NATIONAL COMMISSION OF FINANCIAL MARKET

DECISION
on approval of Regulation
on the Insurance Technical Reserves (Provisions)

No. 1/5 as of 11.01.2011

NATIONAL COMMISSION OF FINANCIAL MARKET

DECISION
on approval of Regulation on the Insurance Technical Reserves

No. 1/5 as of 11.01.2011

Annex no.1
To the Decision of National Commission
Of Financial Market
No.1/5 as of 11.01.2011
REGULATION
on the Insurance Technical Reserves (Provisions)

Chapter I
General Provisions
1. The present Regulation establishes the methods for setting up the technical reserves
(provisions) for general and life insurance.
2. Depending on the context of the provisions, terms insurance and insurer from the
present Regulation refer to entities which carry out insurance and/or reinsurance activities.
3. The insurer sets up and maintains sufficient technical provisions, which value must
allow, at any moment, to meet their liabilities resulting from insurance contracts.
4. The methods of assessment and determination of the technical provisions adopted by
the insurer shall be the same on the course of the financial year, as well as from the one
financial year to another, except for the cases provided by point 5 and point 6.
5. If the methods described in the present Regulation cannot be applied in order to obtain
the correct amount of technical provisions, the insurer may use, subject to prior approval of the
Supervisory Authority, the other calculation methods of technical provisions, if such methods
are supported by an actuarial opinion. The actuarial opinion shall include the argumentation
that the application of these methods are not contrary to the legal provisions in force and
actuarial principles, as well the description of influence of the application of these methods on
insurers financial position and performances. The actuarial opinion on application of other
methods shall be contained in an argumentation note annexed to the insurers internal
regulation.
6. The value of the technical provisions constituted and maintained by the insurer shall
not be lower than the value obtained by the calculation of these reserves, in line with the
methodology established by present Regulation.
7. The insurer must be able to calculate at any date with the gross technical provisions and
the share of the gross technical provisions in respect with contracts ceded into reinsurance.
8. The technical reserves shall be recorded in the accounting separately by the types of
provisions stipulated in point 11.
9. If the insurance contract stipulates that the premiums shall be collected and the claims
shall be paid in foreign currency, the related technical provisions can be formed and kept in
that currency. The technical provisions in foreign currency shall be recognized and recorded in
the accounting records in Moldovan lei, at the official exchange rate established by the
National Bank of Moldova on the day when the reserves are calculated.
10. The technical provisions shall be inventoried and valued at least annually, and at the
end of every accounting period, according to the legislation in force.

Chapter II Criteria in Determining Technical Reserves (Provisions)

Section 1
Technical Reserves (provisions) specific to Insurance Contracts

11. The insurer who carry out its activity in the "general insurance" category shall form
and keep the following technical provisions:
1) Unearned premium reserve (UPR);
2) Reserve for Outstanding Claims, consisting of:
a) reserve for reported but not settled claims (RBNS reserve);
b) reserve for incurred but not reported claims (IBNR reserve);
3) reserve for unexpired risks.

12. The insurer who carry out its activity in the life insurance category, shall form
and keep the following technical reserves:
(1) Mathematical reserve;
(2) Additional mathematical reserve;
(3) Reserve for additional benefits;
(4) Reserves indicated in point 11, if applicable.

Section 2
Determination of Unearned Premium Reserve

13. Unearned premium reserve is calculated separately for every insurance

contract, by adding the share-part of gross written premium, related to the unexpired
period of insurance contract.
14. For calculation of the value of the unearned premium reserve (UPR), related to the
one insurance contract is applied method "pro rata temporis", using the formula:

Ci
UPRi GWPi , where:
Di

UPRi = is the unearned premium reserve;

GWPi = is the gross written premium;
Ci = is the total number of days left until the termination of insurance contract for
which was subscribed the insurance premium (GWPi) and which shall be determined as the
difference between the total number of valid days (Di) of the insurance contract and the
number of days past since it became valid;
Di = the total number of days of valid of the insurance contract covered by the written
insurance premium (GWPi).
i - insurance contract for which the unearned premium reserve is calculated
 15. The total unearned premium reserve is the sum of all unearned premium reserves of
each and every policy (UPRi) and for which the insurance premium was written as of valuation
date and is expressed by the formula:
n
UPRt UPRi where:
i 1
UPRt - the total unearned premium reserve on date t
n - number of contract for which the unearned premium reserve (UPR) is calculated

16. Gross written premium includes both direct insurance written premium and
premium written on risks accepted in reinsurance (indirect premium) where the insurer has the
contractual right to record written premium, whether such payment has been actually received
or recognized and recorded as premium receivable as of the unearned premium reserves
(UPR) valuation date.
17. For insurance contracts that enters into force on a date later than the date when the
written premium were recorded in the accounting books as income and the calculation of the
unearned premium reserve is done on an interim date between the date of concluding the
contract and the effective date of contract, the unearned premium reserve shall be equal to the
written premium.

Section 3
Determination of Reserve for Outstanding Claims

18. The reserve for outstanding claims relates to the claims reported or not up to date of
assessment and represents the sum of technical provisions described in point 11 sub point 2).
19. Insurer is obliged to calculate prudently the ultimate costs related to outstanding
claims expected to arise to fully settle all claims and/or benefits incurred during the period up
to the valuation of the reserve for outstanding claims and which remained unsettled as of the
valuation date.
20. The ultimate established costs to settle claims and/or benefits consists of the
calculated or estimated value of claim due to compensation, indemnity or benefits payable to
the insured person/claimant or beneficiary plus the actual and/or estimated value of the
administrative expenses related to handling, assessment and settlement of claims and benefits
related to each contract comprising the reserve for reported but not settled claims (RBNS) as
well as the reserve for incurred but not reported claims (IBNR).
21. The reserve for reported but not settled claims (RBNS) shall be created and updated
separately for each insurance contract to which has been notified occurrence of the insured
case setting out from expected expenses that will be made in future with claims and/or benefits
settlement, on the basis of claims reports and/or notifications received by the insurer during the
accounting period in any form (written, telephonic, electronic mail, etc.), whether or not the
final amount of claim and/or benefits is already determined, but which claims and/or benefit
remain unpaid or were partially paid as of the valuation date of Reserve for reported but not
settled claims (RBNS), so that the created fund for Reserve for reported but not settled claims
is enough to cover those claims and/or benefits.
22. The total amount of the Reserve for reported but not settled claims represent the
estimated final cost to settle all claims and/or benefits incurred and reported during the
accounting period up to the valuation date. This amount is obtained by following formula:

CR = (A + B C + D), where:

CR = Reserve for reported but not settled claims, calculated for every insurance
contract.
 A = the amount of unsettled claims and/or benefits applicable to periods that preceding
the accounting period under valuation.

B = the sum of incurred and reported claims and/or benefits arising from events that
have occurred during the accounting period, all of which must be recorded in the
Register of Claims, for general insurance and in the Register of Claims and Benefits,
in the case of life insurance.

C = the amount of claims and/or benefits settled during the accounting period.

D = Claims management and loss adjustment expenses, if any, comprising of

following:
(a) the value of 3% of the amount of unsettled claims established at the end
of the accounting period;
(b) the actual and estimated cost of adjustment, assessment and settlement
expenses, related to services provided by third parties (independent
experts) established at the end of the accounting period (valuation date),
if any.
23. Where the amount of the unsettled reported claim or benefit is already known at the
valuation date, this value must be recognized and recorded as Reserve for reported but not
settled claims. In cases where claim has occurred and has been reported, but unsettled and the
benefit has been recognized as a liability, but unsettled at the valuation date of the Reserve for
reported but not settled claims, and compensation and/or benefit amount has not been
estimated or established yet, the amount to be set up as Reserve for reported but not settled
claims is the maximum amount of insurance compensation and/or benefit for similar risks, not
exceeding the insured sum of the respective contract plus 3% (three percent) of this value or
plus the best estimate value of administration costs and claims adjustment, if claims handling
and investigation are assigned through the services provided by third parties (independent
experts).
24. In case of claims which are objects of legal proceedings in a court, the Reserve for
reported but not settled claims, shall be the amount of the unsettled claims according to
complainants requirements, not exceeding the insured sum. The amount of Reserve for
reported but not settled claims so established must be kept and maintained until the final and
irrevocable decision is taken by the court. An additional value of reserve must be immediately
created if and when the insurer acquires knowledge that additional cost or expense is required
to ultimately settle the claim.
25. In determining the value of the Reserve for reported but not settled claims related to
occurred claims in external compulsory motor third party liability insurance Green Card, shall
take into account the amount of incurred and reported claims as well as related claims settled
expenses stated in the requests, notifications, debit notes or other similar documents submitted
by the entitled persons and by the National Bureaus from the member countries of the Green
Card System.
26. Insurer is obliged to keep and maintain Registers of Claims provided in the point 67
in such manner that all records related to incurred and reported claims, inclusively calendar
dates of claims settlement (payment), must be performed on a daily basis.
27. The reserve for incurred but not reported claims (IBNR) shall be calculated for
every insurance class, on the basis of insurer's best estimations, by actuarial methods using
reasonable statistical data. This reserve shall be created and kept for losses that have already
occurred, but were not reported, as of the end of the accounting period (reserve valuation date).
 28. In determining of the reserve for incurred but not reported claims (IBNR), the loss
triangle development method (Chain Ladder method) should be used. This method should be
based on actuarial assumptions and methodologies that, at least, must fulfill the following
requirements:

(a) Loss development triangles must be presented using statistical quarterly data,
for at least last 12 quarters prior the accounting period, related to paid losses and
reserves for reported but not settled claims (incurred claims) recorded at least in the last
12 quarters prior to the calculation date of this reserve.

(b) Statistical information used at calculation of reserve for incurred but not
reported claims excludes, if any, the value of salvage and subrogation recoveries, as
well the value of claims for which the insurer has submitted the legal proofs of their
rejection of payment.

(c) Claims management expenses and other claims handling and settlement costs
shall be included in the final result of the reserve for incurred but not reported claims.
These expenses will include the value calculated as 3% (three percent) of reserve for
incurred but not reported claims which results from actuarial calculations and, by case,
the estimated preventive value of adjustment, assessment and settlement expenses of
claims handling, related to services provided by third parties (independent experts).

(d) Unusual claims of very high amounts, damage, may be excluded if it is considered
by the actuary that a prudentially approach of estimates requires their exclusion from
the statistical information used for calculation of the reserve for incurred but not
reported claims. In this case, the actuary shall provide in separate note the reasons for
their exclusion from the calculation.

Section 4
Reserve for Unexpired Risks

29. The reserve for unexpired risks shall be calculated by estimating the claims that will
occurred after the end of the financial year with respect to insurance contracts in force as of
valuation date in such an amount that the estimated value of such future claims exceeds the
unearned premiums reserve.
30. The reserve for unexpired risks is calculated and maintained separately on each
class of insurance.
31. The value of the reserve for unexpired risks (RUR), for each class of insurance,
shall be calculated using the following formula:

RURi ECi UPRi

where:

RURi - the reserve for unexpired risks;

ECi - the value of the estimated claims that are expected to occur in future periods;
UPRi - the total value of unearned premium reserve of the same class of insurance as
of the valuation date of UPRi;
i class of insurance

32. The total amount of Reserve for unexpired risks is the sum of reserves for
unexpired risks (RURi) calculated for each class of insurance.
 Section 5
Methods of Determination of Mathematical Reserves, Additional Mathematical
Reserves and Additional Benefits Reserves

33. Mathematical Reserve shall be calculated separately for each contract of life
insurance using the prospective actuarial gross premium valuation method - Zillmer reserve
(hereinafter - Prospective Gross Premium Method).
34. Insurer can apply other method of valuation than the Prospective Gross Premium
Method if the actuary confirms and certifies that the amount of mathematical reserve arrived at
under the other methods of approximations (e.g. retrospective actuarial gross premium
valuation method, retrospective or prospective actuarial net premium valuation method), is not
lower than the amount that should have been produced using the prospective Gross Premium
Method.
35. The Prospective Gross Premium valuation method is used taking into account the
following:
(a) all prospective contingencies under which premiums or benefits are payable as
determined by the terms and conditions of the underlying insurance contracts or
policies;
(b) reasonable policyholders expectations with regard to repurchase or surrender values,
bonuses, profit participation and other established business practices of the insurer in
relation to benefit payments;
(c) the cost of options, inclusively commissions, if any, given to the policyholders in
accordance with terms and conditions of their life insurance contracts.

36. The determination of the amount of liability under each life insurance contract shall
be based on rightful and prudent assumptions based on data resulting from the experience of
the insurer or other statistical data on relevant parameters and shall include an appropriate
margin for adverse deviation of parameters with relevant influence that may require an
increase in the amount of mathematical provisions.
37. The method of calculation of mathematical reserves and the valuation parameters
will not be changed from the year to year within the duration of the insurance contract due to
arbitrary changes to the method of calculation or the valuation parameters and must be such as
to allow adequately recognition of the benefits distribution.
38. Mathematical reserves calculated at an interim date which does not correspond with
the contract anniversary dates are calculated by an interpolation reserve method.
39. If negative result is obtained when calculating mathematical provision, such amount
will be reported and evidenced as equal to zero (0).
40. If the repurchase (surrender) value of the one insurance contract is guaranteed, the
amount of mathematical provision for that insurance contract at any moment must be at least
equal the amount of the repurchase (surrender) guaranteed value.
41. In determination of the amount of mathematical provision shall take into account
the nature, type and condition of assets comprising the reserve liabilities so as to make prudent
provisions against possible changes in the value of those assets that will impact on the ability
of the company to meet its insurance obligations.
42. Additional Mathematical Reserves are calculated if the present or foreseeable yield
on assets of the insurer who engage in the activity of life insurance is insufficient to meet their
commitments towards the insured in respect of interest rate used in calculations.
43. Reserve for additional benefits (insurance bonuses) is calculated and maintained in
order to evaluate the insurers liabilities due to pay bonuses related to life insurance contracts
that provides the policyholders right to participate in additional benefits (investment income)
obtained as a result of mathematical reserves investment. Reserve for additional benefits
(insurance bonuses) is calculated using the retrospective method, separately for each insurance
contract.
Section 6
Cash Flows (In and Out) of Life Insurance Contracts

44. The gross insurance premium valuation method shall update (discount), at the
appropriate rate of interest, the following:
1) Premiums payable, if any;
2) Benefits payable, if any, applicable to the following:
a) Death benefits;
b) Survival or living benefits;
c) Benefits payable to the policyholder in case of voluntary termination of contract;
d) Additional benefits;
e) Bonuses or profit participation to which insured or policyholders are already
entitled, whether they are acquired, declared or allotted.
3) Commissions and remunerations payable, if any, in respect to the life insurance
contracts;
4) Contract or policy management/maintenance expenses, if any, in accordance with the
parameters set out in point 48;
5) Profit allocation to shareholders, if any, only where there is a specific contractual
provision and specific relationship between profits attributable to shareholders and the
profit participation rate declared for the policyholder.
6) The interest rate to be used to calculate mathematical reserves of the insurer cannot be
more than 5% and is determined depending on the conditions of the insurance contract,
type of investment of technical reserves or using the average rate of interest of state bonds
on term more than one year.
45. Where the contract of life insurance provides options that may be exercised by the
policyholder (for example: as additions to sum insured or paid up conversion without evidence
of insurable nature of the insurance contract as well as annuity payments rates guaranteed at
maturity, etc.), the cost of such options shall be estimated and treated as cash flows in
calculating the mathematical provisions of the underlying contracts.
46. The bases on which future cash flows related to life insurance contracts shall be
calculated and updated (discounted) on basis of the following parameters:
(a) Mortality tables, disability tables and morbidity tables to be used for insurance
provisions calculation must be taken from official publications, from the institutions
competent in their development or elaborated by actuaries which their use, in the latter
case, by notifying the Supervisory Authority.
(b) The indicators included in the tables specified in point a) and used for mathematical
reserve calculation (specific rates) shall not be changed or their values shall not be less
than 100% of component indicators of these tables unless the actuary of the insurer can
justify and take responsibility for the modification or the lower percentage.
47. Notwithstanding point 46, the insurer have the option to use its own mortality,
disability or morbidity tables based on its own experience and constructed using reasonably
accurate, complete and credible data, as certified by actuary.
48. Contract or policy management/maintenance expenses shall be increased according
to annual inflation related to future periods where the inflation rate is estimated consistent with
the valuation interest rate described under point 49.
49. The valuation interest rate to be used shall be:

(a) The same but not lower than the interest rate used in the calculation for future cash
 flows described under point 44, herein, determined from prudent assessment of the
current and future investment yields of the assets attributable to the portfolios of
insurance contracts and which assessment shall take into account the risks associated
with the investment in respect to realization and receipt of investment income as well
as the repayment of principal sum (basic).
(b) Based on the assumption that the scale of future bonuses or profit participation is
consistent with the valuation of interest rate with due regard to future assets investment
conditions, in respect of contracts with profit participation.
(c) Based on the changes in risk-free interest rates, in the case of single premium life
insurance contracts.
(d) Valuation rates shall be approved in advance by the supervisory authority.

Section 7
Requirements for Unit-Linked Insurance Products (ULIP)

50. In the context of present section, the terms:

(a) Unit-linked life insurance products or ULIP refers to life insurance contract or
policy where the contract or policy holder is given the individual option of investing of
own financial means, depending on number of units or fund units held in separate
investment funds, established by the insurer special for its unit-linked insurance
activity. The contract holder or policyholder bears the investment risks. These products
comprise life insurance and annuities connected or linked to investment funds, as
described in Annex No. 1, Classes of life insurance, paragraph 3, of the Law on
Insurance no.407-XVI as of 21.12.2006.
(b) Segregated funds refers to special fund or funds set up by the insurer that carry out its
activity in life insurance, the assets and incomes of which are specifically earmarked in
respect to and for the benefit of unit-linked life insurance contracts or policies. An
insurer transacting unit-linked life insurance products must establish and maintain a
segregated fund for each group of unit-linked life insurance products.

51. Mathematical provisions in respect of unit-linked insurance contracts or policies

shall be calculated as follows:
(a) Mathematical provisions in respect of unit-linked life insurance products consist of two
(2) components: (I) Reserves related to fund units (hereinafter - unit reserves) and (II)
general reserves. The mathematical provision in respect of each insurance policy or
contract is the sum of the amounts of the two components.
(b) Unit reserves, at the certain date, are calculated in respect of number of fund units
allocated to the insurance contract or policy multiplied to the value per unit of the
underlying segregated fund, at the same date.
(c) General reserves (non-unit component) shall be determined using the Prospective Gross
valuation method set out under point 33.

Section 8
Special Requirements for the Technical Provisions Calculation

52. Aggregate provisions shall be made where it is not practically possible to calculate
mathematical provision for each (individual) insurance contract or policy for the following:
a) Policies or contracts which are charged with additional premium on account of certain
substandard conditions representing extra risks; such as, occupational hazard, over-
weight, under-weight, health impairment, geographical or other conditions classified by
the insurer as sub-average living.
 b) Expired policies, which are not included in the mathematical provisions calculation,
under which insurance liability exist or may arise.
c) Guarantees and/or options available to individual and group policies or contracts.
d) Increase or decrease in mathematical provisions arising out of MDL exchange rate
variations, specific situation for insurance policies or contracts denominated in foreign
currency.
e) Others conditions, if any.
Section 9
Reinsurer Share in Gross Technical Provisions (Reinsurer Account)

53. The reinsurer's share in the gross technical provisions shall be determined as
established by points 5761, depending on the type of reinsurance (proportional and non-
proportional, optional or compulsory, etc.), and the terms and conditions of the reinsurance
contract.
54. The insurer calculates the reinsurers share in technical provisions concomitantly
with calculation of gross value of technical reserves. The reinsurers share must be calculated
and reported separately, for each type of technical provision.
55. In determining the reinsurer's share in technical reserves related to the contracts or
policies ceded into reinsurance, should be taken into account the ability of the insurer to pay
the insurance compensations for reinsured claims and the appropriateness of recovery of such
payments from the reinsurer. This form of market risk is taken into account when assessing the
technical provisions. In this case, the actuary should disclose and inform about the existence of
such risk, its potential impact on the insurer's technical provisions and how the actuary
managed that risk in determining these reserves.
56. Between insurer who cedes (assignor) and reinsurer (assignee), or between the
reinsurer who retro cedes and reinsurer or retro assignee transfer of assets must be real and
complete.
57. The reinsurers share of the gross unearned premiums reserve related to the
contracts ceded into reinsurance shall be calculated according to the method used to calculate
the unearned premiums reserve described in present Regulation, or, where those methods does
not apply, in accordance with reinsurance contract clauses, on the date when the reinsurance
contract enters into force.
58. The share of the gross reserve for reported but not settled claims (RBNS reserve)
related to contracts ceded into reinsurance shall be calculated separately for every insurance
contract to which insured event has been notified and which was ceded into reinsurance and
shall be equal to the amount recoverable from the reinsurer on the basis of the terms and
conditions of the reinsurance contract
59. The share of the gross reserve for incurred but not reported claims (IBNR) related
to the contracts ceded into reinsurance shall be calculated by insurance class on the basis of
accumulated statistical data of compensation paid for insurance contracts ceded into
reinsurance, in a given insurance class, arrived at by the following formula:

D RE
IBNR RE IBNRBRUT ,
D
were:
IBNRRE the reinsurers share of gross reserve for incurred but not reported claims
(IBNR) for a particular class of insurance;
IBNRBRUT is the amount of gross reserve for incurred but not reported claims (IBNR)
established for contracts ceded into reinsurance of the given class of insurance;
 DRE is the amount of reinsurance share in all compensation and/or indemnities or
benefits paid during the accounting (valuation) period for reinsured policies belonging to
the given class of insurance;
D - is the total amount of compensation and/or indemnities or benefits paid during the
accounting period for the same class of insurance.
As values DRE and D can be used as well, based on actuary's argumentation, the related
and corresponding values of the Reserve for reported but not settled claims (RBNS) as of
valuation date. The sum of all Reserve for incurred but not reported claims (IBNRRE)
corresponding to each class of insurance, is the total reinsurance share for Reserve for incurred
but not reported claims.
60. The reinsurance share of the gross reserves for unexpired risks related to the
contracts ceded into reinsurance shall be calculated according to the method used to calculate
the reserve for unexpired risks or according to the reinsurance contract provisions, on the date
when the reinsurance contract enters into force.
61. The reinsurance share of the mathematical reserves shall be calculated separately
for each insurance contract or policy (group of contracts or policies) according to the
reinsurance contract provisions and / or reinsurance program.

Chapter III. REQUIREMENTS FOR INTERNAL REGULATIONS ON

SETTING UP AND MAINTENANCE OF TECHNICAL PROVISIONS

62. Every insurer shall elaborate its own Internal Regulation on formation (setting up)
and maintenance of the technical provisions.
63. The Internal Regulations must be approved by the executive body of the insurer as
an Internal Regulation validated by the signature of an actuary of the insurer and presented to
the supervisory authority within 10 (ten) working days from its adoption and within at least 10
working days before the date of entering into force.
64. The supervisory authority may require amendments or additions to the Internal
Regulation where it is not satisfied that contents thereof are not in compliance with the Law on
insurance no.407-XVI as of 21.12.2007 and/or other normative acts in force.
65. Internal Regulation should include at least the following:
1) the basic principles and concepts (terms and definitions);
2) description of insurance products, which must include the following:
a) insured risks related to insurance contracts;
b) insurance period, the payment period of insurance premiums and of compensations
and other insurance benefits, if applicable;
c) arrangements for payment of insurance premiums (unique, annual, semi-annual,
quarterly, monthly, in installments);
d) method of payment of sum insured (lump sum, annuities);
e) type of the sum insured (constant, increasing, decreasing);
f) forms of participation of the insured in the investment specific for the contracts with
investment participation, the method for calculating the additional benefits from
investment (bonus);
g) method of calculation and payment of surrender value;
h) parameters of provisions calculation (interest rate, mortality tables, disability tables
and morbidity tables, coefficient Zillmer);
i) absolute value and/or expenses rates of the insurer;
j) calculation and formation methods of the reserve for additional benefits (bonus) for
the insurance contracts with investment participation;
k) methods and calculation formulas for the redemption sums and reduced sums;
3). types of technical reserves specific for insurance classes, in case of general
insurance and for insurance programs, in case of life insurance;
4) description of methods and formulas for calculating the technical reserves for each
insurance class in case of general insurance and for each insurance program in case of life
insurance;
5) description of interpolation methods and formulas of reserves at the calculation date
for life insurance, and, if applicable, for general insurance;
6) methods and formulas for calculating the reinsurance reserves, description of
specific of the reinsurance programs.
66. In order to ensure a continuous activity in the case of insurance portfolio transfer or
assignment, cessation of insurers activity or on request of the supervisory authority, the
insurer must be able to calculate and provide the amount of insurance technical reserves at any
calendar date.
67. The insurer shall form the technical reserves on the basis of the information from
the following registers:
1) for general insurance:
a) register of contracts concluded for general insurance (direct insurance);
b) register of claims for general insurance (direct insurance);
c) register of contracts concluded for general insurance (on risks accepted into
reinsurance);
d) register of claims for general insurance (on risks accepted into reinsurance);
2) for life insurance:
a) register of contracts concluded for life insurance (on direct insurance);
b) register of claims and benefits, for life insurers (on direct insurance);
c) register of contracts concluded for life insurance (on risks accepted into reinsurance);
d) register of claims and benefits, for life insurers (on risks accepted into reinsurance).
68. The registers mentioned in point 67 of present Regulation, must contain at least data
in respect of:
- contract (policy, insurance certificate, etc.) number;
- name, surname, IDNP or name and IDNO of the insured and, where necessary, of the
contractor (subscriber) and insurance beneficiary;
- data on age, sex and other characteristics of the insured, contractor (subscriber) or
insurance beneficiary, that influence the amount of insurance premium;
- date of contract conclusion, date when insurance started, date when insurance ends,
insurance period, modification date of conditions of the insurance contract or its dissolution
date;
- insured risks by contract and class of insurance;
- sum insured;
- gross written premium according to the insurance contract (policy);
- subscription date of the insurance premium;
- amount, date of effective receipt, term and periodicity of payment of the insurance
premium according to the contract;
- amount and date of effective encashment of the insurance premium (redemption sum)
returned to the insured in case of modification (cancellation) of the insurance contract;
- amount, term and periodicity of payment of the insurance indemnity, in life insurance
- date of claim application and the amount of reported claim;
- date of occurrence of insurance event, insured risk name;
- modification date and changed amount of the reported claim;
- payment date of the insurance compensation (indemnity);
- amount of insurance compensation (indemnity) paid;
- date and amount of additional benefits (bonus) calculated and paid in life insurance;
- date of refusal to pay the insurance compensation (indemnity).