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© 2014 NTMO sprl, a Romanian law firm, member of the Bucharest Bar Association. NTMO is associated with KPMG Legal, an international
network of independent law firms. All rights reserved. Printed in Romania.
Issue 91
Amendments regarding the
assets admitted to cover
insurers’ gross technical
reserves
Norm no. 22/2014 issued by of the Financial Supervisory Authority
(“ASF”), amending and supplementing the legislation on the assets
admitted to cover insurers’ gross technical reserves, was published
in the Official Journal of Romania, Part I, No. 822/11.XI.2014 (“Norm
no. 22/2014”).
The main purpose of the new regulations is to diminish the weight
of non-liquid assets in insurers’ portfolio so as to increase their
capacity to meet the obligations assumed under insurance
contracts.
Some of the amendments are as follows:
Removal of certain types of assets admitted to cover gross
technical reserves (such as, for instance farming land and plots
outside of built-up area, share of technical reserves related to
contracts ceded to insurers/reinsurers licenced as captive
entities that have not been rated by at least one of the credit
rating agencies registered or certified under Regulation (EC) no
1060/2009 of the European Parliament and of the Council on
credit rating agencies);
The value of land and constructions admitted to cover gross
technical reserves is the market value determined according to
the International Valuation Standards developed by the
International Valuation Standards Council. The Norm sets forth
rules for the preparation of reports according to these standards
and their submission to ASF;
Amendments have been brought to the maximum percentage
of gross technical reserves that may be invested by insurers in
certain assets:
20% of gross technical reserves in land and constructions;
Modificări privind activele
admise să acopere rezervele
tehnice brute ale
asigurătorilor
În Monitorul Oficial al României, Partea I, Nr. 822/11.XI.2014, a fost
publicată Norma Autorității de Supraveghere Financiară (”ASF”) nr.
22/2014 pentru modificarea și completarea unor acte normative
privind activele admise să acopere rezervele tehnice brute ale
asigurătorilor (”Norma nr. 22/2014”).
Noile reglementări au ca principal scop reducerea ponderii
activelor nelichide din portofoliile asigurătorilor, în vederea creșterii
capacității acestora de a-și executa obligațiile asumate prin
contractele de asigurare.
Dintre elementele de noutate menționăm următoarele:
Se elimină anumite tipuri de active admise să acopere
rezervele tehnice brute (spre exemplu, terenuri agricole și
extravilane, partea din rezervele tehnice aferente contractelor
cedate în reasigurare la asigurători/reasigurători care sunt
licențiați ca societăți captive şi care nu dețin un rating acordat
de cel puțin una dintre agențiile de rating înregistrate sau
certificate în conformitate cu Regulamentul (CE) nr. 1060/2009
al Parlamentului European şi al Consiliului privind agențiile de
rating de credit);
Valoarea terenurilor şi construcțiilor admise să acopere
rezervele tehnice brute este valoarea de piață, determinată în
conformitate cu Standardele Internaționale de Evaluare
elaborate de Comitetul Internațional pentru Standarde de
Evaluare. Sunt prevăzute reguli privind întocmirea unor
rapoarte de evaluare conform standardelor anterior
menționate și transmiterea acestora către ASF;
Se aduc modificări cu privire la limitele maxime din rezervele
tehnice brute pe care asigurătorul le poate investi în anumite
active:
20% din rezervele tehnice brute în terenuri și
construcții;
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although
we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or
that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough
examination of the particular situation.
© 2014 NTMO sprl, a Romanian law firm, member of the Bucharest Bar Association. NTMO is associated with KPMG Legal, an international
network of independent law firms. All rights reserved. Printed in Romania.
90% of gross technical reserves in deposits and cash at
hand at credit institutions, but not more than 20% of the
reserves in one credit institution;
5% of the share of technical reserves related to contracts
ceded to insurers/reinsurers that have not been rated by at
least one of the credit rating agencies registered or certified
under Regulation (EC) no 1060/2009.
Additional rules have been introduced for assets valuation
consisting of receivables held against policyholders and
intermediaries.
Enforcement
Norm no. 22/2014 took effect at the date of its publication in the
Official Journal, and Insurers must meet the new requirements when
reporting the assets admitted to cover gross technical reserves for
quarter IV of 2014 financial year.
90% din rezervele tehnice brute în depozite și
disponibilități la instituții de credit, dar nu mai mult de
20% din rezerve într-o singură instituție de credit;
5% din partea din rezervele tehnice aferente
contractelor cedate în reasigurare la
asigurători/reasigurători care nu dețin un rating
acordat de cel puțin una dintre agențiile de rating
înregistrate sau certificate în conformitate cu
Regulamentul (CE) nr. 1060/2009.
Se introduc reguli suplimentare de evaluare a activelor
constând în creanțe față de asigurați și intermediari.
Intrare în vigoare
Norma nr. 22/2014 a intrat în vigoare la data publicării în Monitorul
Oficial, asigurătorii având obligația de a se conforma noilor cerințe
odată cu raportarea activelor admise să acopere rezervele tehnice
brute pentru trimestrul IV al exercițiului financiar 2014.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although
we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or
that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough
examination of the particular situation.
© 2014 NTMO sprl, a Romanian law firm, member of the Bucharest Bar Association. NTMO is associated with KPMG Legal, an international
network of independent law firms. All rights reserved. Printed in Romania.
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