A new study on the insurance market of Moldova, available now online

On May 31, the experts of Business Consulting Institute and SEDLEX Association have completed the study „Development and Diversification of the Insurance Market in the RM in the context of negotiating the creation of the Deep and Comprehensive Free Trade Area between the Republic of Moldova and the European Union”, initiated and financially supported by the Soros-Moldova Foundation.

The study has been carried out in the context of negotiating the Association Agreement between the European Union and the Republic of Moldova and creating the Deep and Comprehensive Free Trade Area, which aim the gradual liberalization of the service market, including the insurance market.               

The goal of the study was to identify the current restrictions in the integration of the insurance market in the RM with to the European Union - by establishing the main performance indices of the insurance markets in Moldova, to analyze the regulatory framework of the Republic of Moldova and the European Union, to identify the differences between the existing norms on these two markets and to issue recommendations for the legislative, institutional and control adjustment in the insurance area in the RM, in order to allow the integration of insurance services with the common market of the EU.     

The main objective of the study is to offer a set of recommendations for the transition of local insurance companies to the regulatory framework which will make possible the free circulation between the insurance markets of the Republic of Moldova and the European Union.   

Based on this analysis, the authors have issued a number of conclusions, having mentioned the main winners and losers in the negotiation and the implementation of the Association Agreement and the creation of the Deep and Comprehensive Free Trade Area, having offered a set of recommendations on the actions to be undertaken by the Government for the successful negotiation and implementation of the Association Agreement and the DCFTA.