EU decision: Romania’s Insurance system to undergo extensive testing

The European Commission, the European Authority for Occupational Pensions and Romania’s Financial Supervision Authority ASF have agreed on some key elements for evaluation by independent insurance bodies in Romania. These include a balance sheet analysis and an individual stress test., as well as an evaluation of assets and liabilities, including technical provisions. The insurance companies which will be part of this joint verification exercise cover at least 80% of the Romanian market. The exercise will offer a relevant example prior to the enforcement of the legislation at the beginning of 2016. The evaluation will be done by independent consultants who will be coordinated by a Steering Committee, and should be done by end of June 2015. editor@romania-insider.com