OREANDA-NEWS. January 24, 2013. The National Commission on Financial Market suggest abrogating the resolution by the National Vehicles Insurance Bureau debarring Moldcargo from distributing Green Card Insurance policies. The Administrative Board of the National Commission on Financial Marekt adopted a resolution to direct leadership of the National Vehicles Insurance Bureau to hold a general meeting of its members to consider abrogation of sanctions imposed on December, 10, 2012 on Moldcargo.

It should be reminded at on November, 20, 2012 at the extraordinary sitting of the National Vehicles Insurance Bureau the resolution was adopted to suspend distribution of Green Card insurance policies by Moldcargo. Moldcargo is one of five major insurers of Moldova. Following 9 months of 2012 the company attracted insurance premiums at an amount of 97.5 mln. leis (12.4% of all the premiums); it paid indemnities at a sum of 24.1 mln. leis (close to 9% of all indemnities in the insurance system of Moldova). In the Green Card segment it occupies the 25.9% share by amount of premiums and 13% by amount of indemnities. Moldcargo entered the market of Moldova in October, 1999.

The equity capital of this insurance-and-reinsurance association equals to 300 mln. leis. Following September, 2012 its assets made up 146.7 mln. leis, the company gained the profit of 7,09 mln. leis. The liquidity coefficient has been 1.2, the disposable solvency margin has made 30.8 mln. leis.

As it was said earlier, the Green Card international system of motor vehicle liability insurance was adopted in 1951. It is aimed at settling claims of victims of road accidents involving foreign drivers in line with national legislation of the country of the accident. National Green Card Bureaus are united in the Council of Bureaus, headquartered in Brussels. The Green Card insurance system embraces 45 states.

In Moldova the system was adopted in 2001. Functions of the Moldovan green Card Bureau were shouldered on the National Bureau of Vehicle Insurers full-fledged members of which are authorized to issue and distribute Green Card policies in Moldova and represented by the following companies: ASITO, Donaris Group, Grawe Carat Asigurari, MoldAsig, Moldcargo and Moldova-Astrovaz.