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Main »» News »» Ministry of Justice gives green light to Green Card

Ministry of Justice gives green light to Green Card

 Last week the Ministry of Justice concluded the procedure of state registration of home and foreign Green Card insurance fees approved by the National Commission of Financial Market. They will probably be published in the Official Monitor this week already. As previously stated in the Capital Market periodical, the said fees were developed in compliance with the mandatory auto insurance fee calculation methodology. The new fees are expected to come in force in January 2009.

 Tuesday, at the 13^th Congress of Motor Carriers and Highway Engineers Union, Vladimir Florea, President of this Union, declared that adoption of this document was the result of a long and careful process of negotiation between all stakeholders, including trade unions, patronage and the Government.

 According to Mr. Florea, the approved fees are not final. Union representatives consider that parties will reconvene to discuss new fees already in April, taking into account new indicators and results and in compliance with a legally established procedure.

 Last week, while presenting his research entitled “Characteristics of Mandatory Motor Transport Insurance in Moldova”, the expert of IDIS “Viitorul” Alexandru Zgardan mentioned that the new MTPL and Green Card insurance premium calculation method complies with international standards and will be efficient provided the transparency of the information provision process.

 Author of the research believes that one of the problems is unfair competition and forgery of Green Card policies. According to research results, the volume of mandatory insurance in the third quarter of 2008 made up 46%, 23% of which were due to MTPL insurance, 22% – Green Card insurance, and 1% – Mandatory Civil Liability Insurance of Vehicle Owners. Only four out of the 33 companies registered in the market hold a license for Green Card insurance, and MTPL insurance makes up over 50% of portfolios of six companies.