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Insurance - AI Search

Insurance law can be divided into three categories: regulation of the insurance business, the content of insurance policies, and the settlement of claims.

Regulatory compliance in the insurance field refers to the adherence of insurance companies to a comprehensive set of laws, regulations, guidelines, and standardsset by governing bodies.

The goal is to ensure fairness, transparency, and stability within the industry and to protect consumers and maintain market integrity.

This covers various aspects of an insurance company's operations, from product development and sales practices to claims handling and data protection.

The main legal basis of the Republic of Moldova

  • Law No. 92/2022 on insurance and reinsurance activities
  • Law No. 106/2022 on compulsory motor third party liability insurance for damage caused by vehicles
  • Law No. 1553/1998 on compulsory civil liability insurance for carriers towards passengers

The EU regulatory framework

  • Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance)
  • Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (Text with EEA relevance)
  • Directive 2009/103/EC of the European Parliament and of the Council of 16 September 2009 relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability (Codified version) (Text with EEA relevance)

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