{"id":259259,"date":"2009-03-17T10:54:47","date_gmt":"2009-03-17T10:54:47","guid":{"rendered":"http:\/\/new.moldova.org\/2009\/03\/17\/agreement-of-green-card-insurance-agencies-is-just-boris-g-189953-eng\/"},"modified":"2009-03-17T10:54:47","modified_gmt":"2009-03-17T10:54:47","slug":"agreement-of-green-card-insurance-agencies-is-just-boris-g-189953-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/agreement-of-green-card-insurance-agencies-is-just-boris-g-189953-eng\/","title":{"rendered":"Agreement of Green Card insurance agencies is just – Boris G."},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

Top-Manager of the Moldcargo insurance company Boris Gherasim has designated the Competition Protection Agency’s decision on the cartel agreement between the insurance companies, dealing the Green Card insurance, as just and timely.<\/p>\n

He told Infotag that statements by Chairman of the Union of Insurance Companies Mihai Manole and Head of the Association of Road Haulers Pavel Cater have nothing to do with the reality. Earlier on the whole both of them defended the ARCA and tried to provide arguments that there was no cartel agreement in the sale of Green Card policies on the territory of Moldova.<\/p>\n

“Manole was not authorized by insurance companies to make statements in mass media and to give any estimation on the Competition Protection Agency’s decision. At a meeting of representatives of insurance companies, where this problem was discussed, there was no quorum and for this reason the Head of the Association of Insurance Companies had no right to make public statements on behalf of our Association”, Gherasim says.<\/p>\n

In his words, many members of the Union, which includes 14 companies, are preoccupied and demonstrate their desire and even readiness to withdraw from its composition.<\/p>\n

“It is quite possible that after Manole’s statements many insurance companies will submit documents on their withdrawal from this union. Their withdrawal will result inevitably in the dissolution of our professional organization, which was created during such long time and with such difficulties”, Moldcargo top-manager remarked.<\/p>\n

In his words, only 10 out of 14 companies are active members of this Association.<\/p>\n

“And if four or five companies withdraw from the Union, only those, who are members of the Green Card cartel agreement will remain its members”, Gherasim thinks.<\/p>\n

He said that his company submitted an application on its admittance to the membership in the ARCA as far back as on November 17, 2007.<\/p>\n

“Until the present moment we are waiting for an answer to our application despite repeated instructions by the Insurance Market Regulator – the NCFM to consider this issue in the near time”, Gherasim answered.<\/p>\n

The Moldcargo top-manager says that other insurance companies submitted similar application and they also wish to sell Green Card polices in Moldova.<\/p>\n

Moldcargo explains that the increase in the number of companies, which can sell Green Card polices will reduce the deducted interest rate to be paid for re-insurance.<\/p>\n

“We are ready to fulfill all the requirements of the ARCA in order to become its full-fledged members, which will reduce the re-insurance charge and more money will stay in Moldova”, Moldcargo experts underline.<\/p>\n

Its managers associate such long consideration of the application on joining the ARCA with the desire of the above companies to preserve as long as possible their present monopoly and not to allow other insurance companies to deal with Green Card polices.<\/p>\n

In February 2009 the Competition Protection Agency accused the ARCA association of a cartel agreement and imposed a fine on it in the amount of 32.79 million lei (US$2.97 million) that constitutes about 10% proceeds, received from the sale of the Green Card polices. The ARCA Association includes four companies – Carat, Moldova-Astrovaz, Moldasig and Asito. The ARCA guarantee fund is maintained to be equal to US$2 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>Agreement of Green Card insurance agencies is just – Boris Gherasima<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-259259","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

Top-Manager of the Moldcargo insurance company Boris Gherasim has designated the Competition Protection Agency’s decision on the cartel agreement between the insurance companies, dealing the Green Card insurance, as just and timely.<\/p>\n

He told Infotag that statements by Chairman of the Union of Insurance Companies Mihai Manole and Head of the Association of Road Haulers Pavel Cater have nothing to do with the reality. Earlier on the whole both of them defended the ARCA and tried to provide arguments that there was no cartel agreement in the sale of Green Card policies on the territory of Moldova.<\/p>\n

“Manole was not authorized by insurance companies to make statements in mass media and to give any estimation on the Competition Protection Agency’s decision. At a meeting of representatives of insurance companies, where this problem was discussed, there was no quorum and for this reason the Head of the Association of Insurance Companies had no right to make public statements on behalf of our Association”, Gherasim says.<\/p>\n

In his words, many members of the Union, which includes 14 companies, are preoccupied and demonstrate their desire and even readiness to withdraw from its composition.<\/p>\n

“It is quite possible that after Manole’s statements many insurance companies will submit documents on their withdrawal from this union. Their withdrawal will result inevitably in the dissolution of our professional organization, which was created during such long time and with such difficulties”, Moldcargo top-manager remarked.<\/p>\n

In his words, only 10 out of 14 companies are active members of this Association.<\/p>\n

“And if four or five companies withdraw from the Union, only those, who are members of the Green Card cartel agreement will remain its members”, Gherasim thinks.<\/p>\n

He said that his company submitted an application on its admittance to the membership in the ARCA as far back as on November 17, 2007.<\/p>\n

“Until the present moment we are waiting for an answer to our application despite repeated instructions by the Insurance Market Regulator – the NCFM to consider this issue in the near time”, Gherasim answered.<\/p>\n

The Moldcargo top-manager says that other insurance companies submitted similar application and they also wish to sell Green Card polices in Moldova.<\/p>\n

Moldcargo explains that the increase in the number of companies, which can sell Green Card polices will reduce the deducted interest rate to be paid for re-insurance.<\/p>\n

“We are ready to fulfill all the requirements of the ARCA in order to become its full-fledged members, which will reduce the re-insurance charge and more money will stay in Moldova”, Moldcargo experts underline.<\/p>\n

Its managers associate such long consideration of the application on joining the ARCA with the desire of the above companies to preserve as long as possible their present monopoly and not to allow other insurance companies to deal with Green Card polices.<\/p>\n

In February 2009 the Competition Protection Agency accused the ARCA association of a cartel agreement and imposed a fine on it in the amount of 32.79 million lei (US$2.97 million) that constitutes about 10% proceeds, received from the sale of the Green Card polices. The ARCA Association includes four companies – Carat, Moldova-Astrovaz, Moldasig and Asito. The ARCA guarantee fund is maintained to be equal to US$2 million.<\/p>\n

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