The National Commission of Financial Market (NCFM) has propounded to verify the activities of 14 of the 15 insurance companies of the Republic of Moldova and fined 13 of them.
The reason given by the NCFM is "the need to verify compliance with the legislation in insurance investigations on cases of damages and payment of insurance claims for internal and external (Green Card) compulsory insurance of civil liability of owners of motor vehicles.
The inspection revealed that all the companies admit non-compliance with the Law on compulsory insurance of civil liability of owners of motor vehicles and with the Law on Insurance.
Consequently, the NCFM has decided to sanction 13 insurance companies:
Acord Group - 40.400 lei, Alliance Insurance Group - 40 700 lei, Asterra Group - 1,500 lei, Auto-Safety - 39,500 lei, Donaris Vienna Insurance Group - 41,000 lei, Galas - 44,000 lei, Warranty - 41,100 lei, Grawe Carat Insurance - 39 100 lei , Klassika Insurance - 37,000 lei, Moldasig - 44,000 lei, Moldcargo - 40,000 lei, Moldova-Astrovaz - 37,000 lei, Transelit - 47,500 lei.
The total amount of penalties imposed reached half a million lei.
The NCFM also penalized the management of the insurance companies.