25April 2016
Ora: 11:01

Conference on EU-Moldova Insurance Law

Conference on EU-Moldova Insurance Law
Sursa foto: DCFTA.MD
Press Releases

On 25 April 2016, the Ministry of Economy and the EU-financed project “Support to the DCFTA Process in the Republic of Moldova” organised a conference on the Law of Insurance in Moldova. The event was titled “Approximating the Moldovan Insurance Regulations to EU norms”.

This Conference represented the formal culmination of the expert mission –which started in January 2016- to identify needed amendments in the local insurance legislation after thoroughly analysing it and to assist in transposing the relevant European Directives.

Indeed, the colloquium was very successful in its aim to provide information to a wide cross-section of stakeholders on the implementation parameters of the EU acquis communautaire on insurance into local legislation and to present the results of the mission. In addition, the meeting assisted the regulator, insurance companies and additional stakeholders in their efforts to comply with EU standards in terms of insurance law.

Mr. Iurie Filip, the Vice-President of the Council for the Commission on Financial Markets, opened the Conference and welcomed the 40-plus participants. During the lively sessions, all attendees had the opportunity to exchange knowledge and discuss issues that may arise in the application of EU insurance regulations, several of which are scheduled to be implemented in Moldova within 2017.

The all-day conference was conducted by the Short-Term Experts of the DCFTA project, Demetrius A. Floudas and Veaceslav Cernica.

The experts presented an overview of the EU insurance framework, suggested amendments to Moldovan legislation and discussed about the legal basis and comparative situation between the EU and Moldova. Specific attention was paid to how these would impact the economic situation of the country. Moreover, the Insurance Conference presented an evaluation of the feedback results of the Focus Group held as part of the Workshop on insurance legislation review and proposed modifications on 20 April 2016.