The assets of the Moldavian insurers increased by 28%, and the capital - by 10%
 Share capital of the 24 insurance companies licensed in Moldova reached MDL 406 million (about EUR 25 million) in late June 2010, representing an increase of 10.3% compared to H1/2009, according to data published by CNPF.
In absolute value, the share capital in the insurance industry increased by over MDL 38 million (about EUR 2.3 million). Market capitalization in H1/2010 was supported by contributions made by the shareholders of 14 insurance companies.
This market capitalization follows the introduction of changes in the Law regarding insurance from 2007, which provides, among other requirements, the modification of requirements regarding the minimum share capital of insurers, which must reach MDL 15 million by 2012.
According to the new regulations, it must be increased annually as follows:
- MDL 4 million until April 2008;
- MDL 6 million until April 2009;
- MDL 9 million until April 2010;
- MDL 12 million until April 2011;
- MDL 15 million until April 2012.
Previously, the minimum capital for an insurance company was MDL 300.000 (EUR 18.000).
Currently, only 11 insurers fulfill minimum capitalization requirement to be met by April 2011.
GARANT, GALAS and IDEEA Asigurari do not meet minimum capitalization requirements that should have been fulfilled by April 2010.
Also, assets of insurance companies grew by over 28% in MDL in H1/2010, reaching MDL 1.8 billion (EUR 107.2 million), according to the supervisory authority. Moreover, the asset growth of the insurance market has exceeded, as speed, the rhythm of growth of gross written premiums, of 15% in national currency, in H1/2010.
Author: Vlad BOLDIJAR
on 18.08.2010
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