First private pension fund created in Moldova

National Commission of Financial Market (CNPF) has approved the state registration of the first private pension fund. The decision has been make by unanimity of votes on Thursday, within the regular meeting of the CNPF Board. First Pension Fund, as it was named, will be created by Victoria Asigurari Ltd Insurance Company. The single founder intends to register the fund in the near future. According to the legislation, the company is also to obtain the license in order to operate this type of activity. “Victoria Asigurari” is registered in the State Registry of Enterprises and Organisations. It holds 3 licenses for the activity in the insurance domain. According to the data contained in the Financial report for October 1, the total amount of insurance reserves of the company constitute about MDL 11.8 million, liquidity rate of assets admitted to cover the insurance reserves being of 1.6. The decision concerning the creation of a private pension fund was approved at the general assembly of associates of Victoria Asigurari on June 22. Back then it was established that the fund will heave a social capital of MDL 10,000. According to the statute it will be an open-end fund.