To assess the readiness of insurance companies for implementing the quantitative requirements of the Solvency II Directive, the National Bank of Moldova instructed insurance companies in Moldova to submit specific Quantitative Reporting Templates (QRTs) by November 30, 2024.
Seven companies in Moldova decided to acquire Actuo calculation engines. Six of them met the deadline, while the seventh was delayed by only two days.
The reporting process was coordinated by rcor.ro, the exclusive Actuo partner in Romania and Moldova. Aware of the importance of the first reporting under the Solvency II regime, we prioritized the quality of information above all else. Consequently, the seven companies managed to build a Data Warehouse compatible with PostgreSQL, including detailed historical information down to the level of additional agreements.
The effort was substantial, but the experience gained during the market audit for the 2020 financial year, in which rcor.ro collaborated with Moore and the World Bank, enabled the databases to be completed in record time.
Thus, we can consider that the first modernization step was taken in 2021, when the companies began reporting data in a unified structure, compliant with Solvency II requirements.
This reporting process can be regarded as the second step in strengthening the position of insurance companies in Moldova. As with the first step, we aimed to prepare for the next stage, with the ultimate goal of achieving the most favorable rating possible.
Although the rating process is the final step, it requires early preparation by creating a well-structured database and credible reporting capable of attracting quality reinsurers at competitive costs.
As a group, the companies acted as a team, having same approaches in Risk Margin Method, Reinsurance, Best Estimates, Receivables and Recoverables, Future Premiums and more.
We might say that the diversification effect introduced in Solvency II was the main subject of interest for most risk managers or actuaries.
With these developed tools, the audit process becomes simpler, with clearly defined and precise responsibilities.
For us at Actuo and rcor.ro, the reporting process is a familiar one, adapted to the local specifics of various European countries.
In this case, we recalibrated the engines to suit Moldova’s specifics and continuously monitored the evolution of the companies.
Nevertheless, we are curious and invite company representatives to share their experiences during this process, allowing us to gather a wealth of valuable perspectives that will contribute to the continuous improvement of processes and the creation of an efficient and transparent collaboration framework.
“ACORD GRUP” SA Link to heading
Disclosing information about Acord Grup’s activity following a model similar to insurance markets in the EU represents a clear advantage for us and our partners. Acord Grup remains committed to modernizing its own infrastructure and was the first company in the Republic of Moldova to contract Actuo. The Actuo calculation engines have significantly helped us in practically understanding the quantitative requirements of Solvency II, even at the QRTs stage. Consequently, we become proactive and align the company’s strategy with the objective of successfully implementing European standards.
Vladimir Stirbu, General Director
MOLDASIG SA Link to heading
The reporting process under the Solvency II framework was a challenge for us at MOLDASIG SA at that time. It was not easy at all, but as a result of our collaboration with the team from rcor.ro, an Actuo partner, we managed to submit the quantitative reporting templates (QRTs) to the National Bank of Moldova on time. We are at the beginning of the journey, and there is still much to be done to achieve synchronization in the processing and analysis of data for these reports. Of course, the experience gained during this process will help us greatly in the next stage of reporting.
INTACT ASIGURĂRI GENERALE Link to heading
The team at Intact General Insurance S.A. extends gratitude to Actuo Company and the project consultant, rcor.ro - the exclusive Actuo partner in Romania and Moldova, for the excellent collaboration during the software implementation process. Thanks to the professionalism and dedication of the team, we successfully completed this important project. We greatly appreciate their professionalism, commitment, and continuous support, as well as their flexible approach in addressing challenges. We look forward to continuing our collaboration and exploring new opportunities for success in the future.
CA „GENERAL ASIGURĂRI” SA Link to heading
The close collaboration between technical and business teams was essential in transforming the requirements of the Solvency II Directive into an efficient and clear reporting process. The active involvement of experts from rcor.ro and Actuo facilitated the resolution of technical and operational challenges, ensuring compliance with deadlines. This milestone represents progress not only for the companies involved but also for the entire insurance industry in Moldova. Consolidating data and ensuring transparent reporting are crucial steps toward alignment with European and international standards. We thank our partners, rcor.ro and Actuo, for their continuous support and expertise, as well as our internal teams for their dedication and professionalism throughout this project.
SAR MOLDCARGO SA Link to heading
The participation of SAR Moldcargo SA in the exercise evaluating the readiness of professional participants in Moldova’s insurance market for the implementation of Solvency II Pillar I represents a significant step toward aligning the Company with the practices of developed EU economies and complying with the regulatory framework being implemented in the national insurance sector.
Pillar I of the Solvency II Directive governs capital requirements and risk management for insurance companies, setting rigorous standards and capitalization provisions that ensure the financial stability of SAR Moldcargo SA and its ability to provide a broad and high-quality range of insurance services to consumers.
Undoubtedly, SAR Moldcargo SA achieved major milestones in promoting these strategies with the considerable support of Actuo Company and the expertise of professionals from rcor.ro, the exclusive Actuo partner in Romania and Moldova.
SAR Moldcargo SA extends its gratitude and best wishes for success in future projects to Actuo Company and project consultant rcor.ro. We appreciate the substantial support that streamlined workflows and enabled the timely completion of the readiness evaluation exercise mandated by the supervisory authority for implementing the quantitative requirements (Pillar I) of the Solvency II Directive.
Of course, we remain open to further expanding and refining this article in the years to come.