Mold-Street: “Bomb” under the insurance system Green Card; Because of a six-thousand-Euro debt, Moldova could be eliminated from system

Mold-Street: “Bomb” under the insurance system Green Card; Because of a six-thousand-Euro debt, Moldova could be eliminated from system
Source: www.mold-street.com Photo: monitorul.fisc.md 18.05.2016 09:22
On Friday, May, 13, 2016, the Board of Directors of the National Commission for Financial Market convoked urgently an extraordinary meeting. The reason was the imminent risk Moldova to be excluded from the international system of insurance Green Card, informs the Mold-Street.

The ASITO admitted the delay of payment of compensations

It has appeared after the insurance company ASITO admitted the delay of payment of compensations to the National Motor Insurance Bureau from Italy, on three cases insured through the system Green Card and violated, in this way, the conditions formulated by the Council of Bureaux from Brussels, that is the manager of the Green Card system.

It was suspect that the administration of the National Bureau of Motor Insurers (BNAA) of Moldova did not know this and declared that “everything is all right”.

According to a release of the NCFM, on May, 12, 2016, on the National Bureau of Motor Insurers of Moldova came three applications of guarantee call for the ASITO.

“Taking into account the persistence of the risk of the Republic of Moldova suspension from the International Green Card System, the decision of revocation of suspension being conditioned by the Council of Bureaux of the International Green Card System with the total lack of applications of guarantee call, in order to avoid the appearance of new applications of guarantee call for the company ASITO, the Board of Directors decided to prescribe to the persons with functions of responsibility of the nominated company the execution, in one day from the entrance into force of the decision, of the payment according to the requests of reimbursement put forward by the foreign insurance companies, whose term for execution expired”, is shown in the NCFM decision.

According to the regulatory authorities, the payment was going to be effectuated “from the account of available funds to the current accounts of insurer”.

At the same time, the NCFM repeatedly obliged the same heads of the ASITO to pay all the sums which the National Motor Bureaux from abroad or the foreign insurance companies paid with title of compensation for the damages produced by the holders of Green Card insurance certificates issued by insurers according to the General Regulation of the Council of Bureaux of the International Green Card System.

Also, the NCFM asked for the non-admission of new application of guarantee call put forward by the National Motor Bureaux from abroad for being paid by the BNAA, the company ASITO being warned. With sanctioning according with the legal provisions in force, including from the Law “On regulation through licensing of entrepreneurship”, in the case of non-execution of prescriptions registered earlier.

Questions

According to some sources from market, the respective situation allegedly created also after the ASITO accounts were blocked and respectively the company could not effectuate the payments on time.

Thus, just on May 11, the NCFM decided to release to the company ASITO “the prior agreement for the extraction of funds from the deposit account in dollars and their placement to the current account in Euro, for the execution of payment according to the requests of reimbursement proposed by the foreign companies”.

However, the same day the accounts were unblocked and the company executed the necessary payments, and the risk of exclusion of Moldova from the Green Card System was eliminated, but not forever.

Or, just during the last year, Moldova avoided four times the suspension from the system and was not excluded after accomplishing the majority of conditions provided by the action plan, set in a common agreement with the Council of Bureaux from Brussels.

Thus, the situation can repeat. We remind that, in March 2016, the Council of Bureaux announced that delayed with two months the decision to suspend the quality of member of the Republic of Moldova from the Green Card System, until the General Meeting of its members, that will take place on June 2, at Tallinn, Estonia.

The decision of the European institution was conditioned by the total lack of applications of guarantee calls issued on the behalves of Moldovan insurer.

Compromised perspectives

The NCFM Vice President, Iurie Filip, mentioned for the Capital-Market that the issuance of an application of guarantee call is considered a very serious and out of common thing in the Green Card system.

“This means that the Moldovan insurer delayed the payment of the compensation and violated the fundamental principle of the Green Card System, based on the trust among insurers, of not to be late in compensation payment”, affirmed Filip.

According to the NCFM Vice President, in the moment of occurrence of a case insured through this system, to the insurer who issued the Green Card policy is sent a debit note.

From this moment, the issuing company has at its disposal 60 days for paying the compensation occurred on this case of insurance. In the situation in which the compensation payment is not effectuated by the insurer in the indicated terms, the Motor Bureau from the country in which took place the insured case put forward to the Motor Bureau from the R. of Moldova an application of guarantee calls, through which obliges it to effectuate the payment immediately.

“The sending on those three applications of guarantee calls raises a lot of questions regarding the Republic of Moldova perspectives to successfully solve the problem of remaining in the Green Card System. Especially that the sum of the insurance damage on all three cases is insignificant, of approximately six thousand Euro. It is very regrettable that this situation appeared on the homestretch, before the General Meeting of the Green Card members, that is going to take place in two weeks”, mentioned Iurie Filip.

In present, in Moldova are authorized 10 companies to sell Green Card policies: Acord Grup, Asito, Donaris Vig, Grawe Carat Asigurări, Moldasig, Moldcargo, Moldova-Astrovaz and Klassika Asigurări.

Link'ed news

Non-Stop News