The National Financial Market Commission (CNFP) has started financial remedy proceedings for the insurance company Moldova-Astrovaz, following an inspection initiated in December 2018.

The inspection revealed breaches of procedures in forming claims reserves, including when issuing Green Card car insurance certificates.

Beginning today and through the duration of the financial remedy proceedings Moldova-Astrovaz is banned from issuing new Green Card insurance as well as from carrying out investment activities by selling stock without prior consent from the supervisory authorities.

CNPF recalls that a previous financial redress plan in 2018 didn’t deliver the expected results, which included keeping the deficit in check.

In conclusion, CNPF notes that the remedy proceedins doesn't exonerate Moldova-Astrovaz from fulfilling its contractual obligations.