OREANDA-NEWS. April 12, 2011. The insurance market has returned to the before-crisis development level, however, its concentration on vehicle insurance sets new tasks for its participants and regulating institutions. It was said at the workshop “Vehicle insurance in crisis conditions”, being held in Chisinau. Participants of the insurance-, leasing-, automobile markets from Moldova and Romanian, as well as representatives of the National Commission for Financial Market and other public institutions are taking part in it.

Vehicle insurance is the main source of insurance companies’ incomes – last year, it accounted for about 65% of insurance premiums. At the same time, one of the most serious problems is the growth of payments for vehicle insurance, reaching 80% of all insurance money. Participants of the workshop shared their opinions about the insurance legislation in force, the calculation methodology and compensation factor for the obligatory motor vehicle liability insurance, the situation with losses in vehicle insurance, fighting against fraud in insurance.

The National Commission for Financial Market Deputy Chairman Aurica Doina said the market’s participants need to be more active in discussion of the problems existing in the market. Particularly, she proposed insurance companies to participate more actively in testing of the electronic insurance policy issue system.

“This system will enable us to eliminate a whole number of problems in the industry, however, for the system to work adequately, we need to have a feedback”, she said. Aurica Doina also drew insurance companies’ attention to carrying out of the internal audit and raising not only the quantity, but also the quality of insurance services.