The National Commission of Financial Market (NCFM) has warned eight insurance companies from Moldova, that they could remain without license, because of the irregularities detected.
The NCFM determined that the companies Alliance Insurance Group, Asito, Asterra Grup, Garantie, Moldcargo, Moldova-Astrovaz, Sigur-Asigur and Transelit, do not have sufficient assets to cover insurance reserves and the minim solvency margin. In addition, some companies have registered asset shortfall since 2014.
The NCFM warned the management of the companies mentioned above, that they will be penalized, if they won’t take the necessary measures to eliminate the admitted assets shortage. The deadline for removing the shortages identified by the NCFM is 31st of March, 2017.
If they fail to conform to the NCFM requirements, the companies risk to loose their business license.