Insurers unite into a professional association

 The Union of Insurers of the Republic of Moldova was registered at the end of October. Institution of this association was supported by most insurers registered in our country who jointly hold a share of 90% of the corresponding local market segment. The association was founded by 3 insurance companies, hereinafter referred to as founders: Moldova-Astrovaz, Sigur-Asigur and Victoria Asigurari. By decision of the Union’s founders ex-Minister of Finance, Mr. Mihail Manoli, was appointed President of this professional nongovernmental association. “We have gone a long and hard way until we have collected all documents necessary for registration, among which recommendation and acknowledgement from the National Commission of Financial Market and the National Agency for Protection of Competition”, said Mr. Manoli in an interview to Ekonomicheskoe Obozrenie. The Union intends to solve general issues and express a common position of insurers. With this purpose, all members of the Union are vested by the Charter with the same vote right regardless of the size of the company they are representing. The final decision will be made by the Union’s president who must, however, express a general opinion instead of comments or separate interests. Under the Union’s Charter, decisions made by the Union will be binding upon all its members. According to Mihail Manoli, the Union’s main goal is creation of a transparent insurance market and healthy promotion of interests of this segment’s participants. The association intends to actively cooperate with the National Commission of Financial Market, motor bureau of the National Agency for Protection of Competition, as well as other market participants.

     Note: Mihail Manoli was born on 20 September 1954. He is a Doctor of Economics. Between 1978 and 1991 he has been a lecturer at the State University of Moldova, and since 1991 – at the Academy of Economic Studies. Since 1995 until 1999 he has been the Deputy Minister of Finance of Moldova and concurrently a supervisor at the State Inspectorate for Insurance and Non-State Pension Fund Supervision. Between 1999 and 2002 he has acted as Minister of Finance. Since 2002 until 2006 he has been the Ambassador Extraordinary and Plenipotentiary of Moldova to the United States and Moldova’s representative to the International Monetary Fund and the World Bank.

 

 

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