
3. Purchase of debt securities
issued
223
3.1. from affiliated entities 2231
3.2. from other entities 2232
4. Purchase of deposits from
licensed banks
224
5. Purchase of other
investments
225
6. Payments for maintenance
of real estate investments
226
7. Other payments related to
investment activity
227
C. Cash flow from financial
activity:
300
I. Receipts: 310
1. Net proceeds on share issue
and capital increase
311
2. Loans, borrowings, and
issue of debt securities
312
3. Other proceeds from
financial activity
313
II. Payments: 320
1. Dividends 321
2. Profit-sharing payments
other than dividends
322
3. Purchase of own shares 323
4. Repayment of loans, credits,
and redemption of own debt securities
324
5. Interest on loans,
borrowings and debt securities issued
325
6. Other financial expenses 326
D. Net cash flow - total 400
E. Change in cash in the balance sheet:
500
1. including changes in cash
due to exchange rate difference
501
F. Cash at the beginning of the period:
600

G. Cash at the end of the period:
700

including those with limited
possibilities of allocation
701
Date of preparation______________________________ Chief accountant_______________________________ (Name, surname, signature) Manager_______________________________ (Name, surname, signature) Statement control CF Form – Cash flow statement Vertical control 100 = 110-120 110 = 111+112+113 111 = 1111+1112+1113 112 = 1121+1122+1123 113 = 1131+1132+1133 120 = 121+122+123 121 = 1211+1212+1213+1214+1215+1216 122 = 1221+1222 123 = 1231+1232+1233 200 = 210-220 210 = 211+212+213+214+215+216+217+218+219 212 = 2121+2122 213 = 2131+2132 220 = 221+222+223+224+225+226+227 222 = 2221+2222 223 = 2231+2232 300 = 310-320 310 = 311+312+313 320 = 321+322+323+324+325+326 400 = 100+200+300 501 <= 500 700 = 400+500+600 701 <=700
Annex No 4
to the Regulation on specialised financial statements of insurance or reinsurance undertakings, approved by Decision of the National Commission for Financial Markets No 30/13 of 13.06.2023 E FORM – EQUITY as of _________________ 20__ Name of entity _______________ IDNO _________________________

1.1. Statement of changes in equity
No Indicators Share capital,
MDL
Additional capital,
MDL
Capital premiums,
MDL
Reserve capital,
MDL
Other reserves,
MDL
Retained earnings,
MDL
Total,
MDL
1 2 3 4 5 6 7 8 9
Balance at the beginning of the reporting period Overall result for the reporting period
1. Net profit/loss
2. Retained
earnings arising from correction of accounting errors
3. Other
comprehensive income
4. Total
comprehensive income
Transactions with shareholders recorded in equity
1. Increase in
share capital
2. Increase in
reserve capital through profit distribution
3. Dividend
distribution
4. Total
transactions with shareholders
Balance at end of reporting period
1.2. Share capital structure
No Code
ISIN
Type of shares
Number of shares, units
Nominal value of
Total value of the
Issue registration date
Dividend entitlement date

a share,
MDL issue,
MDL
1 2 3 4 5 6 7 8
TOTAL X
1
2
...
1.3. Equity holders
N o
Name
(surname, first name) of sharehold er
Benefici al owner
Type of participati on
Cod e
ISI
N
Total value of share s
Numb er of shares, units, total
Including: Share of shares in total numbe r of voting shares , % Name of countr y of origin of capital ordinar y shares preferen ce shares 1 2 3 4 5 6 7 8 9 10 1 2 2
....
.
.....
1.4. Structure of the preferential share arrangements
No Name (first name, surname) of shareholder
Type of shareholder
Code
ISIN
Number of preference shares in dividends in number of votes in equity with other preferences 1 2 3 4 5 6 7 8 1 2
....
TOTAL X
Date of preparation__________________________
Chief accountant___________________________
(Name, surname, signature)
Manager___________________________
(Name, surname, signature)
Annex No 5

to the Regulation on specialised financial statements of insurance or reinsurance undertakings, approved by Decision of the National Commission for Financial Markets No 30/13 of 13.06.2023 I FORM – INVESTMENTS as of _________________ 20__ Name of entity ____________________ IDNO _______________________________
1.1. Investments
No Name Code Purchase price
Balance sheet value at reporting date
Including shortterm longterm
1 2 3 4 5 6 7
A. Real estate investments
(col.5=code r. 021 BC)
100
1. internal 101
2. external 102
B. Investments in affiliated entities and participating interests (col.5=code r. 022 BC) 200
1. internal 201
2. external 202
I. Shares held in affiliated
entities (col.5=code r.
0221 BC)
210
1. internal 211
2. external 212
II. Debt securities and
loans granted to affiliated entities (col.5=code r.
0222 BC)
220
1. internal 221
2. external 222
III. Securities in the form
of participating interests
(col.5=code r. 0223 BC)
230
1. internal 231
2. external 232
IV. Debt securities and
loans granted to entities in which there are
240

participating interests
(col.5=code r. 0224 BC)
1. internal 241
2. external 242
V. Other investments
(col.5=code r. 0225 BC)
250
1. internal 251
2. external 252
C. Other financial
investments col.5= (code r. 023 BC)
300
1. internal 301
2. external 302
I. Shares and other
variable-income securities and units in investment funds (code r. 0231 BC) 310
1. internal 311
2. external 312
II. Bonds and other
securities (col.5=code r.
0232 BC)
320
1. internal 321
2. external 322
III. Shares in collective
investment funds
(col.5=code r. 0233 BC)
330
1. internal 331
2. external 332
IV. Loans based on
insurance policy
(col.5=code r. 0234 BC)
340
1. internal 341
2. external 342
V. Other loans
(col.5=code r. 0235 BC)
350
1. internal 351
2. external 352
VI. Deposits with licensed
banks (col.5=code r. 236
BC)
360
1. internal 361
2. external 362
VII. Other financial
investments (col.5=code r.
0237 BC)
370

1. internal 371
2. external 372
D. Deposits with ceding companies (col.5=code r.
024 BC)
400
1. internal 401
2. external 402
E. Total investments
(col.5=code r. 020 BC)
500
1. internal 501
2. external 502
F. Investments related to life insurance (col.5=code r. 030 BC) 600
1. internal 601
2. external 602
G. Total investments
(col.5=code r.020+code r.030 BC)
700
1. internal 701
2. external 702
Statement control I Form – 1.1. Investments
Vertical control
100 = 101+102
200 = 210+220+230+240+250
200 = 201+202
201 = 211+221+231+241+251
202 = 212+222+232+242+252
210 = 211+212
220 = 221+222
230 = 231+232
240 = 241+242
250 =251+252
300 = 310+320+330+340+350+360+370
300 = 301+302
301 = 311+321+331+341+351+361+371
302 = 312+322+332+342+352+362+372
310 = 311+312
320 = 321+322
330 = 331+332
340 = 341+342
350 = 351+352
360 = 361+362
370 = 371+372
400 = 401+402
500 = 501+502
500 = 100+200+300+400

501 = 101+201+301+401
502 = 102+202+302+402
600 = 601+602
700 = 701+702
700 = 500+600
701 = 501+601
702 = 502+602
1.2. Investment income and expenditure
N o
Name Cod e
Investment income Investment expenditure
Inves tment inco me
Profits from investm ents
Profit from readju stment of invest ments
Unrealis ed profit on investm ents
Investm ent expenses
Losses on investm ents
Losses on readjust ment of investm ents
Unre alised losses on invest ment s
1 2 3 4 5 6 7 8 9 10 11
A. Real estate investments
100
1. internal 101
2. external 102
B.
Investments in affiliated entities and participating interests 200
1. internal 201
2. external 202
I. Shares held
in affiliated entities
210
1. internal 211
2. external 212
II. Debt
securities and loans granted to affiliated entities 220
1. internal 221
2. external 222
III. Securities
in the form of participating interests
230

1. internal 231
2. external 232
IV. Debt
securities and loans granted to entities in which there are participating interests 240
1. internal 241
2. external 242
V. Other
investments
250
1. internal 251
2. external 252
C. Other
financial investments
300
1. internal 301
2. external 302
I. Shares and
other variableincome securities and units in investment funds 310
1. internal 311
2. external 312
II. Bonds and
other securities
320
1. internal 321
2. external 322
III. Shares in
collective investment funds
330
1. internal 331
2. external 332
IV. Loans
based on insurance policy
340
1. internal 341

2. external 342
V. Other
loans
350
1. internal 351
2. external 352
VI. Deposits
with licensed banks
360
1. internal 361
2. external 362
VII. Other
financial investments
370
1. internal 371
2. external 372
D. Deposits with ceding companies
400
1. internal 401
2. external 402
E. Total 500
1. internal 501
2. external 502
F.
Investments related to life insurance
600
1. internal 601
2. external 602
G. Total 700
1. internal 701
2. external 702
Date of preparation _______________________________ Chief accountant ________________________________ (Name, surname, signature) Manager_________________________________ (Name, surname, signature) Statement control I Form – 1.2. Investment income and expenditure Vertical control 100 = 101+102 200 = 210+220+230+240+250 200 = 201+202 201 = 211+221+231+241+251 202 = 212+222+232+242+252

210 = 211+212
220 = 221+222
230 = 231+232
240 = 241+242
250 = 251+252
300 = 310+320+330+340+350+360+370
300 = 301+302
301 = 311+321+331+341+351+361+371
302 = 312+322+332+342+352+362+372
310 = 311+312
320 = 321+322
330 = 331+332
340 = 341+342
350 = 351+352
360 = 361+362
370 = 371+372
400 = 401+402
500 = 501+502
500 = 100+200+300+400
501 = 101+201+301+401
502 = 102+202+302+402
600 = 601+602
700 = 701+702
700 = 500+600
701 = 501+601
702 = 502+602

Lineage: No known changes

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