Romania's Financial Supervisory Authority, National Bank of Moldova sign insurance cooperation protocol

The Financial Supervisory Authority (ASF) and the National Bank of Moldova (BNM) signed on Friday a cooperation agreement for setting in place the necessary framework for the exchange of information and technical assistance regarding insurance licensing/authorization, regulation and oversight, with a view to protecting consumer rights and interests.

"Since I took office, I have paid particular attention to developing relations with the National Bank of Moldova by initiating or speeding up joint initiatives. With the Republic of Moldova actively engaged in the EU accession process, we intend to remain an aggregator of support provided to the BNM. We have maintained a constructive dialogue on the interconnection of our capital markets and have been actively involved in the Twinning project, providing assistance in the process of modernizing insurance legislation. Recently, we have also signed a financial education cooperation protocol as a basis for expanding our co-work for the professional training of experts and increasing the financial inclusion rate in the Republic of Moldova. This new insurance cooperation protocol marks a natural step in deepening the relations between our institutions and reflects the joint commitment to developing a solid and transparent financial framework, in line with the best international practices," ASF president Alexandru Petrescu said, as cited in a release.

The cooperation protocol aims to promote the integrity, stability and efficient functioning of the financial sector and of the insurance market in particular, in the two jurisdictions, and will open new perspectives for cooperation as the Republic of Moldova's is getting its legislative and supervisory framework in line with EU norms and standards.

The two authorities also expressed their intention to cooperate on experience exchanges and professional training activities, with the goal of contributing to the consolidation and development of the regulatory and supervisory framework in the insurance sector.

The Financial Supervisory Authority is Romania's national authority responsible for the regulation and supervision of the insurance market, private pensions and the capital market, set up in 2013 by OUG 93/2012 approved by Law 113/2013.