Moldova is placed unfavourably on most indicators measuring the health of the population, which indicates over the weaknesses in the health care system in the Republic of Moldova and over the relatively high financing needs of the system. The introduction of mandatory health insurance in Moldova in 2004 enabled the partial revitalization of health protection system that adversely affected the country's transition to a market economy. This study aims at investigating the efficiency and financial transparency in use of public funds of the National Health Insurance Company (NHIC) and some aspects regarding the functioning of health providers, mainly on their institutional organization. The study draws attention to a series of concerns related to: internal institutional governance, including the evaluation of NHIC internal performance and relationship with service providers. Both aspects have a significant impact on the efficiency and control of use of health insurance fund. The study offers recommendations aimed at removing the highlighted disadvantages, by strengthening the role of the NHIC Board of Directors, increasing the representation of the beneficiaries of compulsory health insurance system in the NHIC Board and strengthening internal control mechanisms of the performance of NHIC staff.