The common tariffs for women and men for calculating life insurance premiums, tariffs and benefits will be applied as of January 1, 2018. The deadline was extended for a year by a bill that was passed by Parliament on April 6 in two readings, IPN reports.

According to the authors, a bill to apply common tariffs was adopted last December and took effect on January 1, 2017.But the law didn’t envision an implementation term for life insurance companies to manage to adjust the documents and do the necessary calculations.

Iurie Filip, vice president of the National Commission for Financial Markets, said in Parliament that owing to the lack of an implementations term, the insurance companies do not manage to comply with the new provisions and simply violate the legislation. If an implementation term is not provided, the insurers could stop providing this service until they manage to comply with the new norms or will apply maximum tariffs for all the categories of people.  

According to the Commission, there were over 22,000 life insurance contracts on December 31, 2016, almost 3,000 of which were concluded last year.