The Insurance Market Protection

The conditions for conducting insurance activities in our republic will be changed. Deputy Yuri Kucherenko made such an initiative. The Supreme Council adopted amendments and addendum to a whole package of laws: “On the organization of insurance business”, “On the central bank of the PMR”, “On licensing of certain types of activities” and “On bankruptcy” in the first reading. Today in Pridnestrovie there is a law "On the organization of insurance business" in the 2008 edition. Since the adoption of this law, a lot has changed, including in the part of the insurance business.

It is proposed to endow the Central Bank of the PMR with additional powers in the field of control over the activities of insurance organizations.

In addition, the law-in-draft defines the list of documents required to obtain a license. Among others, obtaining a license will require documents confirming the sources of origin of funds contributed by the founders of the license applicant.

Additionally, the consent of the PRB will be required for the participation of foreign legal entities in the authorized capital of insurance organizations established in the PMR. The maximum amount of foreign capital in the authorized capital of insurance organizations should not exceed 50%. According to experts, this law-in-draft has a more modern approach. If today we have only one license for all types of activities, then this law-in-draft proposes to divide it by type of insurance. The draft law also stipulates that the insurer must have its own website on the Internet. In addition, insurers will maintain registers of insurance agents and insurance brokers with whom they have concluded contracts for the provision of insurance-related services.