report on the romanian insurance market and the insurance

Transcription

REPORT ON THE ROMANIAN
INSURANCE MARKET
AND THE INSURANCE
SUPERVISION IN 2012
Bucharest, June 2013
REPORT ON THE ROMANIAN
INSURANCE MARKET AND
INSURANCE SUPERVISION
IN 2012
Bucharest, June 2013
Insurance Supervisory Commission
Insurance Supervisory Commission, 18 Amiral Constantin Bălescu St., district 1, 011954, Bucharest
Telephone: 021/316.78.80, 021/316.78.81, 021/316.85.87
Fax: 021/316.78.64
E-mail: office@csa-isc.ro
Website: http://www.csa-isc.ro
Note:
The 2012 Annual Report was approved on 25 June 2013 and submitted to the Parliament of Romania in accordance with
the provisions laid down in Law no. 32/2000 on insurance undertakings and insurance supervision.
The Insurance Supervisory Commission is the source of all the statistical data presented in the charts and tables.
Further reproduction of this publication is prohibited, and the use of data in various works is permitted only by reference
to the source.
ISSN 1841-7256 (printed version)
Design & DTP - Media XPRIMM
www.csa - isc.ro
Annual Report 2012
Abbreviations
ANPC
National Authority for Consumer Protection
BAAR
Romanian Motor Insurers Bureau
ECB European Central Bank
NBR
National Bank of Romania
CAFR
Chamber of Financial Auditors of Romania
CCPFI
Committee on Consumer Protection and Financial Innovation
CEDAM
Database of MTPL policies issued in Romania
CEIOPS Committee of European Insurance and Occupational Pensions Supervisors
NCFS
National Committee for Financial Stability
ISC
PPSSC
Private Pension System Supervisory Commission
DCDLRP
Litigation, Legal Documentation and Parliament Liaison Directorate
DRPCIV Driver Licenses and Vehicle Registration Division
DGRC Accounting Regulations Directorate General
DSPSC
Market Stability, Supervision and Inspection Directorate
EBA European Banking Authority
EIOPA
European Insurance and Occupational Pensions Authority
EIOPC European Insurance and Occupational Pensions Committee
ESMA
European Securities and Markets Authority
ESRB
European Systemic Risk Board
IMF
International Monetary Fund
FPVS
Street Victims Protection Fund
IAIS
International Association of Insurance Supervisors
IMI Insurance Management Institute
NIS
National Institute of Statistics
IORP
Directive on the activities and supervision of institutions for occupational retirement provision
OG
Official Gazette
ONPCSB
National Office for the Prevention and Control of Money Laundering
QIS5 5th Quantitative Impact Study
GDP
Gross Domestic Product
GWP
Gross Written Premiums
SOP
HRD Sectoral Operational Programme for Human Resources Development
PRIPs
Packaged Retail Investment Products
MTPL
Compulsory Motor Third Party Liability Insurance
UNSAR
National Association of Insurance and Reinsurance Undertakings in Romania
UNSICAR
National Association of Insurance Intermediaries and Consulting Companies in Romania
VIG Vienna Insurance Group
3
TABLE OF CONTENTS
Part I
THE INSURANCE MARKET IN 2012
Methodological approach
10
1. THE SHARE CAPITAL OF INSURANCE UNDERTAKINGS
11
2. GROSS WRITTEN PREMIUMS
12
13
15
2.1 Gross written premiums for non-life insurance
2.2 Gross written premiums for life insurance
3. GROSS INDEMNITY PAYMENTS
3.1. Gross indemnity payments in non-life insurance
3.2. Gross indemnity payments in life insurance
16
16
18
4. HOME INSURANCE
19
5. TECHNICAL RESERVES
20
20
20
5.1. Technical reserves for non-life insurance
5.2. Technical reserves for life insurance
6. THE ASSETS OF INSURANCE UNDERTAKINGS
6.1. Total assets
6.2. Assets admitted to cover gross technical reserves for non-life insurance
6.3. Assets admitted to cover gross technical reserves for life insurance
6.4. Foreign assets held by insurance undertakings
7. REINSURANCE
7.1. Non-life insurance
7.2. Life insurance
7.3. Capital requirements for catastrophe risks
22
22
23
23
26
27
28
28
29
8. ACQUISITION AND ADMINISTRATIVE COSTS
30
9. THE SOLVENCY OF INSURANCE UNDERTAKINGS
32
10. FINANCIAL AND TECHNICAL RESULTS OF INSURANCE UNDERTAKINGS
33
11. MOTOR THIRD PARTY LIABILITY INSURANCE
34
34
35
35
36
36
11.1. Minimum amounts covered by compulsory insurance
11.2. MTPL key indicators
11.2.1. Gross written premiums
11.2.2. Gross indemnity payments
11.2.3. Technical reserves
12. INSURANCE BROKERS
12.1. Assets and share capital
12.2. Insurance premiums generated from business written by insurance and/or reinsurance brokers
712.3. Brokerage revenues
12.4. Financial results
12.5. Voluntary pension plans written by insurance brokers
4
37
37
37
38
38
38
Contents
Annual Report 2012
Part II
INSURANCE SUPERVISORY COMMISSION
1. PRESENTATION, ROLE AND DUTIES
1.1. Presentation
1.2. Duties, organisational structure, funding and budget execution
2. THE ACTIVITY OF THE INSURANCE SUPERVISORY COMMISSION
2.1. Regulatory activities
2.2. Authorisation activities
2.3. Off-site supervision and on-site inspection activities
2.3.1. On-site inspections of insurance undertakings
2.3.2. On-site inspections of insurance brokers
2.4. Legal activities
2.5. International activities
2.5.1. Relations with European Union institutions and other international bodies
2.5.2. EU legal and supervisory process
2.5.3. Relations with similar supervisory authorities in European Union Member States
2.6. Public communication. Supervisory disclosure
2.7. IT activities
3. CONSUMER PROTECTION IN THE INSURANCE MARKET
3.1. Complaints handling
3.2. The Guarantee Fund. Protection of creditors in bankrupt insurance undertakings
3.2.1. The revenues of the Guarantee Fund
3.2.2. The activity of the Guarantee Fund
3.3. Street Victims Protection Fund
3.3.1. Activity and public disclosure
3.3.2. FPVS budget execution 3.3.3. The international activity of the FPVS Managing Committee
3.3.4. FPVS activity as claims settlement body
3.3.5. FPVS activity as Romanian Information Centre
3.3.6. FPVS activity as Compensation Body
4. PROFESSIONAL INSURANCE TRAINING
4.1. Insurance Management Institute– IMI
4.2. Coordinated professional insurance training
4.3. National EU-financed professional training programmes
40
40
41
44
44
45
47
50
52
52
53
53
54
55
56
58
59
59
61
62
62
63
63
64
64
65
66
67
68
68
68
69
Part III
ANNEXES
Annex 1 Gross written premiums by classes of non-life insurance
Annex 2 Gross written premiums by classes of life insurance
Annex 3 Market shares of insurance undertakings by gross written premiums
Annex 4 Gross written premiums by policyholder category – natural and legal persons
Annex 5 Gross indemnity payments by classes of non-life insurance
Annex 6 Gross indemnity and maturity payments by classes of life insurance
Annex 7 Gross written premiums for non-life and life insurance by development regions as of 31.12.2012
Annex 8 Technical reserves for non-life insurance
Annex 9 Technical reserves of life insurance
Annex 10 Gross written premiums and gross premiums ceded to reinsurance in non-life insurance
Annex 11 Gross written premiums and gross premiums ceded to reinsurance in life insurance
Annex 12 Assets of insurance undertakings as per 31.12.2012 balance sheet
Annex 13 Financial and technical results of insurance undertakings as per 31.12.2012 balance sheet
Annex 14 Assets and share capital of insurance brokers as per 31.12.2012 balance sheet
Annex 15 Premiums generated from business written by insurance and/or reinsurance brokers and claims adjustment as of 31.12.2012
Annex 16 Premiums generated from business written by insurance and/or reinsurance brokers by development region as of 31.12.2012
Annex 17 Brokerage revenues as of 31.12.2012
Annex 18 Financial results of insurance brokers as per 31.12.2012 balance sheet
Annex 19 Decisions of the Insurance Supervisory Commission published in the Official Gazette in 2012
Annex 20 Orders of the Insurance Supervisory Commission in 2012
Annex 21 Insurance Supervisory Commission organisation chart
Contents
72
74
75
76
78
80
81
82
83
84
85
86
88
89
98
108
109
120
131
134
135
5
LIST OF TABLES
1. Evolution of subscribed share capital in the period 2008-2012
11
2. Evolution of gross written premiums for non-life and life insurance in the period 2008-2012
12
3. Evolution of the insurance penetration rate and insurance density in the period 2008-2012
12
4. Structure of gross written premiums in the period 2008–2012
13
5. Insurance undertakings with the highest volumes of gross written premiums and their corresponding shares in total
(non-life and life insurance) market
13
6. Evolution of gross written premiums for non-life insurance in the period 2008-2012
14
7. Insurance undertakings with the highest volumes of gross written premiums for non-life insurance in 2012
14
8. Evolution of gross written premiums for life insurance in the period 2008-2012
15
9. Insurance undertakings with the highest volumes of gross written premiums for life insurance in 2012
15
10. Evolution of gross indemnity payments in non-life and life insurance in the period 2008–2012
16
11. Structure of gross indemnity payments for non-life and life insurance in the period 2008 - 2012
16
12. Evolution of gross indemnity payments in non-life insurance in the period 2008 – 2012
16
13. Insurance undertakings with the highest volumes of gross indemnity payments in non-life insurance in 2012
17
14. Evolution of gross indemnity payments in life insurance in the period 2008 – 2012
18
15. Insurance undertakings with the highest volumes of gross indemnity payments in life insurance in 2012
18
16. Evolution of gross written premiums and gross indemnity payments for voluntary and compulsory home insurance 19
17. Evolution of key indicators for voluntary home insurance (2010-2012)
19
18. Indicators for compulsory home insurance (2010-2012)
19
19. Evolution of gross technical reserves for non-life insurance in the period 2008-2012
20
20. Evolution of gross technical reserves for life insurance in the period 2008-2012
21
21. Balance sheet assets and investments of insurance undertakings in the period 31.12.2008 – 31.12.2012
22
22. Key reinsurance indicators in 2012
27
23. Acquisition and administrative costs by insurance category
30
24. Claims ratios for main non-life insurance classes in the period 2011-2012
31
25. Evolution of the available solvency margin for non-life and life insurance in the period 31.12.2008 – 31.12.2012
32
26. Evolution of the average solvency ratio for non-life and life insurance in the period 31.12.2008 – 31.12.2012
32
27. Net profit/loss in the period 2008-2012
33
28. Technical results for non-life insurance in the period 2008-2012
33
29. Technical results for life insurance in the period 2008-2012
33
30. Minimum amounts covered by compulsory insurance
34
31. Evolution of MTPL key indicators in the period 2007-2012
35
6
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Annual Report 2012
32. Budget execution as of 31.12.2012
43
33. Sanctions enforced against insurance brokers following inspections conducted in 2012
51
34. Substantiated complaints lodged with ISC in 2012
59
35. Structure of complaints by classes of insurance
60
36. Insurance undertakings with the highest number of substantiated complaints
60
37. The Guarantee Fund budget execution in 2012
62
38. Number of claims reported by FPVS in the period 2007-2012
65
39. Claims reserves set up by FPVS
66
40. Examination sessions organised by IMI in 2012
69
41. Certificates awarded by IMI in 2012
69
LIST OF CHARTS
1. Evolution of subscribed share capital in the period 2008-2012
11
2. The share capital of insurance undertakings in Romania by contributing countries
11
3. Evolution of gross written premiums in the period 2008-2012
12
4. Evolution of the insurance penetration rate and insurance density in the period 2008 – 2012
13
5. Evolution of gross written premiums, total and by insurance category, in the period 2008 – 2012
13
6. Evolution of gross written premium structure by insurance category in the period 2008-2012
13
7. Gross written premiums by classes of non-life insurance
14
8. Gross written premiums by classes of life insurance
15
9. Evolution of gross indemnity payments, total and by insurance category, in the period 2008 – 2012
16
10. Evolution of gross indemnity payments structure by insurance category in the period 2008–2012
16
11. Gross indemnity payments by classes of non-life insurance
17
12. Gross indemnity payments by classes of life insurance
18
13. Assets of insurance undertakings as of 31.12.2012
22
14. Evolution of total assets and financial investments in the period 31.12.2008 - 31.12.2012
22
15. Evolution of total assets and financial investments in the period 31.12.2008–31.12.2012
22
16. Evolution of assets admitted to cover gross technical reserves for non-life insurance
in the period 31.12.2009 – 31.12.2012
24
17. Evolution of assets admitted to cover gross technical reserves for life insurance
in the period 31.12.2009 – 31.12.2012
25
18. Evolution of gross written premiums and gross premiums ceded to reinsurance in the period 2009-2012 27
7
19. Evolution of revenues from reinsurance recoveries in the period 2009-2012 27
20. Evolution of gross written premiums and gross premiums ceded to reinsurance in non-life insurance
in the period 2009-2012 28
21. Evolution of gross written premiums and gross premiums ceded to reinsurance in life insurance
in the period 2009-2012 28
22. Evolution of acquisition and administrative costs in non-life insurance
30
23. Evolution of acquisition and administrative costs in life insurance
30
24. Evolution of gross written premiums for compulsory MTPL and the number of MTPL policies issued
in the period 2007-2012
35
25. Structure of gross written premiums for MTPL by natural and legal persons in 2012
35
26. Structure of MTPL policies by natural and legal persons in 2012
36
27. Evolution of gross indemnity payments for personal injury and damage to property in the period 2010-2012 36
28. Evolution of outstanding claims reserves and incurred but not reported claims reserves for
compulsory MTPL insurance in the period 2007-2012 36
29. Evolution of balance sheet assets and subscribed and paid-up share capital in the period 2011 – 2012
37
30. Evolution of premiums generated from business written by insurance and/or reinsurance brokers and claims
adjustment in the period 2011 – 2012
38
31. Brokerage revenues as of 31.12.2012
38
32. Evolution of financial results reported by insurance brokers in the period 2011-2012
38
33. Structure of complaints by region
60
34. Claims paid out by FPVS by type of loss in the period 2008-2012
65
35. Average compensation paid out by FPVS in the period 2007-2012
66
8
www.csa - isc.ro
Part I
THE INSURANCE
MARKET IN 2012
Methodological approach
The Annexes to this Report and the review of aggregate key
indicators are based on 41 insurance undertakings which
conducted insurance/reinsurance business in 2012, of which:
22 non-life insurance undertakings;
11 life insurance undertakings;
8 composite insurance undertakings.
This 2012 Report includes a number of amendments by
comparison with the 2011 Report as regards the following
insurance/reinsurance undertakings:
Chartis Romania has transferred its portfolio to Chartis
Europe LTD London (ISC Decision no. 159/15.03.2012) and
had its authorisation withdrawn upon request;
AEGON Asigurări de Viață SA has transferred its portfolio
and merged with AEGON Towarzystwo Ubezpieczen na
zycie SA Poland as of 01.11.2012, and had its authorisation withdrawn upon request by way of ISC Decision no.
41/23.01.2013;
by way of Decision no. 211/11.04.2012, ISC has approved
a portfolio transfer from Omniasig VIG to BCR VIG, as well as
the merger by absorption of Omniasig VIG by BCR VIG and
the withdrawal of the authorisation of the acquired entity.
in the first part of 2012, ONIX Asigurări SA has obtained
approval to waive the management of voluntary pension
funds (PPSSC Decision no. 19/08.02.2012, ISC Decision no.
153/15.03.2012), while ISC Decision no. 327/05.06.2012
approved the transfer of corresponding own funds and
assets to the non-life segment. ISC has also approved by
way of Decision no. 460/08.08.2012 the request filed by
ONIX Asigurări SA which sought to waive the pursuit of
life insurance, as well as the transfer of corresponding own
funds and assets to the non-life segment.
A number of 10 branches authorised in other EU Member
States - France, Germany, Belgium, Great Britain, Hungary,
Austria and Sweden – conducted business in Romania by
way of the freedom of establishment and reported gross
written premiums in Romania of RON 216,631,983 - 85.60%
up in nominal terms (76.85% up in real terms) versus 2011.
The structure of the gross written premiums reported by
the 10 branches in Romania by insurance category showed
as follows:
RON 180,027,417, i.e. 83.10% of total for non-life insurance;
RON 36,604,566, i.e. 16.90% of total for life insurance.
The structure of the gross written premiums reported by
the 10 branches in Romania by non-life insurance classes
showed as follows:
25.55% class III – Insurance of land vehicles other than
railway rolling stock;
10
23.90% class XIV – Credit insurance;
12.41% class XVI – Insurance against financial loss;
10.88% class IX – Other insurance against damage to
property;
27.26% other classes.
The branches of insurance undertakings authorised in
other EU Member States reported gross written premiums
only for life insurance class AI – Life insurance, annuities and
supplemental life insurance and class AIII – Unit-linked life
insurance and annuities.
As in the previous year, the insurance-specific indicators
presented in this Report – gross written premiums, insurance penetration rate, insurance density, gross indemnity payments – are exclusive of the data reported by the branches
of insurance undertakings authorised in other EU Member
States, which conduct insurance business in Romania by
way of the freedom of establishment. In accordance with
the European regulations in force, such branches are subject to the supervision of the competent authorities in their
home Member States, and consequently, the insurancespecific indicators reported by them are included in the
financial and technical results submitted to the said authorities.
The real growth rates of the insurance and brokerage indicators reviewed in this Report have been determined in
consideration of the (December 2011 – December 2012)
inflation rate of 4.95% published by the National Institute
of Statistics (NIS).
NIS also published for 2012 a gross domestic product (GDP)
of RON 587,499.4 m. The real growth rate considering the
GDP deflator was 0.7%.
The number of Romanian inhabitants considered in the
calculation of various industry-specific indicators was
21,316,420 persons (interim data to be adjusted following
publication of the final data of the Population and Households Census of October 2011).
For euro denominations, we have used the exchange rate
published by the National Bank of Romania as of 31.12.2012
– 4.4287 RON/EUR.
www.csa - isc.ro
Annual Report 2012
Chapter 1
The share capital of insurance undertakings
According to the audited annual financial statements
submitted to the Insurance Supervisory Commission, the
aggregate subscribed share capital of insurance undertakings as of 31.12.2012 was RON 2,985,886,114, while the
aggregate subscribed and paid-up share capital amounted
to RON 2,982,981,252.
The RON 2,904,862 difference between subscribed share
capital and subscribed and paid-up share capital was due
to the subscribed but not paid-up capital of EUROINS ROMÂNIA ASIGURARE REASIGURARE SA and ABC ASIGURĂRI
REASIGURĂRI SA.
The aggregate subscribed share capital as of 31.12.2012
was down RON 1,052,353,332 – 26.06% in nominal terms – versus the aggregate subscribed share capital as of
31.12.2011, i.e. RON 4,038,239,446.
The value of aggregate subscribed share capital has gone
up 3.70% in the past five years, from RON 2,879,242,354 as
of 2008 year-end to RON 2,985,886,114 as of 2012 year-end.
As of 31.12.2012, subscribed and paid-up share capital reached RON 2,982,981,252, 26.02% down versus 2011 – RON
4,032,415,034.
In 2012, insurance undertakings reported:
a) Share capital increases amounting to a total of RON
689,871,416, of which:
Table 1.Evolution of subscribed share capital in the period
2008-2012
Year
2008
2009
2010
2011
2012
Subscribed Nominal growth
Inflation rate
share
rate versus 2011
(%)
capital (lei)
(%)
2,879,242,354
45.62
6.3
3,970,678,526
37.90
4.74
4,175,309,300
5.15
7.96
4,038,239,446
-3.28
5.8
2,985,886,114
-26.06
4.95
Real growth
rate versus
2011 (%)
36.99
31.66
- 2.60
- 8.58
- 29.55
Cyprus - 1.41%
USA - 2.64%
Greece - 2.91%
Italy - 3.42%
millions lei
4000
Austria - 28.45%;
France - 14.72%;
The Netherlands - 9.42%;
The Czech Republic - 5.09%;
Bulgaria - 3.68%;
Germany - 3.67%;
Italy - 3.42%;
Greece - 2.91%;
USA - 2.64%;
Cyprus - 1.41%;
Luxembourg - 1.11%;
Switzerland - 0.78%;
The Republic of Moldova
- 0.33%;
Great Britain - 0.31%;
Israel - 0.14%.
Chart 2. The share capital of insurance undertakings in
Romania by contributing countries
Chart 1.Evolution of subscribed share capital in the
period 2008-2012
4500
RON 207,072,835 new share issuances by the former BCR
ASIGURĂRI SA in the process of merger by absorption of
OMNIASIG VIG SA;
RON 482,798,581 in new share capital contributions.
b) Share capital decreases amounting to a total of RON
1,739,305,198 and reported by 10 insurance undertakings,
as follows:
AEGON ASIGURĂRI DE VIAȚĂ SA has merged with AEGON Towarzystwo Ubezpieczen na zycie SA Poland, and
OMNIASIG VIG SA has merged with BCR VIG, a process
whereby the aggregate share capital of the aforementioned undertakings, amounting to RON 277,656,520, has
been deleted;
CARDIF ASIGURĂRI SA, with a share capital of RON
18,020,000 has closed down its business as of 31.12.2011;
The RON 1,443,628,678 difference is accounted for by
share capital decreases in accordance with the provisions
laid down in art. 15324 of Law no. 31/1990 on companies,
as amended and supplemented.
As of 31.12.2012, foreign contributions accounted for
78.08% of subscribed and paid-up share capital, while Romanian contributions accounted for the remaining 21.92%.
The structure of foreign share capital by contributors’ country of origin showed as follows:
Germany - 3.67%
3500
Luxembourg - 1.11%
Switzerland - 0.78%
The Republic of Moldova - 0.33%
Great Britain - 0.31%
Israel - 0.14%
Austria - 28.45%
Bulgaria - 3.68%
3000
The Czech Republic - 5.09%
2500
2000
2008
2009
Part I Insurance Market in 2012
2010
2011
2012
The Netherlands - 9.42%
France - 14.72%
11
Chapter 2
Gross written premiums
In 2012, gross written premiums for both non-life and
life insurance amounted to an aggregated total of RON
8,256,914,950 – RON 434,604,998 more than in 2011, i.e.
5.56% up in nominal terms and 0.58% up in real terms.
The Romanian insurance market still relies heavily on the
motor insurance segment, given that 62.81% of gross written premiums for non-life insurance are generated in this
particular insurance class.
Gross written premiums for Class III – Insurance of land
vehicles, other than railway rolling stock – have followed
the trend of the leasing market and dropped 3.73% versus
2011.
Gross written premiums for Class X – Motor third party liability insurance – have gone up 8.45% versus 2011, due to the
Table 2. Evolution of gross written premiums for non-life
and life insurance in the period 2008-2012
Year
Gross written
premiums
(RON)
2008
2009
2010
2011
2012
8,936,286,505
8,869,746,957
8,305,402,152
7,822,309,952
8,256,914,950
Nominal
growth rate
versus 2011
(%)
-0.74
-6.36
-5.82
5.56
Inflation rate
(%)
6.3
4.74
7.96
5.8
4.95
Real growth
rate versus
2011
(%)
-5.23
-13.26
-10.98
0.58
Chart 3. Evolution of gross written premiums in the
period 2008-2012(millions RON)
9200
9000
8800
8600
8400
8200
8000
7800
7600
2008
2009
2010
2011
2012
increasing number of insurance contracts.
The regional breakdown of gross written premiums shows
as follows:
Bucharest (including Ilfov county) – 48.49%;
the North-West region (counties: Bihor, Bistrița–Nasăud,
Cluj, Maramureş, Sălaj and Satu-Mare) – 8.35%;
the Central region (Alba, Braşov, Covasna, Harghita,
Mureş, Sibiu) – 7.02%;
the Southern region (Argeş, Călaraşi, Dâmboviţa, Giur-
12
giu, Ialomiţa, Prahova, Teleorman) -7.46%;
the South-East region (Brăila, Buzău, Constanţa, Galaţi,
Tulcea, Vrancea) – 7.44%;
the North-East region (Bacău, Botoșani, Iași, Neamț, Suceava, Vaslui) – 6.81%;
the Western region (Arad, Caraș - Severin, Hunedoara,
Timiș) – 5.66%;
the South–West region (Dolj, Gorj, Mehedinți, Olt, Vâlcea)
– 4.68%.
In 2012, seven insurance undertakings based in Romania reported gross premiums written in other EU Member States
(Italy, Belgium, Bulgaria, Estonia, Latvia, Lithuania, Finland,
France, Poland, the Czech Republic, Slovakia and Hungary).
The said gross written premiums amounted to a total of RON
337,860,606 and accounted for 4.09% of all the gross written
premiums reported on the Romanian insurance market.
The insurance penetration rate, determined as the ratio between gross written premiums for non-life&life insurance
and GDP, was 1.40% - 0.05 percentage points more than in
2011. The non-life insurance penetration rate was 1.10%, 0.05 percentage points more than in 2011, while the life insurance penetration rate was 0.30% - the same as in 2011.
Insurance density, determined as the ratio between gross
written premiums and the number of inhabitants was at RON
387.35/inhabitant – RON 23.42/inhabitant less than in 2011
(RON 410.77/inhabitant). The fall in insurance density was
due to the rising number of inhabitants reported for 2012
(21,316,420), compared with the number of inhabitants reported by NIS for 2011 (19,042,936).
Non-life insurance density was at RON 302.79/inhabitant,
RON 16.70/inhabitant less than in 2011. Life insurance density was at RON 84.56/inhabitant, RON 6.73/inhabitant less
than in 2011.
The structure of gross written premiums by insurance category as of 31.12.2012 showed as follows:
RON 6,454,395,818 – gross written premiums for non-life
insurance – 78.17% of total gross written premiums on the
market;
RON 1,802,519,132 – gross written premiums for life insurance – 21.83% of total gross written premiums on the market.
The Romanian insurance market is highly concentrated. In
2012, almost 80% of total gross written premiums was generated by 10 insurance undertakings of the 41 undertakings
Table 3. Evolution of the insurance penetration rate and
insurance density in the period 2008-2012
Indicator
Insurance penetration
rate (%)
Insurance density
(RON/inhabitant)
2008
2009
2010
2011
2012
1.77
1.80
1.62
1.35
1.40
415.62
413.27
387.85
410.77
387.35
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Annual Report 2012
Chart 4. Evolution of the insurance penetration rate and
insurance density in the period 2008 – 2012
580
active in the insurance/reinsurance sector.
According to the data compiled by ISC, insurance undertakings reported as of 31.12.2012 a total of 15,379,627 in force
insurance contracts. By comparison with the data reported
for 2011 – 15,361,480 in force insurance contracts – there
were 18,147 more contracts in 2012. Insurance undertakings
reported 11,827,799 in force non-life insurance contracts –
76.91% of total. There were 64,207 non-life insurance contracts more than in 2011. Insurance undertakings also reported 3,551,828 in force life insurance contracts – 23.09%
of total. There were 46,060 life insurance contracts less than
in 2011.
According to the data reported by NIS, the number of employees in Romania as of 31.12.2012 was 6,230,000, of which
0.19% were employed in the insurance sector.
2.0
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0
530
480
430
380
2009
2008
2010
2011
2012
Insurance penetration rate (right axis)
Insurance density (left axis)
2.1. Gross written premiums for non-life insurance
Chart 5. Evolution of gross written premiums, total and by
insurance category, in the period 2008 – 2012
Total gross written premiums for non-life insurance in 2012
reached RON 6,454,395,818 – 6.09% up in nominal terms and
1.09% up in real terms.
10,000
9,000
8,000
Table 5. Insurance undertakings with the highest volumes
of gross written premiums and their corresponding shares
in total (non-life and life insurance) market
7,000
6,000
5,000
4,000
No. Insurance undertaking
3,000
2,000
1 ASTRA SA
1,000
Total gross written
premiums
(non-life and life
insurance)
(RON)
Aggregate
market share
(%)
1,131,544,783
13.70
2
ALLIANZ – ȚIRIAC
ASIGURĂRI SA
900,180,498
10.90
3
GROUPAMA ASIGURĂRI
SA
807,086,548
9.77
4
OMNIASIG VIG (fosta BCR
ASIGURĂRI VIG)
794,993,315
9.63
5
ASIROM VIENNA
INSURANCE GROUP SA
596,449,651
7.22
6
ING ASIGURĂRI DE VIAȚĂ
SA
544,539,727
6.59
7 UNIQA ASIGURĂRI SA
504,925,921
6.12
60
EUROINS ROMÂNIA
8 ASIGURARE REASIGURARE
SA
444,732,579
5.39
40
9
GENERALI ROMÂNIA
(fosta ARDAF)
432,001,815
5.23
BCR ASIGURĂRI DE VIAȚĂ
10 VIENNA INSURANCE
GROUP SA
425,194,867
5.15
TOTAL (1-10)
6,581,649,704
79.71
TOTAL
8,256,914,950
100
0
2008
2009
2010
non-life insurance
2011
2012
life insurance
total gross written premiums (RON)
Chart 6. Evolution of gross written premium structure by
insurance category in the period 2008-2012
100
79.1
81.6
79.9
77.8
78.2
80
20
0
20.9
18.4
20.1
22.2
21.8
2008
2009
2010
2011
2012
life insurance (%)
non-life insurance (%)
Table 4. Structure of gross written premiums in the period 2008–2012
Life insurance
Non-life insurance
Total (RON)
Share in total GWP (%)
Total (RON)
Share in total GWP (%)
Total GWP (NL+L) (RON)
2008
2009
2010
2011
2012
1,868,112,985
1,628,162,635
1,665,668,554
1,738,366,854
1,802,519,132
20.90
18.36
20.06
22.22
21.83
7,068,173,520
7,241,584,322
6,639,733,598
6,083,943,098
6,454,395,818
79.10
81.64
79.94
77.78
78.17
8,936,286,505
8,869,746,957
8,305,402,152
7,822,309,952
8,256,914,950
13
As of 31.12.2012, the breakdown of gross written premiums
by policyholder category showed as follows: 42.14% gross
premiums written by natural persons amounting to RON
2,719,923,089; 57.86% gross premiums written by legal persons amounting to RON 3,734,472,729.
The value of gross premiums written in non-life contracts
concluded by natural persons has gone up by 9.65% in nominal terms. The value of gross premiums written in non-life
contracts by legal persons was up by 3.64% in nominal terms.
The data reported by the 30 insurance undertakings which
wrote non-life insurance business showed that 10 insurance
undertakings accounted for gross written premiums of RON
5,791,117,309 – 89.72% of total non-life insurance category.
79.56% of total gross written premiums for non-life insurance
were accounted for by class III – Insurance for land vehicles,
other than railway rolling stock, class X – Motor third party
liability insurance and class VIII – Insurance against fire and
other natural sources.
Class X – Motor third party liability insurance accounted for
the highest percentage of gross written premiums in non-life
insurance (33.11%), followed by class III – Insurance of land
Table 6. Evolution of gross written premiums for non-life
insurance in the period 2008-2012
Gross written
premiums
Year for non-life
insurance
(RON)
Nominal
growth rate
versus 2011
(%)
Inflation rate
(%)
Real growth
rate versus
2011 (%)
2008
7,068,173,520
-
6.3
-
2009
7,241,584,322
2.45
4.74
-2.19
2010
6,639,733,598
-8.31
7.96
-15.07
2011
6,083,943,098
-8.37
5.8
-13.39
2012
6,454,395,818
6.09
4.95
1.09
of gross written premiums for non-life insurance in 2012
No.
Insurance
undertaking
1 ASTRA SA
ALLIANZ - ȚIRIAC
2
ASIGURĂRI SA
OMNIASIG VIG (former
3
BCR ASIGURĂRI VIG)
GROUPAMA ASIGURĂRI
4
SA
ASIROM VIENNA
5
INSURANCE GROUP SA
EUROINS ROMÂNIA
7 ASIGURARE
REASIGURARE SA
GENERALI ROMÂNIA
8
(former ARDAF)
9 CITY INSURANCE SA
10 CARPATICA ASIG SA
TOTAL (1- 10)
Other insurance undertakings
TOTAL non-life GWP
14
Gross written preShare in total
miums for non-life non-life insurance
insurance (RON)
market (%)
1,107,387,211
17.16
Chart 7. Gross written premiums by classes of
non-life insurance
other classes - 20.44%
class III - 29.7%
class VIII - 16.75%
class X - 33.11%
vehicles, other than railway rolling stock (29.70%) and class
VIII – Insurance against fire and other natural forces (16.75%).
In 2012, the following data has been reported for the aforementioned three insurance classes:
a) class III – Insurance for land vehicles, other than railway rolling stock (Casco) – gross written premiums amounted to RON 1,916,682,149 – down 3.73% in nominal terms
and 8.27% in real terms.
Gross written premiums in this insurance class have followed
a downward trend ever since the onset of the financial and
economic crisis in 2008. There was a strong negative impact
due to the fall in the auto financing–leasing and car loans
market, as well as to the fall in the population’s purchasing
power.
b) class VIII – Insurance against fire and other natural forces – gross written premiums amounted to RON
1,081,228,539 – down 8.22% in nominal terms.
The negative trend for this insurance class was triggered by
the low level of gross premiums written for both voluntary
and compulsory home insurance.
c) class X – Motor third party liability insurance - gross
written premiums amounted to RON 2,137,043,377 - up
8.45% in nominal terms.
The following insurance undertakings reported significant
gross written premiums:
a) for class III – Insurance of land vehicles, other than railway rolling stock:
ALLIANZ - ŢIRIAC ASIGURĂRI SA: RON 401,392,896 – 20.94%
of total gross written premiums in this insurance class;
806,647,922
12.50
794,993,315
12.32
760,602,055
11.78
512,366,693
7.94
504,925,921
7.82
444,732,579
6.89
b) for class VIII – Insurance against fire and other natural
forces:
348,372,307
5.40
ASTRA SA: RON 223,630,653 – 20.68% of total gross written
premiums in this insurance class;
263,789,975
247,299,331
5,791,117,309
663,278,509
6,454,395,818
4.09
3.83
89.72
10.28
100
OMNIASIG VIG (former BCR): RON 356,078,229 – 18.58% of
total gross written premiums in this insurance class;
GROUPAMA ASIGURĂRI SA: RON 331,441,053 – 17.29% of
ALLIANZ - ȚIRIAC ASIGURĂRI SA: RON 159,133,597 lei –
14.72% of total gross written premiums in this insurance
class;
OMNIASIG VIG (former BCR): RON 156,928,595 – 14.51% of
www.csa - isc.ro
Annual Report 2012
c) for class X – Motor third party liability insurance:
ASTRA SA: RON 412,474,490 – 19.30% of total gross written
premiums in this insurance class;
EUROINS ROMÂNIA ASIGURARE REASIGURARE SA: RON
390,487,458 – 18.27% of total gross written premiums in this
insurance class;
CARPATICA ASIG SA: RON 238,402,877 – 11.16% of total
gross written premiums in this insurance class.
In 2012, 25 insurance undertakings reported gross written
premiums for non-life insurance, including catastrophe risks,
amounting to RON 6,205,476,096. Gross written premiums
for catastrophe risks amounted to RON 2,689,265,356 and
accounted for 43.34% of total.
2.2 Gross written premiums for life insurance
Total gross written premiums for life insurance in 2012 reached RON 1,802,519,132 – 3.69% up in nominal terms and
1.20% down in real terms.
Gross written premiums for life insurance accounted for
21.83% of total gross written premiums for non-life and life
insurance.
The data compiled by ISC shows that, in the period 2010–
2012, gross written premiums for life insurance have been on
an upward trend in nominal terms. Nevertheless, gross written premiums for life insurance have not managed to reach
the record levels reported in 2008, before the onset of the
financial crisis.
Table 8. Evolution of gross written premiums for life
insurance in the period 2008–2012
Year
2008
2009
2010
2011
2012
Gross written
premiums for
life insurance
(RON)
1,868,112,985
1,628,162,635
1,665,668,554
1,738,366,854
1,802,519,132
Nominal
growth rate
versus 2011
(%)
-12.84
2.30
4.36
3.69
Inflation rate
(%)
Real growth
rate versus
2011 (%)
6.3
4.74
7.96
5.8
4.95
-16.78
-5.24
-1.36
-1.20
– gross written premiums amounted to RON 626,278,317 –
34.74% of total gross written premiums for life insurance –
2.21% up in nominal terms and 2.61% down in real terms.
In 2012, gross written premiums for class B2 – Health insurance – have gone up 47.68% in nominal terms (40.71% in real
terms) versus 2011. This insurance class accounts for 1.95% of
total gross written premiums for life insurance.
In 2012, the life insurance segment was also heavily concentrated, and 10 insurance undertakings accounted for 91.91%
of total gross written premiums in this insurance category,
amounting to RON 1,656,671,114.
The market share of the first 10 insurance undertakings was
up 2.05 percentage points in 2012, from 89.86% to 91.91%.
Chart 8. Gross written premiums by classes
of life insurance
Other classes - 1.92%
Class BII - 1.95%
Two life insurance classes, namely class AI - Life insurance, annuities and supplemental life insurance and class
AIII - Unit-linked life insurance and annuities reported RON
1,732,875,930 in gross written premiums, which accounts for
96.14% of total gross written premiums for life insurance.
a) class AI – Life insurance, annuities and supplemental
life insurance - gross written premiums amounted to RON
1,106,597,613 – 61.39% of total gross written premiums for
life insurance – 3.39% up in nominal terms and 1.49% down
in real terms;
Class AIII - 34.74%
b) class AIII – Unit-linked life insurance and annuities
Clasa AI - 61.39%
Table 9. Insurance undertakings with the highest volumes of gross written premiums for life insurance in 2012
No.
Insurance undertaking
Gross written premiums for life
insurance (RON)
Market share (%)
1 ING ASIGURĂRI DE VIAȚĂ SA
544,539,727
30.21
2 BCR ASIGURĂRI DE VIAȚĂ VIENNA INSURANCE GROUP SA
425,194,867
23.59
3 ALICO ASIGURĂRI ROMÂNIA SA
197,868,009
10.98
4 ALLIANZ - ȚIRIAC ASIGURĂRI SA
93,532,576
5.19
5 ASIROM VIENNA INSURANCE GROUP SA
84,082,958
4.66
6 GENERALI ROMÂNIA (fosta ARDAF)
83,629,508
4.64
7 METROPOLITAN ASIGURĂRI SA (former AVIVA)
65,904,978
3.66
8 BRD ASIGURĂRI DE VIAȚĂ SA
61,978,591
3.44
9 GRAWE ROMÂNIA ASIGURARE SA
10 GROUPAMA ASIGURĂRI SA
Total (1- 10)
Total
53,455,407
2.97
46,484,493
2.58
1,656,671,114
91.91
145,848,018
8.09
1,802,519,132
100
15
Chapter 3
Gross indemnity payments
Chart 10. Evolution of gross indemnity payments structure
by insurance category in the period 2008–2012
100
95.0
95.4
94.6
93.6
93.7
80
millions RON
In 2012, insurance undertakings made gross indemnity
payments in both non-life and life insurance amounting
to RON 4,753,573,042 – 6.03% up in nominal terms and
1.03% up in real terms versus 2011.
The amount of gross indemnity payments in non-life insurance was RON 4,453,717,618 – 6.18% up in nominal
terms and 1.17% up in real terms.
The amount of gross indemnity and maturity payments
in life insurance was RON 299,855,424 – 3.97% up in nominal terms and 0.93% down in real terms.
60
40
20
5.0
2008
0
Table 10. Evolution of gross indemnity payments in nonlife and life insurance in the period 2008–2012
Year
2008
2009
2010
2011
2012
Gross indemNominal
nity payments growth rate
in non-life and versus 2011
life insurance
(%)
4,363,559,718
5,435,503,756
24.57
5,069,483,669
-6.73
4,483,069,265
-11.57
4,753,573,042
6.03
Inflation rate
(%)
Real growth
rate versus
2011 (%)
6.30
4.74
7.96
5.8
4.95
18.93
-13.61
-16.42
1.03
Chart 9. Evolution of gross indemnity payments, total and
by insurance category, in the period 2008 – 2012
6,000
5,000
4.6
2009
5.4
2010
6.4
2011
non-life insurance (%)
6.3
2012
life insurance (%)
As of 31.12.2012, gross indemnity payments in non-life
and life insurance accounted for 57.57% of total gross
written premiums for both non-life and life insurance.
3.1. Gross indemnity payments
in non-life insurance
In 2012, gross indemnity payments in non-life insurance
amounted to RON 4,453,717,618 – 6.18% up in nominal
terms and 1.17% up in real terms.
Claims arising in the previous years accounted for gross
indemnity payments amounting to RON 1,989,477,083,
i.e. 44.67% of total gross indemnity payments in non-life
insurance.
4,000
Table 12. Evolution of gross indemnity payments in nonlife insurance in the period 2008 – 2012
3,000
2,000
Year
1,000
0
2008
2009
2010
life insurance
2011
2012
non-life insurance
total gross indemnity payments (mil. RON)
2008
2009
2010
2011
2012
Gross
indemnity
payments
(RON)
4,143,703,694
5,187,480,620
4,797,561,000
4,194,672,389
4,453,717,618
Nominal
Real growth
growth rate Inflation rate
rate versus
versus 2011
(%)
2011 (%)
(%)
6.3
25.19
4.74
19.52
-7.52
7.96
-14.34
-12.57
5.8
-17.36
6.18
4.95
1.17
Table 11. Structure of gross indemnity payments for non-life and life insurance in the period 2008 – 2012
Insurance category
2008
2009
2010
2011
2012
Total (RON)
Share in total indemnity payments (%)
Total (RON)
Non-life insurance
Share in total indemnity payments (%)
Total gross indemnity payments (RON)
219,856,024
5.04
4,143,703,694
94.96
4,363,559,718
248,023,136
4.56
5,187,480,620
95.44
5,435,503,756
271,922,669
5.36
4,797,561,000
94.64
5,069,483,669
288,396,876
6.43
4,194,672,389
93.57
4,483,069,265
299,855,424
6.31
4,453,717,618
93.69
4,753,573,042
Life insurance
16
www.csa - isc.ro
Annual Report 2012
Reinsurance recoveries amounted to RON 937,128,746
and accounted for 21.04% of total gross indemnity payments in non-life insurance.
The gross indemnity payments made by 10 insurance
undertakings accounted for 94.82% of total indemnity
payments in the non-life insurance category.
The following classes of non-life insurance: class III – Insurance of land vehicles, other than railway rolling
stock, class X – Motor third party liability insurance,
class VIII – insurance against fire and other natural
forces and class XIV – Credit insurance accounted for
most gross indemnity payments in 2012.
of gross indemnity payments in non-life insurance in 2012
No.
OMNIASIG VIG
(former BCR ASIGURĂRI VIG)
2 ASTRA SA
ASIROM VIENNA
5
INSURANCE GROUP SA
GENERALI ROMÂNIA
7
(fosta ARDAF)
EUROINS ROMÂNIA
8
ASIGURARE REASIGURARE SA
OMNIASIG VIENNA
9
INSURANCE GROUP SA*
10 CARPATICA ASIG SA
Total (1 – 10)
Total GIP (RON)
1
OMNIASIG VIG (former BCR): RON 464,421,617;
ALLIANZ - ȚIRIAC ASIGURĂRI SA: RON 358,152,681;
GROUPAMA ASIGURĂRI SA: RON 285,440,166.
b) class VIII - Insurance against fire and other natural
forces - 26 insurance undertakings made gross indemnity payments of RON 218,520,305, i.e. 4.91% of total,
8.33% down in nominal terms and 12.65% down in real
terms versus 2011.
Share in
total (%)
781,359,617
17.54
603,349,271
569,333,110
555,584,558
13.55
12.78
12.47
389,620,007
8.75
321,269,191
7.21
ALLIANZ - ȚIRIAC ASIGURĂRI SA: RON 41,282,835;
282,174,286
6.34
OMNIASIG VIG (former BCR ASIGURĂRI VIG): RON
40,457,940;
277,602,521
6.23
251,268,515
5.64
191,666,501
4,223,227,577
230,490,041
4,453,717,618
4.30
94.82
5.18
100
In 2012, gross indemnity payments for the main non-life
insurance classes showed as follows:
a) class III - Insurance of land vehicles, other than railway rolling stock – gross indemnity payments of RON
Chart 11. Gross indemnity payments by classes of
non-life insurance
class III - 43.72%
class X - 41.82%
class VIII - 4.91%
Three of the 21 insurance undertakings which made
gross indemnity payments in this non-life insurance class
reported gross indemnity payments in the amount of
RON 1.108,014,464, i.e. 56.90% of total, as follows:
Gross indemnity
payments in
non-life
insurance (RON)
*gross indemnity payments in the first 4 months of 2012
1,947,134,155 – 43.72% of total gross indemnity payments in non-life insurance, 1.96% down in nominal terms and 6.58% down in real terms versus 2011.
Gross indemnity payments for voluntary home insurance
amounted to RON 76,678,178, i.e. 35.09% of total gross
indemnity payments in non-insurance class VIII, 63.10%
up in real terms versus 2011.
Three insurance undertakings made gross indemnity
payments of RON 116,536,824, i.e. 53.33% of total gross
indemnity payments in non-insurance class VIII, as follows:
GROUPAMA ASIGURĂRI SA: RON 34,796,049.
c) class X – Motor third party liability insurance – gross
indemnity payments amounted to RON 1,862,712.485,
i.e. 41.82% of total gross indemnity payments in non-life
insurance, 12.40% up in nominal terms and 7.10% up in
real terms versus 2011.
Four insurance undertakings made gross indemnity payments amounting to RON 1,088,368,442, i.e. 58.43% of
total gross indemnity payments in non-insurance class X,
as follows:
ASTRA SA: RON 374,810,422;
EUROINS ROMÂNIA SA: RON 254,412,054;
ASIROM VIENNA INSURANCE GROUP SA: RON
245,627,907;
OMNIASIG VIG (former BCR): RON 213,518,059.
Gross indemnity payments in motor insurance (insurance for land vehicles and motor third party liability insurance, i.e. class III and class X) accounted for 85.54% of
total gross indemnity payments in non-life insurance,
4.57% up in nominal terms and 0.36% down in real terms
versus 2011.
d) class XIV – Credit insurance – gross indemnity payments amounted to RON 151,679,719, 28.07% up in nominal terms and 22.03% in real terms versus 2011. Two
insurance undertakings - GROUPAMA ASIGURĂRI SA and
GARANTA ASIGURĂRI SA – made gross indemnity payments of RON 144,496,910, which accounted for 95.26%
of total gross indemnity payments in this non-life insurance class.
17
3.2. Gross indemnity payments in life insurance
In 2012, gross indemnity payments in life insurance
amounted to RON 299,855,424 – 3.97% up in nominal
terms and 0.93% down in real terms versus 2011. The aforementioned amount also includes maturity payments,
which accounted for 54.94% of total.
The following classes of life insurance: class AI – Life insurance, annuities and supplemental life insurance
and class AIII – Unit-linked life insurance and annuities accounted for most gross indemnity payments in
2012.
Surrender values paid in life insurance
In 2012, (total and partial) surrender values have gone up
8.69% in nominal terms (3.56% in real terms), from RON
395,429,051 in 2011 to RON 429,798,249.
Total surrenders accounted for 71.83% of total – 7.65%
up in nominal terms and 2.57% up in real terms versus
2011.
Partial surrenders amounted to RON 121,067,444 and accounted for 28.17% of total surrender value – 11.45% up
in nominal terms and 6.19% up in real terms versus 2011.
Table 14. Evolution of gross indemnity payments in life
insurance in the period 2008–2012
Nominal
Gross indemgrowth rate
Year nity payments
versus 2011
(RON)
(%)
Inflation rate
(%)
Real growth
rate versus
2011 (%)
2008
219,856,024
-
6.3
-
2009
248,023,136
12.81
4.74
7.70
2010
271,922,669
9.64
7.96
1.56
2011
288,396,876
6.06
5.8
0.25
2012
299,855,424
3.97
4.95
-0.93
18
Chart 12. Gross indemnity payments by classes of life
insurance
class AIII - 19.49%
class AI - 74.64%
of gross indemnity payments in life insurance in 2012
No.
Insurance undertakings
1 ING ASIGURĂRI DE VIAȚĂ SA
ASIROM VIENNA INSURANCE
2
GROUP SA
BCR ASIGURĂRI DE VIAȚĂ
3
VIENNA INSURANCE GROUP SA
4 ALICO ASIGURĂRI ROMÂNIA SA
GENERALI ROMÂNIA
6
(former ARDAF)
7 AXA LIFE INSURANCE SA
METROPOLITAN LIFE
9
ASIGURĂRI SA
10 EUREKO ASIGURĂRI SA
Total (1 - 10)
Total GIP (RON)
Gross indemnity
payments (RON)
Share in
total (%)
95,205,510
31.75
50,767,462
16.93
28,723,092
9.58
25,900,966
19,263,432
8.64
6.42
18,272,894
6.09
13,001,285
12,581,728
4.34
4.20
10,259,200
3.42
7,173,100
281,148,669
18,706,755
299,855,424
2.39
93.76
6.24
100
www.csa - isc.ro
Annual Report 2012
Chapter 4
Home insurance
Gross written premiums for voluntary and compulsory
home insurance amounted to a total of RON 589,974,059,
which accounted for 54.57% of gross written premiums
for Class VIII – Insurance against fire and other natural
forces.
Voluntary home insurance generated gross written premiums of RON 565,773,166, which accounted for 52.33% of
total class VIII. Compulsory home insurance generated RON
24,200,893, which accounted for 2.24% of total class VIII.
As of 2012 year-end, there were 3,324,910 in force voluntary
home insurance contracts (versus 4,392,647 in 2011), which
accounted for 79.23% of the 4,196,660 in force insurance
contracts in class VIII. The number of in force compulsory
home insurance contracts was 331,131, which accounted
for 7.89% of total.
As of 31.12.2012, Romania’s building stock insurance coverage, determined as the ratio between the number of voluntary and compulsory home insurance contracts and the
total number of homes (approximately 8.5 million, according to NIS) was 43.01%.
Table 16. Evolution of gross written premiums and gross indemnity payments for voluntary and compulsory home
insurance
Year
2010
2011
2012
Indicator
Total gross written premiums and gross indemnity payments for class VIII – Insurance
against fire and other natural forces
Number of in force
contracts as of year-end
(RON)
Gross premiums ceded to
reinsurance (RON)
Share of gross premiums
ceded to reinsurance
in total gross written
premiums (%)
(RON)
2010
2011
2012
Absolute
change
2012/2011
1,714,393
4,392,647
3,324,910
-1,067,737
376,111,856 638,532,825 565,773,166
-72,759,659
98,716,925 130,750,782 154,127,843
23,377,061
26.25
Voluntary home insurance
Compulsory home insurance
376,111,856
62,427,424
638,532,825
47,013,398
565,773,166
76,678,178
29,556,829
10,369
35,310,758
327,310
24,200,893
276,689
967,376,678
249,625,902
1,178,020,775
238,387,105
1,081,228,539
218,520,305
Table 17. Evolution of key indicators for voluntary home
insurance (2010-2012)
Indicator
Insurance against fire and other natural forces (class VIII),
of which:
20.48
27.24
62,427,424 47,013,398 76,678,178
6.76
29,664,780
Table 18. Indicators for compulsory * home insurance
(2010-2012)
Indicator
2010
2011
2012
Number of in force
367,287
574,229
331,131
contracts as of year-end
29,556,829 35,310,758 24,200,893
(RON)
Gross premiums ceded to
19,066,609 25,883,655 14,424,191
reinsurance (RON)
Share of gross premiums
64.51
73.30
59.60
in total gross written
premiums (%)
10,369
327,310
276,689
(RON)
Absolute
deviation
2012/2011
-243,098
-11,109,865
-11,459,464
-13.70
-50,621
*Catastrophe Insurance Pool (PAID)
19
Chapter 5
Technical reserves
The data reported in the financial statements submitted
to the Insurance Supervisory Commission shows that, as
of 31.12.2012, insurance undertakings have set up gross
technical reserves for non-life and life insurance in the
amount of RON 12,449,018,812 – 5.55% up in nominal
terms and 0.57% up in real terms versus 2011.
reported claims reserves ceded to reinsurance amounted to RON 1,342,985,959, which accounted for 39.30%
of gross outstanding claims reserves and incurred but
not reported claims reserves, 23.09% up in nominal terms and 17.28% up in real terms versus 2011.
Gross technical reserves for non-life insurance amounted
to RON 6,971,815,101 and accounted for 56.00% of total.
Gross technical reserves for life insurance amounted to
RON 5,477,203,711 and accounted for 44.00% of total.
Table 19. Evolution of gross technical reserves for non-life
As of 31.12.2012, gross technical reserves ceded to reinsurance amounted to RON 2,165,656,703, which accounted for 17.40% of total gross technical reserves. By comparison with the data reported as of 31.12.2011, total
gross technical reserves ceded to reinsurance went up
18.71% in nominal terms and 13.11% in real terms.
5.1. Technical reserves for non-life insurance
As of 31.12.2012, insurance undertakings reported gross
technical reserves for non-life insurance in the amount of
RON 6,971,815,101 – 0.72% down in nominal terms and
5.40% down in real terms versus 31.12.2011.
Gross technical reserves ceded to reinsurance amounted to RON 2,072,131,362 – 19.86% up in nominal terms
(14.21% up in real terms) versus 2011. The share of gross
technical reserves ceded to reinsurance was 29.72% of
total gross technical reserves for non-life insurance, up
from 24.62% in the previous year.
As of 31.12.2012, the structure of gross technical reserves for non-life insurance showed as follows:
a) Gross unearned premiums reserves – RON
3,114,890,480 – i.e. 44.68% of total gross technical reserves for non-life insurance. By comparison with the data
reported as of 2011 year-end, unearned premiums reserves were up 3.23% in nominal terms (down 1.64% in
real terms). Rising unearned premium reserves were due
to rising gross written premiums for non-life insurance
(+6.09% in nominal terms versus 2011).
Gross unearned premium reserves ceded to reinsurance amounted to RON 593,858,081, which accounted for
19.07% of gross unearned premium reserves.
b) Gross outstanding claims reserves and incurred
but not reported claims reserves – RON 3,416,959,206
– i.e. 49.01% of total gross technical reserves for non-life insurance, 3.57% down in nominal terms and 8.12%
down in real terms versus 2011.
Gross outstanding claims reserves and incurred but not
20
Year
Gross technical
reserves (RON)
UPR (RON)
OCR and IBNR (RON)
2008
6,412,103,943
3,487,573,601
2,588,488,766
2009
2010
2011
2012
6,931,624,256
6,782,629,538
7,022,466,930
6,971,815,101
3,576,537,375
3,230,521,900
3,017,386,502
3,114,890,480
3,003,255,595
3,128,617,940
3,543,612,908
3,416,959,206
As of 31.12.2012, significant gross technical reserves
have been reported for the following non-life insurance
classes:
a) class III – Insurance of land vehicles, other than railway rolling stock – RON 1,961,767,071, i.e. 8.08% down
in nominal terms and 12.42% down in real terms. The
fall in gross technical reserves for this non-life insurance class was due to the drop by 3.73% of gross written
premiums in the same insurance class. Gross technical
reserves for class III accounted for 28.14% of total gross
technical reserves for non-life insurance versus 30.39%
as of 31.12.2011;
b) class VIII – Insurance against fire and other natural
forces – RON 947,055,892, i.e. 13.58% of total gross technical reserves for non-life insurance – 0.41% up in nominal terms and 4.33% down in real terms, due to the fall
in gross written premiums in the same insurance class;
c) class X – Motor third party liability insurance – RON
2,933,992,109, i.e. 2.84% down in nominal terms and
7.42% down in real terms. Gross technical reserves for
class X accounted for 42.08% of total gross technical reserves for non-life insurance, down 0.92 percentage points versus 2011.
5.2. Gross technical reserves for life insurance
As of 31.12.2012, insurance undertakings reported gross
technical reserves for life insurance in the amount of RON
5,477,203,711 – 14.78% up in nominal terms and 9.37%
up in real terms versus 31.12.2011.
Gross technical reserves ceded to reinsurance amounted to RON 93,525,341 and accounted for 1.71% of total
gross technical reserves for life insurance, 2.02% down
www.csa - isc.ro
Annual Report 2012
in nominal terms and 6.64% down in real terms versus
2011.
Table 20. Evolution of gross technical reserves for life
Gross mathematical reserves amounted to RON
4,563,022,452 and accounted for 83.31% of total gross
technical reserves for life insurance – 16.60% up in nominal terms and 11.10% up in real terms versus 2011.
Gross
Gross technical
mathematical
reserves (RON)
reserves (RON)
Significant mathematical reserves have been reported
for the following life insurance classes: class AI – Life
insurance, annuities and supplemental life insurance
(42.45%) and class AIII – Unit-linked life insurance and
annuities (57.42%).
Year
Share of
mathematical
reserves in total
gross technical
reserves (%)
2008
3,423,586,592
2,544,842,737
74.33
2009
2010
2011
2012
3,889,930,756
4,383,572,919
4,772,055,357
5,477,203,711
3,015,904,434
3,535,862,556
3,913,498,770
4,563,022,452
77.53
80.66
82.01
83.31
21
Chapter 6
The assets of insurance undertakings
The balance sheet assets reported in the financial statements of the first 10 insurance undertakings by market
share accounted for 81.31% of total. The assets/GDP ratio was 3.23% versus 2.99% in 2011.
Investments accounted for 55.51% of total assets and
amounted to RON 10,525,710,723 – 1.31% up in nominal
terms and 3.47% down in real terms.
Other asset items, such as receivables, the share of technical reserves ceded to reinsurance, deferred acquisition
costs, etc. amounted to RON 7,309,249,445 and accounted for 38.55% of total assets – 11.81 percentage points
more than in 2011.
As of 31.12.2012, investments in bonds and other fixedincome securities amounted to RON 4,925,977,303 –
intangible assets - 3.76%
bank accounts and
cash on hand - 2.18%
total assets (RON bn.)
31.12.2008
31.12.2009
31.12.2010
31.12.2011
31.12.2012
financial investments (RON bn.)
terms versus 2011 – and accounted for a significant
46.80% of total investments – 2.41 percentage points
less than in 2011.
Deposits with credit institutions amounted to RON
911,115,420 – 13.03% down in nominal terms and
Chart 15. Evolution of total assets and financial
investments in the period 31.12.2008–31.12.2012
Chart 13. Assets of insurance undertakings as of
31.12.2012
other assets - 38.55%
20
18
16
14
12
10
8
6
4
2
0
7.97
9.17
9.86
10.39
10.53
As of 31.12.2012, the balance sheet assets reported in
the financial statements submitted by insurance undertakings amounted to an aggregate RON 18,960,424,182
– 9.64% up in nominal terms and 4.47% up in real terms.
Chart 14. Evolution of total assets and financial
investments in the period 31.12.2008 - 31.12.2012
14.98
16.40
16.81
17.29
18.96
6.1. Total assets
investments - 55.51%
20
18
16
14
12
10
8
6
4
2
0
14.98
7.97
31.12.2008
16.40
9.17
9.86
31.12.2009
31.12.2010
Total balance sheet assets (RON bn.)
18.96
17.29
16.81
10.53
10.39
31.12.2011
31.12.2012
Financial investments (RON bn.)
Table 21. Balance sheet assets and investments of insurance undertakings in the period 31.12.2008 – 31.12.2012
Date
Total balance
sheet assets
total, of which
Investments
Bonds and other fixed-income
Unit-linked investments
securities
Other investments
31.12.2008
14,982,824,581
7,967,986,255
2,432,467,448
1,040,151,751
4,495,367,056
31.12.2009
31.12.2010
31.12.2011
31.12.2012
16,398,487,279
16,805,591,185
17,293,960,385
18,960,424,182
9,174,286,671
9,857,781,064
10,390,101,581
10,525,710,723
3,557,692,096
4,515,307,549
5,113,381,422
4,925,977,303
1,501,947,164
1,880,392,260
2,122,748,569
2,629,080,446
4,114,647,411
3,462,081,255
3,153,971,590
2,970,652,974
22
www.csa - isc.ro
Annual Report 2012
17.13% down in real terms versus 2011 – and accounted for 8.66% of total investments, following the same
downward trend started in 2008, when record high figures were reported – 1.43 percentage points more than
in 2011.
Investments in the life insurance segment, where risk
is transferred to policyholders, amounted to RON
2,629,080,446 and accounted for 24.98% of total –
23.85% up in nominal terms and 18.01% up in real terms
versus 2011.
The upward trend reported for unit-linked investments
was supported by the interest shown by policyholders
in unit-linked products. As of 31.12.2012, unit-linked investments were 2.53 times higher than in 2008.
6.2. Assets admitted to cover gross technical
reserves for non-life insurance
As of 31.12.2012, assets admitted to cover gross technical reserves for non-life insurance amounted to RON
8,137,132,539 – 0.62% up versus 2011. The coverage ratio was 116.71% as of the same date.
The structure of assets admitted to cover gross technical
reserves for non-life insurance showed as follows:
Government securities and Treasury bills issued
by Member States reported by 19 insurance undertakings: RON 2,020,084,835 – 9.67% down in nominal
terms and 13.93% down in real terms versus 2011,
accounting for 24.83% of total assets admitted to cover gross technical reserves. The coverage ratio was
28.98%.
Securities issued by local public authorities: RON
21,918,999 – 4.20% down in nominal terms and 8.72%
down in real terms versus 2011, accounting for 0.27%
of total assets admitted to cover gross technical reserves. The coverage ratio was 0.31%.
Securities admitted to trading on a regulated market and units of open-end investment funds: RON
332,201,764 – 4.33% up in nominal terms and 0.59%
down in real terms versus 2011, accounting for 4.08%
of total assets admitted to cover gross technical reserves. The coverage ratio was 4.76%.
The structure of this asset category showed as follows:
investments in bonds and other money market
and capital market instruments reported by 7 insurance undertakings: RON 210,671,796, accounting for
63.42% of total securities admitted to trading on a regulated market;
shares and other variable-income holdings reported by 10 insurance undertakings: RON 83,789,696,
accounting for 25.22% of total securities admitted to
trading on a regulated market;
investments in units of collective investments undertakings and other investment funds reported by 8
insurance undertakings: RON 37,740,272, accounting
for 11.36% of total securities admitted to trading on a
regulated market.
Deposits, current accounts and cash on hand:
RON 921,632,857 – 7.74% down in nominal terms and
12.09% down in real terms versus 2011, accounting for
11.33% of total assets admitted to cover gross technical reserves. The coverage ratio was 13.22%.
Receivables from policyholders and intermediaries: RON 1,670,319,013 – up 0.11%, accounting for
Share of gross technical reserves ceded to reinsurance: RON 2,072,089,361 – 19.86 up in nominal terms
and 14.21% up in real terms versus 2011, accounting
for 25.46% of total assets admitted to cover gross technical reserves. The coverage ratio was 29.72%.
Property and plant: RON 509,649,288 – 17.27%
down in nominal terms and 21.17% down in real terms
versus 2011, accounting for 6.26% of total assets admitted to cover gross technical reserves. The coverage
ratio was 7.31%.
Interest receivable: RON 75,330,581 – 7.86% up in
nominal terms and 2.77% up in real terms versus 2011,
accounting for 0.93% of total assets admitted to cover
gross technical reserves. The coverage ratio was 1.08%.
Deferred acquisition costs: RON 513,905,841 –
20.25% up in nominal terms and 14.58% up in real
terms, accounting for 6.32% of total assets admitted to
cover gross technical reserves. The coverage ratio was
7.37%.
6.3. Assets admitted to cover gross technical
reserves for life insurance
As of 31.12.2012, assets admitted to cover gross technical reserves for life insurance amounted to RON
6,122,794,998 – 10.47% up versus 2011. The coverage
ratio was 111.79% as of the same date.
The structure of assets admitted to cover gross technical
reserves for life insurance showed as follows:
Government securities and Treasury bills issued
by Member States: RON 2,204,114,787 – 7.10% up in
nominal terms and 2.05% up in real terms versus 2011,
accounting for 36.00% of total assets admitted to cover gross technical reserves. The coverage ratio was
40.24%.
Securities issued by local public authorities: RON
27,140,996 – 31.97% down in nominal terms and
0.44% of total assets admitted to cover gross technical
reserves. The coverage ratio was 0.50%.
Securities admitted to trading on a regulated
market and units of open-end investment funds:
RON 2.786.317.220 – 20.75% up in nominal terms and
Deposits, current accounts and cash on hand: RON
366,443,695 – 17.52% up in nominal terms and 11.98%
23
Chart 16. Evolution of assets admitted to cover gross technical reserves for non-life insurance in the period 31.12.2009 –
31.12.2012
100%
4.43
4.28
0.80
0.83
Deferred acquisition costs
5.28
0.86
6.32
0.93
90%
Interest receivable
20.42
19.24
21.38
25.46
80%
Share of gross technical reserves
70%
26.99
60%
Receivables from policyholders and
intermediaries, arising from direct
insurance and reinsurance accepted
20.63
29.87
20.53
Property and plant
50%
7.62
6.36
6.26
40%
5.88
Deposits and current accounts with
credit institutions and cash on hand
12,35
11.32
15,32
30%
20%
19.36
0.58
0.67
3.11
0.58
0,86
2.50
0,46
1.03
2.59
Units of UCITS and other investment
funds
25.10
Shares and other variable income
holdings admitted to trading on a
regulated market
0.72
0.34
3.89
27.94
22.62
10%
14.29
0%
24
Bonds and other money market and
capital market instruments admitted
to trading on a regulated market
31.12.2009
31.12.2010
31.12.2011
31.12.2012
www.csa - isc.ro
Annual Report 2012
Chart 17. Evolution of assets admitted to cover gross technical reserves for life insurance in the period 31.12.2009 –
31.12.2012
100%
3.47
2.23
1.71
90%
6.57
3.47
2.66
1.97
1.68
2.16
1.94
1.71
6.13
5.90
3.15
3.18
1.79
1.66
1.52
Deferred acquisition costs
4.45
2.64
Interest receivable
5.99
5.63
8.49
80%
12.23
Share of gross technical reserves
70%
26.76
28.46
Receivables from policyholders and
intermediaries, arising from direct
insurance and reinsurance accepted
24.95
18.01
60%
0.68
50%
14.82
0.49
0.55
Property and plant
0.62
14.57
14.38
16.50
Deposits and current accounts with
credit institutions and cash on hand
40%
30%
Units of UCITS and other investment
funds
20%
36.81
35.78
37.85
36.44
Shares and other variable income
holdings admitted to trading on a
regulated market
10%
0%
Bonds and other money market and
capital market instruments admitted
to trading on a regulated market
31.12.2009
31.12.2010
31.12.2011
31.12.2012
25
up in real terms versus 2011, accounting for 5.98% of
total assets admitted to cover gross technical reserves.
The coverage ratio was 6.69%.
Receivables from policyholders and intermediaries: RON 272,668,238 – 16.64% down in nominal
terms and 20.57% down in real terms, accounting for
4.45% of total assets admitted to cover gross technical
reserves. The coverage ratio was 4.98%.
Share of gross technical reserves ceded to reinsurance: RON 92,952,273 – 1.93 down in nominal terms
and 6.56% down in real terms versus 2011, accounting
for 1.52% of total assets admitted to cover gross technical reserves. The coverage ratio was 1.70%.
Property and plant: RON 161,901,478 – 8.22% down
2011, accounting for 2.64% of total assets admitted to
2.96%.
Interest receivable: RON 101,573,250 – 5.46% down
2011, accounting for 1.66% of total assets admitted to
1.85%.
Deferred acquisition costs: RON 109,683,061 –
terms, accounting for 1.79% of total assets admitted to
2.00%.
6.4 Foreign assets held by insurance undertakings
As of 31.12.2012, total foreign assets held by insurance undertakings in Romania amounted to RON
2,287,851,163 (EUR 516.60 m.) and comprised Government securities and Treasury bills, securities traded on a
regulated market and units of investment funds.
As of the same date, the foreign assets admitted to cover
gross technical reserves in non-life insurance amounted
26
to RON 235,052,065 (EUR 53.07 m.) and comprised:
bonds – 67.87%;
shares – 17.99%;
units of investment funds – 8.82%;
Government securities and Treasury bills – 5.32%.
Most assets were held in Great Britain (25.17%), Bulgaria
(20.63%), USA (11.14%) and Luxembourg (10.77%); shares were held in EU Member States; units of UCITS were
held in Austria, and Government securities were purchased in EU Member States.
As of 31.12.2012, the foreign assets admitted to cover
gross technical reserves in life insurance amounted to
RON 2,052,799,097 (EUR 463.52 m.) and comprised:
80.33%, i.e. RON 1,649,046,453 (EUR 372.35 m.) – investments for unit-linked life insurance. Most such
investments (92.75%) were made in units of UCITS
in EU Member States such as: Luxembourg (88.12%),
Germany (6.54%), Austria (5.01%), the Czech Republic, France, Hungary and Ireland. Bonds accounted
for 7.25% of total unit-linked investments in countries such as: England (45.26%), Germany (24.71%),
Italy (21.68%), Portugal (1.96%), France (1.69%), USA
(1.67%) and other countries.
19.67%, i.e. RON 403,752,644 (EUR 91.17 m.) - investments for traditional life insurance. Most such investments were made in bonds (78.92%), Government
securities and Treasury bills (17.53%), units of UCITS
(3.35%) and shares (0.20%). Total investments in corporate bonds amounted to RON 318,623,373, of which
26.49% - RON 84,403,332 - was accounted for by investments in US bonds. Investments in EU bonds reached RON 234,220,041 and accounted for 73.51% of
total. Most investments in corporate bonds were made
in countries such as: Great Britain – RON 95,587,012
(30%); Norway – RON 32,053,511 (10.06%).
www.csa - isc.ro
Annual Report 2012
Chapter 7
Reinsurance
Insurance undertakings conclude reinsurance agreements on the domestic and international market with a
view to balance financial statements and write additional or catastrophe risks.
In 2012, a number of 28 insurance undertakings concluded reinsurance agreements for non-life insurance, while
19 insurance undertakings concluded reinsurance agreements for life insurance.
Total written premiums ceded to reinsurance amounted to RON 1,738,817,232 and accounted for 21.06%
Chart 18. Evolution of gross written premiums and gross
premiums ceded to reinsurance in the period 2009-2012
(RON m.)
Chart 19. Evolution of revenues from reinsurance
recoveries in the period 2009-2012 (RON m.)
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
10000
2009
2010
2011
2012
GWP
Revenues from reinsurance recoveries
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
GWP GWP
ceded
2009
GWP GWP
ceded
2010
NL
GWP GWP
ceded
2011
GWP GWP
ceded
2012
L
of total gross written premiums reported by insurance
undertakings in Romania in 2012 – 25.13% up in nominal terms and 19.23% in real terms versus 2011, i.e. RON
349,221,901.
RON 1,678,914,213 in gross written premiums were ceded to reinsurance for non-life insurance, i.e. 26.01% of
total gross written premiums for non-life insurance.
RON 59,903,019 in gross written premiums were ceded
to reinsurance for life insurance – 3.13% more than RON
58,083,787 reported in 2011.
The reinsurance business reported in 2012 was up RON
6,826,070 - 23.98% - versus 2011, mostly due to reinsurance accepted for non-life insurance business.
Table 22. Key reinsurance indicators in 2012
Indicator
Gross written premiums (RON)
Reinsurance accepted (RON)
Reinsurance commissions (RON)
Share of reinsurance commissions in corresponding premiums (%)
Premiums ceded to reinsurance (RON)
Share of premiums ceded in total gross written premiums
(%)
Reinsurance commissions received (RON)
Share of reinsurance commissions received (%)
Reinsurance recoveries (RON)
Share of reinsurance recoveries in total gross written premiums ceded to reinsurance (%)
Life insurance
Non-life insurance
Total (non-life+life)
2011
2012
2011
2012
2011
2012
1,738,366,854
39,963
0
1,802,519,132
39,044
0
6,083,943,098
28,428,942
2,834,304
6,454,395,818
35,255,931
7,657,045
7,822,309,952
28,468,905
2,834,304
8,256,914,950
35,294,975
7,657,045
0
0
9.97%
21.72%
9.96%
21.69%
58,083,787
59,903,019
1,331,511,544
1,678,914,213
1,389,595,331
1,738,817,232
3.34%
3.32%
21.89%
26.01%
17.76%
21.06%
17,814,980
30.67%
19,328,477
17,127,424
28.59%
16,738,291
199,447,858
14.98%
783,576,368
281,908,429
16.79%
937,128,744
217,262,838
15.63%
802,904,845
299,035,853
17.20%
953,867,035
33.28%
27.94%
58.85%
55.82%
57.78%
54.86%
27
The reinsurance programmes reported by insurance un
dertakings in their 2012 reinsurance strategy reports
have the same reinsurers and types of reinsurance agreements as in the previous year.
As in the previous years, insurance undertakings opted
for proportional treaties, such as quota share or surplus
reinsurance, as well as for non-proportional treaties, such
as excess of loss per risk/event or stop-loss reinsurance.
For the time being, reinsurance is the best solution for insurance undertakings seeking to manage risks, maintain
solvency requirements, streamline income and increase
underwriting capacity.
In 2012, reinsurance recoveries amounted to RON
953,867,035, i.e. RON 150,962,190 more than in 2011 –
18.80% up in nominal terms and 13.20% up in real terms.
7.1. Non-life insurance
In 2012, gross premiums written for non-life insurance
ceded to reinsurance amounted to RON 1,678,914,213,
and accounted for 26.01% of total gross written premiums for non-life insurance versus 21.89% in 2011. Consequently, own retentions accounted for 73.99% of gross
written premiums for non-life insurance.
premiums ceded to reinsurance in non-life insurance in the
period 2009-2012 (RON m.)
8,000
7,000
6,000
5,000
4,000
a significant 48.91% up in nominal terms and 41.89% in
real terms. The reason behind this significant growth rate
was the completion of the process of harmonising local
minimum amounts of cover with EU practices.
Reinsurance recoveries amounted to RON 551,963,253 –
67.97% up in nominal terms and 60.05% up in real terms
versus 2011. Revenues from reinsurance recoveries accounted for 29.63% of total gross indemnity payments in
this non-life insurance class.
c) class III – Insurance for land vehicles, other than
railway rolling stock – RON 233,257,371, accounting
for 12.17% of gross written premiums in this non-life
insurance class and 13.89% of total premiums ceded to
reinsurance in non-life insurance, 68.14% up in nominal
terms and 60.21% up in real terms, despite the slight fall
in gross written premiums.
terms – 7.86% of total gross indemnity payments.
Significant change of gross premiums ceded to reinsurance has been also reported for the following non-life
insurance classes:
class XV- Suretyship insurance - RON 36,661,473, accounting for 24.08% of gross written premiums in this
non-life insurance class and 2.18% of total premiums
ceded to reinsurance in non-life insurance, 136.06% up
in nominal terms and 124.93% up in real terms. Reinsurance recoveries amounted to RON 260,755 - 57.07%
down in nominal terms and 59.09% down in real terms.
class XIII – General liability insurance – RON 92,606,447
– 5.64% up in nominal terms, while gross written premiums went up by 56.37% versus 2011. Reinsurance
recoveries amounted to 47,104,762 – 12.53% up in nominal terms and 7.22% up in real terms.
3,000
7.2 Life insurance
2,000
In 2012, gross premiums written for life insurance ceded
to reinsurance amounted to RON 59,903,019 – 3.13% up
in nominal terms and 1.73% down in real terms.
1,000
0
2009
GWP
2010
2011
2012
GWP ceded to reinsurance
Most gross written premiums ceded to reinsurance were
reported in the following non-life insurance categories:
a) class VIII – Insurance against fire and other natural forces – RON 485,901,005, accounting for 44.94% of
total gross written premiums in this non-life insurance
class and 28.94% of total premiums ceded to reinsurance in non-life insurance, 3. 56% up in nominal terms and
1.32% down in real terms.
53.37% down in nominal terms versus 2011.
b) class X– Motor third party liability insurance – RON
642,335,895, accounting for 30.06% of gross written premiums in this non-life insurance class and 38.26% of total premiums ceded to reinsurance in non-life insurance,
28
premiums ceded to reinsurance in life insurance in the
period 2009-2012 (RON m.)
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2009
GWP
2010
2011
GWP ceded to reinsurance
2012
www.csa - isc.ro
Annual Report 2012
Gross premiums ceded to reinsurance accounted for
3.32% of total gross written premiums for life insurance,
approximately the same as in 2011. Consequently, own
retentions accounted for 96.68% of total, while net premiums amounted to RON 1,742,616,113.
The most significant amount of gross premiums ceded
to reinsurance was reported for class I – Life insurance, annuities and supplemental life insurance – RON
56,451,567 – 3.53% up in nominal terms and 1.35% down
in real terms versus 2011.
In 2012, gross indemnity payments for life insurance
amounted to RON 135,103,794, while reinsurance recoveries amounted to RON 16,738,292 and accounted for
12.39% of total.
Insurance undertakings reported no significant changes
in the structure of reinsurance programmes and the value of gross written premiums ceded to reinsurance.
7.3 Capital requirements for catastrophe risks
The Norms concerning the authorisation of catastrophe
risk insurance and reinsurance, as implemented by Order
no. 12/2012 comprise the methodology for the calculation of capital requirements for catastrophe (earthquake
and flood) risks, based on the probable maximum loss for
insurance undertakings.
The review of the data submitted by the 26 insurance
undertakings authorised to write catastrophe risks as of
30.09.2012 shows that gross probable maximum loss is
around RON 12.22 bn., of which 90% would be covered
by reinsurers. As of 30.09.2012, the 26 insurance undertakings reported an equity surplus (including net worth
and catastrophe reserves) of approximately RON 1.33 bn.
29
Chapter 8
Acquisition and administrative costs
In 2012, insurance undertakings reported aggregate
acquisition and administrative costs in the amount of RON
3,199,619,944 - 1.95% down in nominal terms and 6.57%
down in real terms versus 2011.
Acquisition costs amounted to RON 1,749,902,333 and
accounted for 54.69% of total, while administrative costs
amounted to RON 1,449,717,611 and accounted for 45.31%
of total.
Total acquisition and administrative costs accounted for
38.75% of gross written premiums in non-life and life insurance – 2.97 percentage points less than in 2011.
There were no major changes in the structure of acquisition
and administrative costs versus 2011. As of 31.12.2012, the
structure of acquisition and administrative costs showed as
follows:
a) Non-life insurance: RON 2,471,009,274 (77.23% of total
market) - 2.56% down in nominal terms and 7.16% down in
real terms.
The most significant amounts were reported for class X –
Motor third party liability insurance (RON 842,002,149),
class III – Insurance for land vehicles, other than railway
rolling stock (RON 729,495,204) and class VIII – Insurance
against fire and other natural forces (RON 418,604,765).
The aggregate value of acquisition and administrative costs
reported for the two motor insurance classes (III and X)
amounted to RON 1,571,497,353 – 63.60% of total costs for
non-life insurance and 38.77% of gross written premiums
in the two non-life insurance classes. By comparison with
the figures reported for 2011, acquisition and administrative costs for class III – Insurance for land vehicles, other than
railway rolling stock have dropped 5.09% in nominal terms
and 9.57% in real terms. Acquisition and administrative
costs for class X – Motor third party liability insurance have
dropped 1.39% in nominal terms and 6.04% in real terms
versus 2011.
b) Life insurance: RON 728,610,671 (22.77% of total market) – 0.18% up in nominal terms and 4.55% down in real
terms. Acquisition and administrative costs for class I –
life insurance, annuities and supplemental life insurance
amounted to RON 527,858,646 (72.45% of total life insurance) – 2.59% up in nominal terms and 2.25% down in real
terms versus 2011. Acquisition and administrative costs for
Chart 22. Evolution of acquisition and
administrative costs in non-life insurance
1,600
2011
RON m.
1,400
1,430
2012
1,437
1,200
1,000
1,105
800
600
1,034
400
200
0
acquisition costs
administrative costs
class III – Unit-linked life insurance and annuities amounted to RON 150,314,244 (20.63% of total life insurance) –
terms versus 2011.
Acquisition costs
In 2012, insurance undertakings reported acquisition costs
in the amount of RON 1,749,902,333 – 0.11% down in nominal terms and 4.82% down in real terms versus 2011;
the lower amount compared with 2011 was due to the cut
down on marketing costs both in non-life and life insurance,
as well as to the drop in commissions paid in life insurance.
Chart 23. Evolution of acquisition and
administrative costs in life insurance
2012
2011
450 RON m.
400
415.54
350
300
313.07
405.92
321.35
250
200
150
100
50
0
acquisition costs
administrative costs
Table 23. Acquisition and administrative costs by insurance category
Indicator
Acquisition costs
Administrative costs
Total acquisition and administrative costs
30
Life insurance
(RON)
2011
2012
321,345,135
313,071,708
405,922,735
415,538,962
727,267,870
728,610,670
Non-life insurance
(RON)
2011
2012
1,430,465,254
1,436,830,625
1,105,415,889
1,034,178,649
2,535,881,143
2,471,009,274
Total
(RON)
2011
1,751,810,389
1,511,338,624
3,263,149,013
2012
1,749,902,333
1,449,717,611
3,199,619,944
www.csa - isc.ro
Annual Report 2012
The structure of acquisition costs showed as follows:
a) Non-life insurance: RON 1,436,830,625 – 0.44% up in
nominal terms and 4.30% down in real terms versus 2011,
accounting for 82.11% of total acquisition costs reported
for non-life and life insurance.
b) Life insurance: RON 313,071,708 – 2.57% down in nominal terms and 7.17% down in real terms versus 2011, accounting for 17.89% of total acquisition costs reported for
non-life and life insurance.
Administrative costs
In 2012, insurance undertakings reported administrative
costs in the amount of RON 1,449,717,611 – 4.08% down in
nominal terms and 8.60% down in real terms versus 2011.
The structure of administrative costs showed as follows:
a) Non-life insurance: RON 1,034,178,649 - 6.44% down in
nominal terms and 10.85% down in real terms versus 2011,
accounting for 71.34% of total administrative costs reported for non-life and life insurance.
b) Life insurance: RON 415,538,962 - 2.37% up in nominal
terms and 2.46% down in real terms versus 2011, accounting for 28.66% of total administrative costs reported for
non-life and life insurance.
In the non-life insurance sector, the expense ratio – determined as the ratio between acquisition costs and gross
premiums earned – was 38.96%, slightly down from the
40.27% reported in 2011.
The claims ratio – determined as the ratio between gross
claims incurred and gross premiums earned – was 69.10%
versus 73.20% in 2011.
Table 24. Claims ratios for the main non-life insurance
classes in the period 2011-2012
2011
Class
Total non-life
insurance, of
which:
III
VIII
X
Expen- Claims
se ratio ratio
2012
Combined
ratio
Expen- Claims
se ratio ratio
Combined
ratio
40.27%
73.20%
113.47%
38.90%
69.10%
108.00%
33.81%
46.03%
40.58%
84.18%
16.19%
103.46%
117.99%
62.22%
144.04%
35.19%
37.98%
41.05%
92.82%
25.34%
83.68%
128.01%
63.32%
124.73%
The combined ratio reported for the non-life insurance
sector – determined as the ratio between gross claims incurred, acquisition and administrative costs and gross premiums earned was 108% versus 113.47% in 2011.
The review of the combined ratio reported for non-life insurance shows a drop down by 19.31 percentage points for
class X – Motor third party liability insurance, mainly due
to reduced gross outstanding claims reserves as a result of
amendments to the norms concerning technical reserves
for non-life insurance as regards technical reserves for moral damages.
The combined ratio for class III – Insurance for land vehicles,
other than railway rolling stock was higher than 100%, which indicates losses reported in the technical results for this
non-life insurance class.
31
Chapter 9
The solvency of insurance undertakings
The review of solvency ratios for both non-life and life insurance, in accordance with the provisions of European Directives, was one of the priorities of prudential supervision
in 2012.
Table 25. Evolution of the available solvency margin for
non-life and life insurance in the period 31.12.2008 –
31.12.2012
Available
solvency
31/12/08 31/12/09 31/12/10 31/12/11 31/12/12
margin
Non-life
1,856,450,935 2,012,033,024 2,125,511,889 2,038,318,791 1,939,918,788
insurance
Life insurance 944,393,619 1,199,193,246 1,219,431,465 1,028,915,044 1,062,053,390
The review of available solvency margins shows an upward
trend until 2010. The year 2011 marked the beginning of
a downward trend for available solvency margins both in
non-life and life insurance. In the non-life insurance sector,
the trend continued in 2012, while the life insurance sector
reported slightly improved figures. Nevertheless, available
solvency margins failed to reach the levels reported in 2011.
As of 31.12.2012, the available solvency margin for non-life insurance was down by RON 98,400,003 - 4.83% versus
32
2011, due to the losses reported in the technical results of
insurance undertakings in the non-life insurance sector in
2012.
Table 26. Evolution of the average solvency ratio for
non-life and life insurance in the period 31.12.2008 –
31.12.2012
Average
solvency
31/12/08 31/12/09 31/12/10 31/12/11 31/12/12
ratio
Non-life
2.14
2.15
2.21
2.13
1.97
insurance
Life insurance
3.64
4.46
4.29
3.93
3.94
As of 31.12.2012, the available solvency margin for life insurance was up by RON 33,138,346 - 3.22% versus 2011.
As of 2102 year-end, the average solvency margin for nonlife insurance had been on the same slightly downward
trend, while the average solvency margin for life insurance
had been on the same level as in 2011.
www.csa - isc.ro
Annual Report 2012
Chapter 10
Financial and technical results of insurance undertakings
The review of the financial statements submitted by insurance undertakings in 2012 shows that, as of 31.12.2012, 22
insurance undertakings reported profit, while 17 insurance
undertakings reported loss.
Aggregate profit amounted to RON 201,320,819 – 21.68%
down in nominal terms and 25.37% down in real terms versus 2011. Aggregate loss amounted to RON 522,907,395 –
terms versus 2011.
At market level, insurance undertakings reported an aggregate loss of RON 321,586,576.
Table 27. Net profit/loss in the period 2008-2012
Year
2008
2009
2010
2011
2012
Net profit/loss
(RON)
- 582,457,431
- 103,215,754
- 41,369,241
- 325,866,554
- 321,586,576
Absolute change versus 2011
(RON)
479,241,677
61,846,513
- 284,497,313
4,279,978
In the period between 2008–2012, the Romanian insurance
market reported aggregate net loss. In 2012, figures show
an absolute change of – RON 4,279,978 versus 2011.
As regards the technical results of insurance undertakings
in 2012, the breakdown for non-life and life insurance
shows as follows:
a) Non-life insurance: 11 insurance undertakings reported
profit in the amount of RON 106,914,091 – 3.83% up versus 2011. Other 18 insurance undertakings reported loss in
the amount of RON 569,594,999 – 3.72% down versus 2011.
Consequently, in 2012, the technical results submitted
for non-life insurance reported an aggregate loss of RON
462,680,908 – RON 25,919,191 more than in 2011.
Table 28. Technical results for non-life insurance in the
period 2008-2012
Year
2008
2009
2010
2011
2012
Net profit/loss (RON)
Profit
202,485,080
111,273,144
92,969,443
102,973,139
106,914,091
Loss
868,933,428
432,143,703
288,052,643
591,573,238
569,594,999
(RON)
Profit
- 91,211,936
- 18,303,701
10,003,696
3,940,952
Loss
- 436,789,725
- 144,091,060
303,520,595
- 21,978,239
b) Life insurance: 12 insurance undertakings reported
profit in the amount of RON 177,302,111 - 5.89% up versus
2011. Other 6 insurance undertakings reported loss in the
amount of RON 100,622,888 – 23.28% up versus 2011. Consequently, in 2012, the technical results submitted for life
insurance reported an aggregate profit of RON 76,679,223
- RON 9,135,662 less than in 2011.
Table 29. Technical results for life insurance in the period
2008-2012
Year
2008
2009
2010
2011
2012
Net profit/loss (RON)
Profit
139,194,724
248,736,055
184,849,007
167,437,329
177,302,111
Loss
53,152,847
92,078,859
79,565,673
81,622,444
100,622,888
(RON)
Profit
Loss
109,541,331
38,926,012
- 63,887,048
- 12,513,186
- 17,411,678
2,056,771
9,864,782
19,000,444
33
Chapter 11
Motor third party liability insurance
One of the priority objective of the Insurance Supervisory Commission is the adequate and diligent supervision
of the motor insurance sector, considering that compulsory motor third party liability insurance and voluntary
CASCO insurance are the most significant lines of business in terms of gross written premiums. In 2012, the two
insurance classes accounted for 61.53% of total gross
written premiums in non-life insurance.
As regards compulsory motor third party liability insurance (MTPL), the Insurance Supervisory Commission
has implemented several amendments to applicable regulations, focusing on policyholder interests, but also on
market stability.
Thus, the Norms concerning motor third party liability
insurance, as approved by Order no. 14/2011 published
in the Official Gazette, Part I no. 858 of 06/12/2011 have
been amended as follows:
the provisions laid down in the norms have been
harmonised with the provisions laid down in Law no.
136/1995 on insurance and reinsurance in Romania, as
amended and supplemented;
the introduction of new requirements for insurers,
which should request a number of supporting documents when issuing MTPL policies, considering the scope of liability;
the provisions concerning the limit applied to MTPL
premium discounts have been repealed;
the indication of minimum amounts of cover applicable starting 2012, in line with the European Consumer Price Index (ECPI) set pursuant to the provisions
laid down in Council Regulation (EC) no. 2.494/95 of 23
October 1995 concerning harmonized indices of consumer prices;
further explanation of provisions concerning minimum amounts of cover.
In the financial year 2012, 11 insurance undertakings reported activity in the motor third party liability (MTPL)
insurance segment, namely: ABC ASIGURĂRI-REASIGURĂRI SA, ALLIANZ-ŢIRIAC ASIGURĂRI SA, ASIGURAREA
ROMÂNEASCĂ - ASIROM VIENNA INSURANCE GROUP SA,
ASIGURARE REASIGURARE ASTRA SA, CARPATICA ASIG
SA, SOCIETATEA DE ASIGURARE - REASIGURARE CITY INSURANCE SA, EUROINS ROMÂNIA ASIGURARE - REASIGURARE SA, GENERALI ROMÂNIA ASIGURARE REASIGURARE
SA, GROUPAMA ASIGURĂRI SA, OMNIASIG VIENNA INSURANCE GROUP SA and UNIQA SA.
The number of insurance undertakings authorised to
issue MTPL policies has changed in the course of 2012
given the merger by absorption between BCR ASIGURĂRI
VIENNA INSURANCE GROUP SA and SC OMNIASIG VIEN-
34
NA INSURANCE GROUP SA. The reports of the resulting
company - SC OMNIASIG VIENNA INSURANCE GROUP SA
- were submitted to the Insurance Supervisory Commission starting May 2012.
11.1. Minimum amounts covered by
compulsory insurance
In the period 2006 – 2012, the minimum amount of cover
has increased on an annual basis, pursuant to the provisions laid down in the national secondary legislation issued
by the Insurance Supervisory Commission for the implementation of the provisions laid down in art. 9 of Directive 2009/103/EC of the European Parliament and of the
Council relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of
the obligation to insure against such liability. According
to the aforementioned European provisions, EU Member
States are required to provide in their national legislation
for minimum amounts covered by compulsory insurance
of minimum EUR 1,000,000 for damage to property and
of minimum EUR 5,000,000 for personal injury or death.
Pursuant to the provisions laid down in the aforementioned EU Directive, Romania has opted for a transition period of 5 years and has increased the minimum amount
of cover on an annual basis.
Table 30. Minimum amounts covered by compulsory
insurance
Year
2008
2009
2010
2011
2012
For damage to property
(EUR)
150,000
300,000
500,000
750,000
1,000,000
For personal injury and
death
(EUR)
750,000
1,500,000
2,500,000
3,500,000
5,000,000
MTPL insurers are allowed to set an amount of cover above the minimum set out in the national secondary legislation. In 2012, all the insurance undertakings authorised to provide MTPL insurance opted for the minimum
amount of cover set out by the Insurance Supervisory
Commission, namely:
For damage to property arising in one and the same
accident, irrespective of the number of injured persons:
EUR 1,000,000 in RON equivalent, at the exchange rate
published by the National Bank of Romania on the date
of the accident;
For personal injury or death, including loss other than
damage to property arising in one and the same acwww.csa - isc.ro
Annual Report 2012
The evolution of MTPL key indicators is determined based on the technical results submitted by MTPL insurers
in the financial year 2012; the figures considered are those relating to the compulsory motor third party liability
insurance of vehicles licensed/registered in Romania.
Table 31. Evolution of MTPL key indicators in the period
2007-2012
RON thousand
Indicator
Gross written
premium
Outstanding
claims reserves
Incurred but not
reported claims
reserves
2007
2008
2009
2010
2011
2012
1,397,595 1,794,599 2,159,584 2,464,451 1,874,900 2,054,456
743,280
1,219,513 1,531,668 1,602,611 1,605,812 1,781,827
459,131
726,052
930,983
1,125,613 1,509,620 1,357,877
165,043
359,896
473,783
568,531
749,844
716,727
11.2.1. Gross written premiums
In 2012, gross written premiums have gone up by 10%
versus 2011, with insurance contracts also going up by 6%
versus 2011. The average MTPL insurance premium has
gone down by 4%, from approximately RON 480 in 2011
to approximately RON 463 in 2012. Average premium is
determined as the ratio between gross written premiums
and the number of 12 month-insurance contracts.
MTPL premium rates are set by insurance undertakings
and notified to the Insurance Supervisory Commission –
i.e. the Financial Supervisory Authority, which verifies the
calculation method. The legislation in force requires MTPL
insurers to set premiums rates based on actuarial calculations, with a view to cover the entire range of liability.
There is a European framework concerning compulsory motor insurance which has been updated by way of
Directive 2009/103/EC of the European Parliament and
of the Council relating to insurance against civil liability
in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability,
whose provisions are transposed in the Romanian national legislation.
The premium rates determined by insurers on the Romanian market follow the trend set at European level, since
the factors considered in the calculation of premium rates, namely the frequency of accidents and the amount
of cover, are similar in all European Member States. The
minimum amount of cover and risks are also similar.
The review of the premium rates notified to the Insurance Supervisory Commission shows that insurance undertakings have diversified their premium rates considering
the risk profile of their portfolios.
Chart 24. Evolution of gross written premiums for
compulsory MTPL and the number of MTPL policies
issued in the period 2007-2012
2,600
2,400
2,200
2,000
1,800
1,600 5,548
1,400
1,200
1,000
800
600
400
200
0 1,398
2007
6,151
6,086
6,555
6,400
6,776
thousand
11.2. MTPL key indicators
In 2012, gross written premiums for MTPL insurance
amounted to RON 2,054,456,000 lei, of which:
a) gross premiums written by natural persons amounted
to RON 1,158,664.000 and accounted for 56.40 % din total gross written premiums;
b) gross premiums written by legal persons amounted
to RON 895,792,000 and accounted for 43.60 % of total
gross written premiums.
In 2012, the Romanian MTPL market reported 6,776,429
compulsory MTPL insurance policies, of which 4,040,929
insurance policies (i.e. 59.63% of total) for 6 months,
2,263,356 insurance policies (i.e. 33.40% of total) for 12
months and 472,144 insurance policies (i.e. 6.97% of total)
for one month. 5,235,211 insurance policies were issued
to natural persons and 1,541,218 insurance policies were
issued to legal persons.
One of the 11 insurance undertakings authorised to provide compulsory MTPL insurance, namely SC ASIGURARE
REASIGURARE ASTRA SA, carries out insurance activities
by way of the freedom of establishment, through a branch based in Hungary which reported 197,037 compulsory MTPL insurance policies and gross written premiums in the amount of RON 62,269,801.
millons RON
cident, irrespective of the number of injured persons:
EUR 5,000,000 in RON equivalent, at the exchange rate
published by the National Bank of Romania on the date
of the accident.
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
1,795
2,160
2,464
1,875
2,054
2008
2009
2010
2011
2012
0
Gross written premiums (RON m.)
No. of MTPL policies (thousand)
Chart 25. Structure of gross written premiums for MTPL by
natural and legal persons in 2012
legal persons - 43.60%
natural persons - 56.40%
35
Chart 26. Structure of MTPL policies by natural and
legal persons in 2012
legal persons - 22,74%
In 2012, most gross indemnity payments were made for
damage to property, namely 81.48%, while gross indemnity payments for personal injury or death accounted for
18.52% of total. Now that compulsory MTPL is valid throughout the European Economic Area, and the amounts
of cover have increased, the amount paid for personal
injury will go up as well. In 2012, gross indemnity payments for personal injury have gone up by 22.68% in nominal terms versus 2011.
natural persons - 77,26%
As of 31.12.2012, the number of in force MTPL insurance policies reached 4,200,565, of which 3,144,819 insurance policies issued to natural persons - 74.87% of total,
and 1,055,746 insurance policies issued to legal persons
– 25.13% of total.
In 2012, the insurance undertakings authorised to carry
out compulsory MTPL reported 296,291 claim files - 5%
less than in 2011, and settled 292,622 claim files - 3% less
than in 2011.
Gross indemnity payments for MTPL insurance amounted to RON 1,781,827,000 - 11% up in nominal terms versus 2011. At market level, the average claim settled for
MTPL was up 15%, from RON 5,307 in 2011 to RON 6,089
1,200
RON m.
Chart 27. Evolution of gross indemnity payments for
personal injury and damage to property in the period
2010-2012
1,400
11.2.3. Technical reserves
a) Unearned premium reserves
As of 31.12.2012, the unearned premium reserve amounted to RON 731,155,000 - 11.67 % up in nominal terms
in 2011.
b) Outstanding claims reserves
11.2.2. Gross indemnity payments
1,600
in 2012. The rising average claim settled in the context
of higher gross indemnity payments and slightly lower
number of claim files settled was due to rising claim handling expenses.
As of 31.12.2012, the outstanding claims reserve amounted to RON 1,357,877,000 – 10.05% down in nominal
terms versus 2011, due to the amendments of the legal
provisions concerning the setting up of claims reserves
for personal injury.
c) Incurred but not reported claims reserves
As of 31.12.2012, the incurred but not reported claims
reserve amounted to RON 716,727,000 – 4.42% down in
nominal terms versus 2011.
Chart 28. Evolution of outstanding claims reserves and
incurred but not reported claims reserves for compulsory
MTPL insurance in the period 2007-2012
1,600 RON m.
2010
1492
2011
1452
1337
2012
1,000
800
800
600
600
200
0
269
330
1,126
930
726
474
0
569
165
2007
2008
2009
outstanding claims reserves
36
717
360
200
damage to property
750
459
400
111
personal injury
1,358
1,200
1,000
400
1,510
1,400
2010
2011
2012
incurred but not reported claims reserves
www.csa - isc.ro
Annual Report 2012
Chapter 12
Insurance brokers
As of 31.12.2012, 584 insurance and/or reinsurance brokers
were authorised by the Insurance Supervisory Commission.
The data compiled in the annexes to this Report reflect the figures reported by 610 insurance and/or reinsurance brokers
who submitted financial statements and activity reports for
2012; mention should be made that:
in the period between 2007 and 2012, ISC has sanctioned
insurance and/or reinsurance brokers by temporary prohibiting their activity and has also approved, upon request,
authorisation suspensions/withdrawals. The number of
sanctioned insurance and/or reinsurance brokers is 93, of
which 33 sanctioned in 2012.
the legal representatives of 2 insurance brokers submitted
statements according to which no brokerage activity had
been conducted in the period between the date of authorisation/resumption of business (pursuant to ISC decision)
and 31.12.2012.
700
600
RON m.
Chart 29. Evolution of balance sheet assets and subscribed
and paid-up share capital, in perioad 2011 – 2012
614.98
2011
2012
545.72
500
400
300
200
100
0
26.48 22.44
balance sheet assets
subscribed and
paid-up share capital
In the course of 2012, pursuant to the provisions laid down in
art. 381 and art. 39 of Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented, the Council of the Insurance Supervisory Commission has sanctioned 7 insurance and/or reinsurance brokers
for failure to submit timely, complete or accurate reports, as
follows: 3 sanctions by written warning and 4 sanctions by
fine amounting to RON 2,500. At the same time, the Council
of the Insurance Supervisory Commission decided to send
warning letters to the executive officers of 2 insurance brokers for failure to submit timely regular reports.
12.1. Assets and share capital
According to the financial statements submitted by 474 insurance and/or reinsurance brokers as of 31.12.2012, aggregate balance sheet assets amounted to RON 614,976,290
– 12.69% up in nominal terms and 7.37% up in real terms
versus 2011 (RON 545,721,569).
50 insurance and/or reinsurance brokers reported assets in
excess of RON 1,400,000, whose aggregate value was RON
495,293,819 and accounted for 80.54% of total balance sheet
assets reported by insurance and/or reinsurance brokers as
of 31.12.2012.
As of the same date, the aggregate subscribed and paid-up
share capital reported by insurance and/or reinsurance brokers was RON 22,442,157 – 15.23% down in nominal terms
and 19.23% down in real terms versus 2011 (RON 26,475,744).
50 insurance and/or reinsurance brokers reported share capitals ranging between RON 1,000,000 and RON 95,000, whose aggregate value was RON 10,289,057 and accounted for
45.85% of total share capitals reported by insurance and/or
reinsurance brokers as of 31.12.2012.
12.2. Insurance premiums generated from business
written by insurance and/or reinsurance brokers
Insurance and/or reinsurance brokers, i.e. legal persons authorised pursuant to the provisions laid down in Law no.
32/2000 on insurance undertakings and insurance supervision, as amended and supplemented, write insurance and reinsurance contracts on behalf of their clients, namely natural
and legal persons policyholders or potential policyholders,
provide assistance before the signing of contracts and during the term of contracts or concerning claims adjustment,
as appropriate, establishing the circumstances of the insurance event, the size of the claim and make recommendations on the scope of the insurer’s liability.
As of 31.12.2012, the reports submitted by 501 insurance and/or reinsurance brokers show that insurance premiums generated from business written by insurance and/
or reinsurance brokers amounted to RON 3,603,663,044,
of which RON 3,506,051,610 non-life insurance premiums
and RON 97,611,434 life insurance premiums versus RON
3,115,073,506 in 2011 (15.68% up in nominal terms and
10.22% up in real terms).
As a conclusion, the insurance premiums generated from
business written by insurance and/or reinsurance brokers
accounted for 43.65% of total gross written premiums (RON
8,256,914,950) - 54.32% of non-life gross written premiums
and 5.41% of life insurance premiums, an overall 3.83 percentage points more than in 2011 (39.82%).
The review of the reports submitted by insurance and/or reinsurance brokers shows that 50 brokers reported premiums
in excess of RON 13,900,000 - i.e. 69.32% (RON 2,498,233,733)
- of all the premiums generated from business written by insurance and/or reinsurance brokers.
12 insurance and/or reinsurance brokers reported claims adjustments in the amount of RON 58,436,799 - 21.80% up in
nominal terms and 16.06% up in real terms versus 2011 (RON
47,977,172). As a conclusion, insurance and/or reinsurance
37
4,000
3,500
3,000
RON m.
Chart 30. Evolution of premiums generated from business
written by insurance and/or reinsurance brokers and claims
adjustment in the period 2011 – 2012
3,603.66
2011
2012
3,115.07
reinsurance brokers reported profit and 138 insurance and/
or reinsurance brokers reported loss.
Aggregate profit amounted to RON 146,519,742 – 3.82% up
in nominal terms and 1.08% down in real terms versus 2011
(RON 141,133,347).
Chart 31. Brokerage revenues as of 31.12.2012
Revenues from claims adjustment - 1,72%
2,500
Revenues from risk assessment - 0.45%
2,000
Revenues from damage inspection - 0,04%
Revenues from other ancillary business - 1.02%
1,500
1,000
500
47.98 58.44
premiums from business generated by
insurance and/or reinsurance brokers
Claims
adjustments
brokers have adjusted 1.23% of total gross indemnity payments in 2012 (RON 4,453,717,618).
12.3. Brokerage revenues
The insurance and/or reinsurance brokers which carried out
business in 2012 and submitted reports as of 31.12.2012 reported brokerage revenues in the amount of RON 713,274,641
– 17.93% up in nominal terms and 12.37% up in real terms versus 2011 (RON 604,802,393).
As of 31.12.2012, 50 insurance brokers reported brokerage revenues in excess of RON 2,800,000 which totalled RON 506,254,159
and accounted for 70.98% of total brokerage revenues.
As of 31.12.2012, the structure of brokerage revenues showed
as follows:
RON 690,195,327 – revenues from writing insurance and
reinsurance contracts – 96.76% of total brokerage revenues –
18.45% up in nominal terms and 12.86% up in real terms versus 2011 (RON 582,707,636). 50 insurance and/or reinsurance
brokers reported revenues ranging between RON 2,700,000
and RON 32,063,000 with a total of RON 494,631,251, i.e.
71.67% of all revenues reported in this category.
RON 3,227,540 – revenues from risk assessment reported
by 10 insurance and/or reinsurance brokers - 0.45% of total brokerage revenues – 35.67% up in nominal terms and
29.27% up in real terms versus 2011 (RON 2,378,991);
RON 12,297,112 – revenues from claims adjustment reported by 16 insurance and/or reinsurance brokers – 1.72% of
total brokerage revenues – 28.40% up in nominal terms and
22.34% up in real terms versus 2011 (RON 9,577,096);
RON 309,744 – revenues from damage inspection reported
by 5 insurance and/or reinsurance brokers – 0.04% of total
brokerage revenues – 88.37% down in nominal terms and
88.92% down in real terms versus 2011 (RON 2,663,540);
RON 7,244,918 – revenues from other ancillary business reported by 56 insurance and/or reinsurance brokers – 1.02%
of total brokerage revenues = 3.08% down in nominal terms
and 7.65% down in real terms versus 2011 (RON 7,475,130).
12.4. Financial results
According to the 2012 financial statements received by the
Insurance Supervisory Commission, 336 insurance and/or
38
Revenues from writing
insurance and reinsurance
contracts - 96.76%
18 insurance and/or reinsurance brokers reported profit in
excess of RON 1,000,000, totalling RON 119,043,829 and accounting for 81.25% of aggregate profit.
Aggregate loss amounted to RON 12,552,856 – 7.19% down
2011 (RON 13,525,007).
12.5. Voluntary pension plans written by
insurance brokers
Pursuant to the provisions laid down in art. 35 para. (19) of
Law no. 32/2000 on insurance undertakings and insurance
supervision, as amended and supplemented, as well as in
the norms issued by the Insurance Supervisory Commission, insurance and/or reinsurance brokers may write voluntary pension plans, and should submit an annual statement of corresponding commissions earned.
Chart 32. Evolution of financial results reported by
insurance brokers in the period 2011 – 2012
160
140
RON m.
0
2011
141.13 146.52
2012
120
100
80
60
40
20
0
13.53 12.55
Profit
Loss
As of 31.12.2012, 12 insurance and/or reinsurance brokers
reported revenues from voluntary pension plans in the
amount of RON 579,029 – 10.48% down in nominal terms
and 14.70% down in real terms versus 2011 (RON 646,796).
www.csa - isc.ro
Part II
INSURANCE
SUPERVISORY
COMMISSION
Chapter 1
Presentation, role and duties
1.1. Presentation
The Insurance Supervisory Commission (ISC) (ro. Comisia de
Supraveghere a Asigurărilor (CSA)) – part of the Financial Supervisory Authority as of 29 April 2013 – was the only authority with authorisation, prudential supervision and inspection duties in the Romanian insurance market, with additional
powers with regards to the issuance of implementing norms.
The organisational structure and duties of the Insurance
Supervisory Commission were established pursuant to the
provisions laid down in Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented.
Law no. 32/2000 on insurance undertakings and insurance
supervision, as amended and supplemented, also regulates
the organisational structure, duties and supervision of insurance and reinsurance undertakings, as well as of insurance
and reinsurance brokers. In accordance with the provisions
laid down in the law, by 29 April 2013, the only undertakings
authorised to carry out insurance activities had been those
authorised by the Insurance Supervisory Commission, as
well as those authorised in other EU Member States by way
of the freedom to provide services or by way of the freedom
of establishment.
The core objective of the Insurance Supervisory Commission
and now of the Financial Supervisory Authority is to protect
policyholders and foster stability of the insurance market in
Romania.
This objective is achieved through the ongoing exercise of
the main duties established by law (i.e. authorisation, regulation, prudential supervision and inspection), as well as by
resolving the complaints lodged by policyholders and injured parties against insurance undertakings, through professional training programmes and public disclosure.
The Insurance Supervisory Commission acted as Romania’s
representative in international organisations in the insurance
sector and contributed to the preparation and amendment
of insurance-specific European regulations.
Thus, the Insurance Supervisory Commission was a full member of the European Insurance and Occupational Pensions
Authority (EIOPA), and institution which had replaced the
Committee of European Insurance and Occupation Pensions
Supervisors (CEIOPS) as of 1 January 2011. Before the establishment of EIOPA, the Insurance Supervisory Commission
was also a full member of CEIOPS.
ISC was also a member of the European Insurance and Occupational Pensions Committee (EIOPC), and of the International Association of Insurance Supervisors (IAIS).
Moreover, the Insurance Supervisory Commission was a nonvoting member of ESRB (European Systemic Risk Board) – an
40
independent body responsible for risk oversight in the EU financial system, established on 1 January 2011, following the
recommendations of the Larosière Report.
At national level, the President of the Insurance Supervisory
Commission was a member of the National Committee for Financial Stability (CNSF) – a committee established pursuant
to the Memorandum of Understanding for cooperation in
the field of financial stability and financial crisis management, signed by the Ministry of Economy and Finance, the
National Bank of Romania, the Romanian National Securities
Commission, the Insurance Supervisory Commission and the
Private Pension System Supervisory Commission on 31 July
2007.
The key responsibilities of the National Committee for Financial Stability are to promote a steady and efficient information exchange between supervisors in the financial sector and
the Ministry of Economy and Finance, as well as to appraise,
prevent and, where appropriate, manage financial crises at
the level of individual financial institutions, financial groups
or the financial market as a whole. Cooperation under the
Memorandum is carried out without prejudice to the powers
and responsibilities of the signatories, arising from the legislation governing their activity.
As far as its organisational structure is concerned, the Insurance Supervisory Commission was an independent administrative authority with legal personality, having its headquarters in Bucharest. ISC’s position as an independent
authority was strengthened in 2010 through the passing of
Law no. 289/2010, whose aim was to ensure that Romania
meets the requirements established in the complementary agreement signed by the World Bank and the European
Commission within the framework of the loan agreement
signed with the International Monetary Fund.
According to the law, ISC is funded exclusively by its own sources - mainly the contributions paid by insurance undertakings and insurance intermediaries.
The Insurance Supervisory Commission is headed by a Council comprising 7 members appointed by the Parliament: one
President, two Vice-Presidents and four members, in accordance with the provisions laid down in Law no. 32/2000 on
insurance undertakings and insurance supervision, as amended and supplemented. The President of the Council is the
rightful representative of the Insurance Supervisory Commission in the relations established with public and private
law authorities.
According to the law, the members of the Council are prohibited to be Members of the Parliament or of any political
party and may not exercise any other profession or hold any
public or private office, except for teaching positions in higher-education institutions.
www.csa - isc.ro
Annual Report 2012
By 23 October 2012, the ISC Council had comprised the following:
President – Constantin BUZOIANU
Vice-President - Tudor BALTĂ
Vice-President – Gheorghe-Cornel COCA-CONSTANTINESCU
Member - Albin BIRO
Member - Dan CONSTANTINESCU
Member – Daniela POPA
Member - Doru-Claudian FRUNZULICĂ
The year 2012 brought significant changes to the membership
of the ISC Council. Thus, by Resolution no. 43/23.10.2012 of the
Parliament of Romania, Mr. Daniel – George TUDOR was appointed President of the Insurance Supervisory Commission.
As of 23 October 2012, the ISC Council had the following
members:
President - Daniel - George TUDOR
Vice-President - Tudor BALTĂ
Vice-President - Gheorghe-Cornel COCA-CONSTANTINESCU
Member -Dan CONSTANTINESCU
Member – Daniela POPA
Member - Doru-Claudian FRUNZULICĂ
With a view to fulfil the duties established by law, the Insurance Supervisory Commission issues opinions, norms, decisions and circulars, following debates within Council meetings
held in accordance with the provisions laid down in art. 4
para. (22) - (24), in compliance with the provisions laid down
in para. (28) of Law no. 32/2000 on insurance undertakings
and insurance supervision as amended and supplemented,
which provide that the Insurance Supervisory Commission
must engage in consultations with the representatives of the
professional associations on the Romanian insurance market.
All the decisions concerning the insurance sector were made
with a majority of votes.
1.2. Duties, organisational structure, funding and
budget execution
In accordance with the legal provisions in force, the Insurance
Supervisory Commission (ISC) had the following main duties:
to prepare and/or approve the draft normative acts applicable in the insurance sector or which have an impact on
the same sector, including insurance-specific accounting
regulations; to approve all the individual administrative
acts issued with respect to insurance;
to authorise insurance undertakings, reinsurance undertakings as well as insurance and/or reinsurance brokers in
order for all the aforementioned to carry out insurance and
reinsurance activities as well as insurance and/or reinsurance mediation activities, as appropriate; to approve any
amendment to the documents or conditions pursuant to
which authorisations were issued;
to approve direct and/or indirect shareholders with a view
to grant the prior approval required for the registration of
insurance and reinsurance undertakings;
to authorise the pursuit of compulsory insurance under
the law;
Part II The insurance Supervisory Commission
to approve and withdraw the approval granted to the
significant persons of insurance undertakings, reinsurance
undertakings, insurance and/or reinsurance brokers;
to approve the spin-off or merger of insurance undertakings/reinsurance undertakings/insurance and/or reinsurance brokers authorised in Romania;
to approve portfolio transfers from insurance undertakings, including the branches of insurance undertakings
authorised in Romania which are established within the territory of other Member States and the branches in Romania
of insurance undertakings based outside the European Union to other Romanian insurance undertakings or to other
insurance undertakings or branches established within the
European Union;
to approve, at the request of insurance undertakings, reinsurance undertakings and insurance and/or reinsurance
brokers, the limitation of the scope of business, the suspension or closing down of business, as appropriate, following
examination of financial position;
to supervise the financial position of insurance undertakings/reinsurance undertakings/insurance and/or reinsurance brokers, as well as the activity of other natural or
legal person insurance and/or reinsurance intermediaries,
including branches established within the territory of other
Member States by way of the freedom of establishment,
following consultation with the relevant competent authorities of the respective Member States;
to exercise permanent control over the activity of insurance undertakings, reinsurance undertakings and insurance
and/or reinsurance brokers, through reviews and assessments of the data comprised in the reports, notes and documents submitted, with a view to implement prudential
and risk-based supervisory principles;
to carry out regular inspections or surprise inspections at
the venues of insurance undertakings and insurance intermediaries, to conduct detailed investigations concerning
the manner in which such undertakings and intermediaries
pursue business, through data gathering and requests for
documents, among others;
to approve the curricula and the subjects of the graduation examinations organised by the entities which provide post-graduate, training and professional development
courses, including actuarial courses, except for the highereducation institutions accredited by the Ministry of Education and Research, as well as the minimum fit and proper
requirements applicable to trainers, with a view to ensure a
consistent approach to the professional training of the persons employed in the insurance sector;
to request the submission of data and documents, including the data and documents required for statistical purposes, concerning insurance activities, the management of
insurance activities and the executive bodies of insurance
and reinsurance undertakings and insurance and/or reinsurance intermediaries, as well as any other natural or legal
persons who are directly or indirectly linked to activities
performed by all the aforementioned;
to take all the necessary steps so that insurance activities
are managed in compliance with specific prudential norms;
41
to implement the actions established by law with respect
to the turnaround, reorganisation or bankruptcy of insurance undertakings, reinsurance undertakings as well as of the
branches and subsidiaries thereof, as appropriate;
to enforce the sanctions established by law;
to receive and reply to all the reports and complaints
concerning the activities of insurance undertakings, reinsurance undertakings and insurance and/or reinsurance
intermediaries;
to participate as member in the insurance committees or
bodies of the European Commission, in the international
associations of insurance supervisors and to represent Romania in international meetings and conferences.
to act as manager of the fund established in Romania as
compensation body with respect to the claims and sums assured payable to the insurance creditors of insurance companies subject to the bankruptcy procedure. The Guarantee
Fund is established in accordance with the provisions laid
down in Law no. 136/1995 on insurance and reinsurance in
Romania, as amended and supplemented, and is funded by
the contributions paid by insurance undertakings.
The activities conducted by the Insurance Supervisory
Commission also included cooperation with other Romanian authorities and bodies, pursuant to the signing of bilateral/multilateral Memorandums of Understanding. The
following Memorandums of Understanding were in force
as of the end of 2012:
The Memorandum of Understanding for cooperation in
the field of the statistical IT system, with a view to complete
and develop the national statistical data pool - signed with
the National Institute of Statistics (NIS);
the field of professional education - signed with the Bucharest Academy of Economic Studies;
The Memorandum of Understanding concerning the organisation and performance of supervisory actions with
respect to the financial audit of the entities active on the
insurance market - signed with the Chamber of Financial
Auditors of Romania (CAFR);
The Memorandum of Understanding for cooperation
concerning the prevention and control of money laundering - signed with the National Office for the Prevention and
Control of Money Laundering (ONPCSB);
The Memorandum of Understanding signed with the
Competition Council;
the field of financial stability and financial crisis management, signed by the Ministry of Economy and Finance, the
National Bank of Romania, the Romanian National Securities Commission, the Insurance Supervisory Commission and
the Private Pension System Supervisory Commission in July
2007. This Memorandum of Understanding was supplemented by means of an addendum concerning mainly the
establishment of five specialised technical sub-committees
(on financial stability, financial supervision, financial regulation, payment systems and settlements and financial statistics) comprising representatives of signatory authorities.
42
The Memorandum of Understanding signed with the National Authority for Consumer Protection (ANPC);
The Memorandum of Understanding concerning the prevention and control of insurance fraud - signed with the General Police Inspectorate – the Fraud Investigation Division;
The Memorandum of Understanding for the joint performance of duties under Government Emergency Ordinance
no. 189/2005 - signed with the Driver Licenses and Vehicle
Registration Division (DRPCIV);
The Memorandum of Understanding for cooperation within the European Insurance and Occupational Pensions
Authority (EIOPA) signed with the Private Pension System
Supervisory Commission (PPSSC).
In 2012, there were no changes to ISC’s organisational structure, as the authority aimed at aligning its strategic objectives to the current European financial supervisory system.
The focus was on maintaining competent human resources
in key positions.
The employees’ ongoing professional development continued to be one of the key objectives of the Insurance Supervisory Authority in 2012. Following approval of the Insurance Supervisory Commission Strategy for 2012 – 2016
which included among its key priorities the strengthening
of institutional capacity at national and European level, the
Commission focused on the professional education of its
employees, particularly the employees in specialised directorates. In the course of 2012, the employees of the Insurance Supervisory Commission attended workshops and
conferences organised in Romania and abroad, as well as
in-house training sessions. Participation in the meetings of
the Colleges of Supervisors for various insurance groups
active in Romania was also one of the Commission’s key
concerns.
As part of the reorganisation process started in 2011, the Insurance Supervisory Commission established an Actuarial
Directorate whose main duty is to provide technical assistance in the day-to-day activities of the Insurance Supervisory
Commission – currently, the Financial Supervisory Authority
– as well as in view of implementing the Solvency II regime.
The Actuarial Directorate provides technical assistance to the
other ISC directorates with regard to:
the authorisation of insurance undertakings, the authorisation of new classes of insurance and of catastrophe risks,
cross-border insurance, portfolio transfers, mergers, changes in shareholder structures;
on-site inspections and off-site supervision;
verification of MTPL premium rate calculations;
the preparation or amendment of normative acts;
the handling of complaints;
the preparation of documents for court cases;
interpretation of the legislation in force;
the completion of questionnaires or reports to national
and international institutions.
The Actuarial Directorate has been involved in actions related to the implementation of the new supervisory regime
- Solvency II – as part of the dedicated ISC task force, in partiwww.csa - isc.ro
Annual Report 2012
cular with regard to the pre-application process and the approval of internal models.
The Actuarial Directorate has been also involved in the activities of the Colleges of Supervisors established within the
framework of EIOPA as well as of the working group established for the implementation of the International Financial
Reporting Standards (IFRS).
According to the legislation in force, the employees of the ISC’s
Actuarial Directorate have temporarily held the vacant actuary
positions of some insurance undertakings, with a view to protect the interests of policyholders and injured parties.
According to the regulations in force, one of the main duties
of the actuaries employed by insurance undertakings is to
prepare and submit to ISC the annual actuarial report comprising the actuary’s opinion on the adequacy and compliance of insurance premiums and technical reserves, together
with other technical data.
In order to improve the quality of actuarial reports as well
as their usefulness for supervisory purposes, ISC has issued
Order no. 4/2011 including new requirements for the presentation of actuarial analyses, such as the definition of the
factors considered in the calculation of premium rates and
technical reserves. The actuarial reports for 2012, prepared in
accordance with the applicable norms, have been reviewed
and discussed by the employees of the ISC Actuarial Directorate in a constructive manner, together with the authorised
actuaries who had prepared the reports.
One of the activities of the Actuarial Directorate involves the
operation of the Registry of Actuaries which is developed
and maintained by the Insurance Supervisory Commission;
the natural persons who request registration should meet
the conditions set out in the applicable legislation. As of
31.12.2012, 126 persons were registered with the Registry of
Actuaries, of which 108 persons had been registered in the
period 2007–2011, while 18 persons were registered in 2012.
From the perspective of the new Solvency II regime, the actuarial function is an integral part of the corporate governance
system. In accordance with the provisions set forth in the framework Directive which regulates the future Solvency II regime, in order to become an actuary, a person needs to have
adequate knowledge of actuarial and financial mathematics,
given the nature, scope and complexity of the risks inherent
to insurance or reinsurance activities and also needs to bring
evidence of relevant experience in line with professional and
other relevant standards.
The organisational structure of the Insurance Supervisory
Commission also included four Regional Offices based in
Cluj-Napoca, Iași, Timișoara and Constanța. These regional
offices ensure the more effective discharge of supervisory
and inspection duties at national level, considering the geographical spread of insurance undertakings. At the same
time, by receiving the complaints lodged by policyholders
and injured persons, the regional offices facilitated easier access to this method of resolving complaints arising in the business relationships established between insurance undertakings/insurance brokers and the natural and legal persons
based within the territory of Romania, who act as parties to
insurance contracts.
In accordance with the provisions laid down in Law
no.32/2000 on insurance undertakings and insurance supervision, as amended and supplemented, the revenue sources
of the Insurance Supervisory Commission were the following:
the operating fees paid by insurance undertakings and
insurance brokers, whose amount is established on an annual basis by way of Commission norms (as a percentage of
gross premiums received or brokerage revenues, as appropriate, in the corresponding period), plus penalties calculated according to the legislation in force for failure to pay
fees in a timely manner. In 2012, the operating fee was set
at 0.3%;
the authorisation fee, established according to the provisions laid down in art. 13 and art. 36 of Law no. 32/2000, as
amended and supplemented;
the contribution owed by the insurance undertakings
which are authorised to carry out compulsory insurance activities, calculated as a percentage - established pursuant to
ISC norms - of gross premiums received from compulsory
insurance. In 2012, the applicable percentage was set at 1%;
other legal sources.
The financial statements as of 31.12.2012 were prepared in
compliance with the requirements set forth in the Accounting Law no. 82/1991, as amended and supplemented, as
well as with the legal regulations concerning the closing of
accounts and the preparation and submission of financial
statements for budget execution as at 31 December 2012.
According to the Report concerning the level of management awareness with respect to the reliability of the accounting system, a report prepared pursuant to art. 13, para. (2),
letter g) of Law no. 672/2002 on internal statutory audit,
there were no instances of breach or infringement of normative acts.
Table 32. Budget execution as of 31.12.2012
Indicator
Revenue, of which:
Fees and other charges
Financial revenues
Expenditure, of which:
Current expenditure
Capital expenditure
RON thousand
Estimate
Actual 55,500
49,900
5,600
75,031
70,921
4,110
54,968
48,697
6,271
69,899
66,204
3,695
As at 2012 year-end, the Insurance Supervisory Commission
had no overdue contributions to the state budget, social security budget, unemployment insurance or health insurance
budget.
43
Chapter 2
The activity of the Insurance Supervisory Commission
2.1. Regulatory activities
The regulations issued by ISC to implement the provisions set forth in the primary legislation which governs
the insurance industry in Romania are in line with the
Commission’s core objectives, namely market stability
and protection of policyholder interests.
In 2012, the legal framework applicable to insurance undertakings and insurance brokers was amended and supplemented by way of the following norms, implemented by
Orders of the President of the Insurance Supervisory Commission:
Order no. 1 of 09/01/2012 amending and supplementing the Norms concerning the information which shall
be disclosed by insurance undertakings and intermediaries as well as other features of insurance contracts,
implemented by Order no. 23/2009 of the President of
the Insurance Supervisory Commission (published in the
Official Gazette, Part I, no. 26 of 12/01/2012);
Order no. 2 of 08/02/2012 concerning the appointment
of the members of the Insurance Surveillance Commission (published in the Official Gazette, Part I, no. 115 of
14/02/2012);
Order no. 3 of 01/03/2012 implementing the Norms concerning the closing of the financial year 2011 by insurance undertakings (published in the Official Gazette,
Part I, no. 146 of 05/03/2012)
Order no. 4 of 06/03/2012 amending the Norms concerning insurance portfolio transfers, implemented by Order
no. 113.108/2006 of the President of the Insurance Supervisory Commission (published in the Official Gazette,
Part I, no. 160 of 09/03/2012);
Order no. 5 of 23/03/2012 concerning the contribution
of insurance undertakings to the Street Victims Protection Fund (published in the Official Gazette, Part I, no.
203 of 27/03/2012);
Order no. 6 of 28/03/2012 amending some normative acts
regarding the deadline for depositing premiums generated from business written by insurance intermediaries
to the accounts of insurance undertakings (published in
the Official Gazette, Part I, no. 225 of 04/04/2012);
Order no. 7 of 26/04/2012 amending and supplementing
the Norms concerning disclosure and reporting requirements applicable to the statutory audit of the financial
statements of insurance/reinsurance undertakings, approved by Order no. 22/2008 of the President of the Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 297 of 05/05/2012);
44
Order no. 8 of 03/05/2012 implementing the Norms concerning education services providers and the certification of insurance trainers (published in the Official Gazette, Part I, no. 329 of 16/05/2012);
Order no. 9 of 03/05/2012 implementing the Norms concerning the professional qualification and ongoing training of insurance intermediaries (published in the Official
Gazette, Part I, no. 329 of 16/05/2012);
Order no. 10 of 11/05/2012 implementing the Norms
concerning the conditions and means for the electronic
communication of some information regarding insurance contracts (published in the Official Gazette, Part I,
no. 336 of 18/05/2012);
concerning the handling of complaints lodged against
insurance undertakings and insurance intermediaries (published in the Official Gazette, Part I, no. 367 of
30/05/2012);
concerning the authorisation and pursuit of catastrophe
risk underwriting and reinsurance (published in the Official Gazette, Part I, no. 449 of 05/07/2012);
Order no. 13 of 29/06/2012 amending and supplementing the Norms concerning the authorization of insurance
and/or reinsurance brokers, as well as the requirements
concerning the maintenance of such authorization, implemented by Order no. 15/2010 of the President of the
Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 501 of 20/07/2012);
Order no. 14 of 29/06/2012 implementing the insurance
undertakings’ Accounting Reporting System as of 30
June 2012 (published in the Official Gazette, Part I, no.
451 of 05/07/2012);
concerning the format and content of the contract for
compulsory insurance against earthquakes, landslides
and floods (published in the Official Gazette, Part I, no.
603 of 22/08/2012);
concerning the authorisation and pursuit of insurance
by insurance undertakings (published in the Official Gazette, Part I, no. 631 of 03/09/2012);
Order no. 17 of 25/09/2012 amending the Norms concerning the use of the Amicable accident report, implemented by Order no. 21/2008 of the President of the
Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 693 of 09/10/2012);
Order no. 18 of 28/09/2012 amending some normative
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Annual Report 2012
acts concerning the calculation of the available solvency
margin of insurance/reinsurance undertakings, the minimum solvency margin and the safety margin, with a view
to adjust some euro-denominated sums (published in
the Official Gazette, Part I, no. 689 05/10/2012);
Order no. 19 of 04/10/2012 amending and supplementing the Norms concerning the calculation and recording
of minimum technical reserves for non-life insurance, implemented by Order no. 3.109/2003 of the President of
the Insurance Supervisory Commission (published in the
Official Gazette, Part I, no. 696 of 10/10/2012);
Order no. 20 of 10/10/2012 supplementing the Norms
concerning the authorisation and pursuit of insurance
by insurance undertakings, implemented by Order no.
16/2012 of the President of the Insurance Supervisory
Commission (published in the Official Gazette, Part I, no.
706 of 16/10/2012);
Order no. 21 of 02/11/2012 amending and supplementing the Norms concerning the format and content of
the contract for compulsory insurance against earthquakes, landslides and floods, implemented by Order no.
15/2012 of the President of the Insurance Supervisory
Commission (published in the Official Gazette, Part I, no.
748 of 07/11/2012);
Order no. 22 of 06/12/2012 amending and supplementing
the Norms concerning compulsory motor third party liability insurance, implemented by Order no. 14/2011 of the
President of the Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 840 of 13/12/2012);
Order no. 23 of 20/12/2012 amending and supplementing the Norms concerning the professional qualification
and ongoing training of insurance intermediaries, implemented by Order no. 9/2012 of the President of the Insurance Supervisory Commission (published in the Official
Gazette, Part I, no. 898 of 28/12/2012).
2.2. Authorisation activities
Authorisation activities are discharged pursuant to the
provisions laid down in Law no. 32/2000 on insurance
undertakings and insurance supervision, as amended
and supplemented, and in the norms issued for the implementation of the said law.
In 2012, authorisation activities were mainly focused on:
the authorisation of insurance and/or reinsurance undertakings;
the approval of the pursuit of new classes of insurance;
the approval of catastrophe risk underwritings;
the approval and endorsement of amendments to the
articles of association of insurance and/or reinsurance
undertakings, mainly with respect to:
changes in business names;
the establishment/closing down/relocation of representative offices/agencies/branches;
approval of Chief Executive Officers;
approval of Deputy Chief Executive Officers;
changes in the membership of Boards of Directors;
approval of Management Board members;
approval of Supervisory Board members;
approval of significant persons;
assignment/sale-purchase of shares;
approval of the intention to acquire direct significant shareholding;
approval of new direct significant shareholders;
approval of the intention to acquire indirect significant shareholding;
approval of new indirect significant shareholders;
increase of share capital holdings;
share capital decrease;
changes of shareholder business name.
portfolio transfers;
the pursuit of insurance activities within the territory
of the European Union, by way of the freedom of establishment;
the sanctioning of insurance and/or reinsurance undertakings and significant persons;
the authorisation of insurance and/or reinsurance
brokers;
the approval and endorsement of amendments to the
articles of association of insurance and/or reinsurance
brokers, mainly with respect to:
share capital increase;
assignments of shares/equity holdings;
significant shareholders/equity holders;
executive officers/chief executive officer;
approval of new directors;
changes in business names;
adding supplemental lines of business, such as:
voluntary and/or private pension plans;
risk assessment and damage inspection.
the sanctioning of insurance and/or reinsurance undertakings;
approval of captive insurance agents;
updating the Registry of Insurance Undertakings and
the Registry of Insurance Brokers, as well as of the database of insurance undertakings and intermediaries
authorised in other Member States who submit notification concerning their intention to pursue business in
Romania by way of the freedom of establishment or the
freedom to provide services.
Authorisation of insurance and/or reinsurance undertakings
As of 31 December 2012, 39 insurance undertakings
45
were authorised in Romania, of which 8 composite undertakings, 20 non-life insurance undertakings and 11
life insurance undertakings.
Approval and endorsement of amendments to the articles of association of insurance and/or reinsurance
undertakings
In 2012, the Insurance Supervisory Commission approved the following:
the merger by absorption between BCR Asigurări Vienna Insurance Group as acquirer and Omniasig Vienna
Insurance Group as acquired entity;
the share capital increase of 15 insurance undertakings;
the share capital decrease of 4 insurance undertakings;
the withdrawal upon request of the authorisation of 2
insurance undertakings:
SOCIETATEA DE ASIGURĂRI CHARTIS ROMÂNIA SA,
following transfer of the insurance portfolio from Societatea de Asigurări Chartis România to the Bucharest Branch of Chartis Europe Limited London;
SC OMNIASIG VIENNA INSURANCE GROUP SA, following transfer of the insurance portfolio from Omniasig Vienna Insurance Group, as transferee to BCR
Asigurări Vienna Insurance Group as transferor, and
the merger by absorption between BCR Asigurări Vienna Insurance Group as acquirer and Omniasig Vienna Insurance Group as acquired entity;
changes in the line of business for the insurance undertakings below:
SC ONIX ASIGURARI SA – elimination of life insurance
and maintenance of non-life insurance, following the
transfer of equity and assets from the life insurance
segment to the non-life insurance segment;
SC ONIX ASIGURARI SA – elimination of an ancillary
line of business - “Pension plans (except for public social security funds) – Code 6530;
proved the transfer of insurance portfolios between the
following insurance undertakings:
from Societatea de Asigurări Chartis Romania SA to the
Bucharest Branch of Chartis Europe Limited London;
from Omniasig Vienna Insurance Group SA to BCR
Asigurări Vienna Insurance Group SA.
The pursuit of insurance activities within the territory of the European Union by way of the freedom of
establishment
In 2012, the following insurance undertakings have engaged in the pursuit of insurance activities within the
territory of one or several EU Member States by way of
the freedom to provide services:
ONIX ASIGURĂRI SA;
EUROINS ROMÂNIA ASIGURARE REASIGURARE SA;
SOCIETATEA COMERCIALĂ DE ASIGURARE-REASIGURARE ASTRA SA;
CERTASIG - SOCIETATE DE ASIGURARE ȘI REASIGURARE
SA;
FORTE ASIGURĂRI REASIGURĂRI SA;
CREDIT EUROPE ASIGURĂRI - REASIGURĂRI SA;
COMPANIA DE ASIGURĂRI - REASIGURĂRI EXIM ROMÂNIA (CARE - ROMÂNIA) SA.
Also, 3 insurance brokers have engaged in the pursuit of
insurance mediation activities within the territory of one
or several EU Member States by way of the freedom to
provide services.
Authorisation, approval and endorsement of amendments to the articles of association of insurance and/
or reinsurance brokers
As of 31 December 2012, 585 insurance brokers were authorised to carry out insurance mediation activities, of
which 26 insurance brokers have been authorised in the
course of 2012.
changes in the business names of the following insurance undertakings:
Following the review of the documents submitted, ISC
has approved, besides other amendments to articles of
association (i.e. assignments of shares, new shareholders, relocations, etc.), the share capital increase of 10 insurance and/or reinsurance brokers and the share capital
decrease of 2 insurance brokers.
from BCR ASIGURĂRI VIENNA INSURANCE GROUP SA
to OMNIASIG VIENNA INSURANCE GROUP SA;
In 2012, the following insurance brokers have changed
their business names:
from AVIVA ASIGURĂRI DE VIAȚĂ SA to METROPOLITAN LIFE ASIGURĂRI SA;
from STEIN INSURANCE BROKER SRL to STEIN BESTASIG INSURANCE BROKER SRL;
from EFG EUROLIFE ASIGURĂRI GENERALE SA to EUROLIFE ERB ASIGURĂRI GENERALE SA;
from PROTECTOR BROKER DE ASIGURARE SRL to BAVARIA BROKER DE ASIGURARE SRL;
from EFG EUROLIFE ASIGURĂRI DE VIAŢĂ SA to EUROLIFE ERB ASIGURĂRI DE VIAȚĂ SA.
from ASILIFE INSURANCE BROKER SRL to MED LIFE
BROKER DE ASIGURARE ȘI REASIGURARE SRL;
METROPOLITAN LIFE ASIGURĂRI SA – elimination of
an ancillary line of business “Pension plans (except for
public social security funds) – Code 6530;
Portfolio transfers
The Insurance Supervisory Commission has also ap-
46
from SET 4 COVER BROKER DE ASIGURARE REASIGURARE SRL to UIRB-UNITED INSURANCE REINSURANCE
BROKER SA;
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Annual Report 2012
from AFIN BROKER DE ASIGURARE – REASIGURARE
SRL to IVECO CAPITAL BROKER DE ASIGURARE – REASIGURARE SRL;
from BESTASIG BROKER DE ASIGURARE-REASIGURARE
SRL to MOLD EXPERT BROKER DE ASIGURARE-REASIGURARE SRL.
The sanctioning of insurance undertakings and insurance and/or reinsurance brokers
The ISC Council has approved the sanctioning by written
warning of two significant persons – the Executive Officers of two insurance undertakings – and the sanctioning
by fine of three significant persons – Board members of
one insurance undertaking for non-compliance with the
provisions laid down in Law no. 32/2000, as amended
and supplemented, and the norms in force.
The ISC Council has also decided the temporary prohibition of two insurance brokers and the sanctioning by
written warning of five insurance brokers.
Updating the Registry of Insurance Undertakings and
the Registry of Insurance Brokers
In order to facilitate public access to information, ISC has
permanently updated the Registry of Insurance Undertakings and Insurance and/or Reinsurance Brokers available at www.csa-isc.ro, which comprises two sections:
section A – data on all the insurance undertakings and
brokers authorised by the Insurance Supervisory Commission;
section B – data on insurance undertakings and brokers whose authorisations have been withdrawn.
The Insurance Supervisory Commission has also updated
its own website with data on the insurance undertakings
authorised by the supervisory authorities of other Member States which had notified their intention to pursue
insurance/insurance mediation activities within the territory of Romania.
The Commission has also updated the Registry of insurance education services providers, as well as the Registry
of insurance trainers, both available at www.csa-isc.ro.
The aforementioned Registries comprise information on
the entities authorised as education services providers
and the persons certified as insurance trainers.
2.3. Off-site supervision and on-site inspection
activities
The supervision of insurance undertakings and brokers is
at the core of all the actions of the Insurance Supervisory
Commission, given its role in the protection of policyholders and a stable insurance market in Romania.
The Commission’s supervisory actions have focused on
off-site supervision and on-site inspections.
Off-site supervision
Off-site supervision activities have been conducted
mainly by the Market Stability, Supervision and Inspection Directorate (DSPSC), which is in charge of reviewing the technical and financial results comprised in the
regular reports submitted by insurance undertakings
and brokers. The DSPSC team is also involved in on-site
inspections.
This directorate is a key structure of the Insurance Supervisory Commission and provides analyses and opinions
which are necessary for other specialised directorates of
the authority.
The expert team of the Market Stability, Supervision and
Inspection Directorate has been cooperating with the
other directorates of the Insurance Supervisory Commission with the aim to review and resolve the various
requests filed by insurance/reinsurance undertakings
concerning: portfolio transfers and/or mergers, the pursuit of new classes of insurance, share capital increases,
changes of significant shareholders, the pursuit of insurance activities within the territory of other EU Member
States, etc.
Pursuant to the Memorandums of Understanding signed
by the Insurance Supervisory Commission with other authorities and institutions in Romania (National Bank of
Romania, Romanian National Securities Commission, Private Pension System Supervisory Commission, National
Institute of Statistics), DSPSC collects and provides data
concerning the insurance market, issues opinions concerning measures aimed at ensuring financial stability,
and provides other reports at the request of the aforementioned institutions.
For the effective discharge of off-site supervision and onsite inspection duties, the Directorate also issues opinions and provides European and international bodies,
such as EIOPA, IMF, the World Bank, EIOPC, IAIS and the
European Central Bank with insurance-specific indicators
compiled based on data gathered from the Romanian
market.
Moreover, the Directorate’s team also participated in the
meetings of the Colleges of Supervisors of various insurance groups.
In the course of 2011, as part of the process of preparation and implementation of the new Solvency II supervisory regime, the DSPSC team has been involved and participated in the meetings of the EIOPA working groups,
the EIOPC solvency expert groups, as well as in the conferences and seminars organised both in Romania and
abroad.
DSPSC, in cooperation with other directorates of the Insurance Supervisory Commission, has been committed
to the process of drafting amendments/supplementations to the norms issued by ISC on technical reserves,
the calculation of the solvency margin, the authorisation of insurance undertakings/brokers, as well as to the
process of drafting the norms for the authorisation and
pursuit of catastrophe risk underwriting and reinsurance.
47
Another ISC Directorate involved in the off-site supervision process is the Accounting Regulations Directorate General (DGRC). The core duties of the Directorate
with respect to off-site supervision are: the review of
the statutory audit reports on the financial statements
of insurance undertakings, the review of internal audit
reports, and the monitoring of the changes in the risk
profiles of insurance undertakings, according to the reports submitted to ISC pursuant to risk management
regulations.
The statutory audit of insurance undertakings
According to the legal provisions in force, statutory audit
reports are submitted to ISC together with the annual financial statements of the previous financial year no later
than 15 April of the current financial year. Consequently,
in 2012, the Insurance Supervisory Commission reviewed
the statutory reports for the financial year 2011.
The same as in the previous years, statutory audit reports had been prepared by statutory auditors, members
of the Chamber of Financial Auditors of Romania (CAFR)
approved by ISC in accordance with the applicable legal
provisions in force. These reports showed the auditors’
opinion on the annual financial statements of insurance
undertakings, the true and fair presentation of financial
position, financial results, cash flows and other data, according to the requirements of the professional standards published by CAFR as well as to the management
letters submitted to ISC together with the annual financial statements.
The review concluded that statutory audit reports observed the disclosure and reporting requirements set out
in Order no. 22/2008 and provided users with a comprehensive presentation of the insurance activities carried
out by the audited insurance undertakings.
The reports also included the auditors’ opinion on the
Directors’ Report compliance with the annual financial
statements and made reference to: compliance with the
legal provisions concerning the calculation and recording of technical reserves, the assets admitted to cover
such technical reserves and investment portfolio diversification; compliance with the legal provisions concerning
the solvency margin and the liquidity ratio; compliance
with the internal regulations concerning reinsurance
arrangements, the manner in which the obligations established in reinsurance contracts are met and the consideration of reinsurance items in the calculation of the
solvency margin; internal audit and control practices and
procedures as well as potential deficiencies and remedial
actions recommended.
The internal audit of insurance undertakings
The Insurance Supervisory Commission has reviewed
the annual reports concerning the internal audit of insurance/reinsurance undertakings, including the implementation of the recommendations made, in accordance
48
with the provisions laid down in Order no.18/2009 approving the Norms concerning the establishment of an
internal control and risk management system, implementing the provisions laid down in Law no. 32/2000 on
insurance undertakings and insurance supervision.
The review of the reports showed findings in the following areas: compliance with insurance-specific regulations, the determination of technical reserves, assets
admitted to cover gross technical reserves, the liquidity
ratio and solvency margin, asset spreading, reinsurance
programmes as well as internal control and audit procedures.
In 2012, the activities of the Accounting Regulations Directorate General have been focused on enhancing the
quality of the financial reports submitted by insurance/
reinsurance undertakings, with a view to ensure transition to the application of International Financial Reporting Standards (IFRS) as accounting basis for the preparation of annual financial statements. After a number of
discussions and reviews of several documents concerning transition to IFRS, the ISC Council decided that insurance undertakings should follow some preliminary steps
in their transition process. Thus, the ISC Council decided
that for a period of 3 years (possibly 2 years, if feasible)
insurance undertakings should prepare two sets of annual financial statements – one set in line with European
Directives, and the second according to IFRS.
Taking into consideration the gross written premiums reported for 2011, the Insurance Supervisory Commission
Council decided that the following 10 insurance undertakings should prepare a second set of annual financial
statements, according to IFRS:
SOCIETATEA COMERCIALĂ DE ASIGURARE-REASIGURARE ASTRA SA
ALLIANZ - TIRIAC ASIGURĂRI SA
OMNIASIG VIENNA INSURANCE GROUP SA
GROUPAMA ASIGURARI SA
ASIGURAREA ROMÂNEASCĂ-ASIROM VIENNA INSURANCE GROUP SA
GENERALI ROMÂNIA ASIGURARE REASIGURARE SA
UNIQA ASIGURĂRI SA
ING ASIGURĂRI DE VIAȚĂ SA
BCR ASIGURĂRI DE VIAȚĂ VIENNA INSURANCE GROUP
SA
ALICO ASIGURĂRI ROMÂNIA SA.
The interim period referred to above is meant to facilitate the identification and measurement of the impact
of transition to IFRS before actually adopting the new
standards as basis of accounting, while at the same
time allowing the necessary time for adjusting the legal
framework, particularly with regard to prudential supervision regulations and the corresponding amendments
to the Fiscal Code.
According to the initial schedule, a review will be conwww.csa - isc.ro
Annual Report 2012
ducted in 2014 with a view to ensure transition to the
application of IFRS as accounting basis, also considering
the following:
the completion of IFRS 4 – Insurance Contracts, which
is closely connected with the completion of IFRS 9 – Financial Instruments and the provisions of IFRS 13 – Fair
value measurement;
the implementation/applicability of the provisions
laid down in Directive 2009/138/EC on the taking-up
and pursuit of the business of insurance and reinsurance (Solvency II Directive).
The use of IFRS as primary basis of accounting requires
some preliminary actions with regard to:
Supervisory Commission implementing the Norms concerning the authorisation and pursuit of catastrophe
risk underwriting and reinsurance, the Insurance Supervisory Commission has taken the first steps towards an
approach to catastrophe risks within the framework of
statutory capital requirements, thus duly anticipating
the entry into force of the new Solvency II regime.
The new regulations concerning the pursuit of catastrophe risk underwriting and reinsurance focus on the following aspects:
including the catastrophe risk underwriting and reinsurance programmes of insurance undertakings in their
risk profiles and the presentation of such programmes by
resolution of the Board of Directors/Supervisory Board of
insurance undertakings;
the establishment of working groups: a steering committee comprising representatives of the Financial Supervisory Authority and representatives of statutory
audit firms, plus operating working groups comprising
representatives of the supervisory authority, statutory
audit firms and insurance undertakings;
the establishment of an internal control system for the
risks assumed by insurance undertakings, while keeping net exposure within the limits of the risk profile approved;
the establishment of a communication platform between insurance undertakings, the Insurance Supervisory Commission and statutory audit firms;
the requirements which should be met provided that
insurance undertakings seek to expand their catastrophe risk underwriting capacity;
the identification of differences between accounting treatment under the Accounting regulations in line
with European Directives and accounting treatment
under IFRS;
the mandatory requirement for the Board of Directors/
Supervisory Board of insurance undertakings to review
risk profiles whenever significant changes occur in the
insurer’s development strategy or financial statements,
but no less than once a year;
handling the problems identified in the calculation of
IFRS opening balances and the preparation of the first
set of IFRS financial statements;
the preparation of accounting monographs/guidelines;
participation, together with the representatives of insurance undertakings, in meetings where discussions
revolve around the identification of the main differences between accounting treatment under IFRS and
other accounting treatments, supervisory and fiscal
regulations;
the involvement of other insurance undertakings
through participation in the meetings of the working
groups;
the identification of training needs;
the mandatory requirement for the term of reinsurance
contracts to cover the entire term of catastrophe risk underwriting;
The relevant norms also request that the following information should be mandatorily reported to the Insurance
Supervisory Commission:
the sums assured per CRESTA zones in Romania or other countries;
the presentation of the reinsurance programme corresponding to catastrophe insurance contracts;
the determination of probable maximum loss;
the sums assured ceded to reinsurance corresponding to catastrophe risks not covered by reinsurance programmes;
sending quarterly progress reports to the Council of
the Financial Supervisory Authority;
other types of catastrophe risk transfers (“Alternative
Risk Transfers” (ART).
regular reports and meetings with the representatives
of other regulatory authorities.
The Insurance Supervisory Commission has reviewed the
information submitted by the 26 insurance undertakings
authorised to underwrite catastrophe risks as well as the
Reports on reinsurance strategy for 2011.
Transition to the application of International Financial
Reporting Standards (IFRS) requires insurance undertakings to have in place both the procedures and the reporting lines necessary for an orderly pursuit of business according to the type, nature and impact of potential risks.
The off-site supervision of catastrophe risk underwriting and reinsurance
By Order no. 12/2012 of the President of the Insurance
The Market Stability, Supervision and Inspection Directorate (DSPSC) has compiled and reviewed all the reports
on risk management, internal control systems and internal audit, also having in view the findings reported in
the management letters prepared by statutory auditors
following the review of the annual financial statements
filed by insurance undertakings.
49
DSPSC has also reviewed the implementation of the recommendations made by the ISC Council to insurance/
reinsurance undertakings and insurance/reinsurance
brokers, as well as the carrying out of the turnaround
process instituted by the ISC Council in the case of Forte
Asigurări Reasigurări SA.
Reports management
For the more effective review and processing of the technical and financial results submitted by the supervised
entities of the insurance market, the Insurance Supervisory Commission has implemented a new electronic
reports management platform - CSA-EWS. The Market
Stability, Supervision and Inspection Directorate has reviewed the reporting templates for insurance undertakings/brokers both in the old and in the new reporting
systems, compliance of final reports with the format and
content of templates, and the uploading of correction
reports in the new electronic system. The process will
continue in 2013 until full implementation of the new
system.
The development and implementation of a KPI-based
early warning system was necessary for the effective use
of data collected from insurance market entities, as well
as of the data compiled by the Insurance Supervisory
Commission. The system will be fully integrated in the
new electronic platform and will allow users to define as
many data sources, entities, indicators and correlations
as needed. Eventually, this system will contribute to an
improved risk-based off-site supervisory process, where
the financial risks of insurance companies are identified
and measured in a timely manner, so that material and
human resources should be dedicated to those insurance undertakings which are under imminent threat.
Throughout the year 2012, off-site supervision has been
focused on overseeing the solvency levels of insurance
undertakings, and action plans have been requested to
all insurance undertakings with falling solvency ratios.
Following off-site supervisory actions, a number of 7 insurance brokers were sanctioned in 2012: 3 insurance
brokers were sanctioned by written warning and the
executive officers of 4 brokers were sanctioned by fine
in the amount of RON 2,500. Pursuant to the resolutions
made by the ISC Council, warning letters have been sent
to the management of 2 insurance brokers concerning
failure to observe the legal provisions in force with regard to the submission of regular reports.
On-site inspection
Regular on-site inspections were conducted in line with
the Annual Inspection Plan for 2012, as approved by the
ISC Council, in accordance with the specific duties of the
Market Stability, Supervision and Inspection Directorate and the provisions laid down in Law no. 32/2000, as
amended and supplemented.
On-site inspections were also conducted following off-
50
site supervision recommendations, requests to temporary suspend business or withdraw authorisations and
reports prepared by other ISC directorates and approved
by the ISC Council.
2.3.1. On-site inspections of insurance
undertakings
In 2012, the Insurance Supervisory Commission has
completed ten on-site inspections of insurance and/or
reinsurance undertakings, of which two regular inspections and eight surprise visits. The Commission has also
participated in the surprise visit organised by the Hungarian Financial Supervisory Authority at the branch of
Societatea Comercială de Asigurare-Reasigurare ASTRA
in Hungary. Moreover, in October 2012, the Insurance Supervisory Commission started two more regular inspections at the premises of Carpatica Asig SA and Societatea
Comercială de Asigurare-Reasigurare ASTRA SA.
a) Insurance and/or reinsurance undertakings subject to
regular on-site inspections: UNIQA Asigurări SA and EUREKO Asigurari SA;
As a result of the findings of the regular on-site inspections conducted at the premises of the two insurance undertakings, the ISC Council decided the following:
UNIQA Asigurări SA – remedial action plan;
EUREKO Asigurări SA – remedial action plan.
b) Insurance and/or reinsurance undertakings subject to
surprise visits on specific themes:
PAID SA – verification of compliance with the requirements approved by way of authorisation;
ALLIANZ-ȚIRIAC Asigurări SA – verification of the manner in which the remedial action plan decided by the
ISC Council was implemented;
LIG Asigurări SA – verification of compliance with the
requirements approved by way of authorisation, verification of the manner in which the provisions laid down
in the relevant ISC norms are observed, verification of
the effectiveness of asset-liability management in the
company’s insurance portfolio, verification of compliance with legal provisions concerning the prevention
and control of money laundering and terrorist financing;
AEGON Asigurări de Viață – verification of the life
insurance portfolio transfer to AEGON Towarzystwo
Ubezpieczen na zycie SA;
SC OMNIASIG VIG SA – verification of the measures
implemented in the company’s claims handling process with a view to reduce the number of complaints,
verification of record-keeping procedures for MTPL
and CASCO claim files, verification of the manner in
which corresponding technical reserves are set up/released;
Societatea Comercială de Asigurare-Reasigurare ASTRA SA - verification of the measures implemented in
the company’s claims handling process with a view
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Annual Report 2012
to reduce the number of complaints, verification of
record-keeping procedures for MTPL and CASCO claim
files, verification of the manner in which corresponding
technical reserves are set up/released;
the lack of a high-quality integrated IT system aimed
to ensure: automatic recording of all insurance policies,
automatic editing of all reports, the editing of reports
to the Insurance Supervisory Commission;
SC EUROINS ROMANIA Asigurare - Reasigurare SA –
verification of the measures implemented in the company’s claims handling process with a view to reduce
the number of complaints, verification of record-keeping procedures for MTPL and CASCO claim files, verification of the manner in which corresponding technical
reserves are set up/released;
the lack of internal rules for the calculation of all technical reserves;
SC Asigurarea Romaneasca ASIROM VIG SA – verification of the measures implemented in the company’s
claims handling process with a view to reduce the
number of complaints, verification of record-keeping
procedures for MTPL and CASCO claim files, verification of the manner in which corresponding technical
reserves are set up/released.
inconsistencies between technical results and accounting records with respect to gross written premiums, gross premiums earned, technical reserves, claims
paid;
Some of the most frequent findings of on-site inspections include:
the inexistence of an overall risk profile;
the inexistence of an adequate internal control and
risk management system, which renders impossible the
identification, mitigation and management of risks;
the lack of/inadequacy of the internal audit function;
the lack of internal policies/procedures/rules for all
lines of business;
inadequate outstanding claims reserves;
incorrect calculation of technical reserves (unearned
premiums reserve, mathematical reserve, outstanding
claims reserve, incurred but not reported claims reserve, technical reserve for benefits and rebates);
inadequate complaints registration and late resolution;
inadequate disclosure of information to policyholders/potential policyholders and beneficiaries/potential
beneficiaries;
late reporting to ISC;
incorrect calculation and late payment of fees owed
to ISC;
non-compliance with the accounting regulations in
force;
non-compliance with the requirements approved for
authorisation, amendments to articles of association
without ISC’s approval.
Table 33. Sanctions enforced against insurance brokers following inspections conducted in 2012
No.
Insurance broker
1
2
3
4
SC EXPRES BROKER DE ASIGURARE SRL
SC TERANO ASIG - BROKER DE ASIGURARE SRL
SC RISK EXPERT INSURANCE BROKER SRL
SC STRATEGIC INSURANCE BROKER SRL
5
SC ASIRAL BROKER DE ASIGURARE SRL
6
SC CENTRUM ASIG-BROKER DE ASIGURARE SRL
7
SC KING OF BROKERS IN ROMANIA - BROKER DE ASIGURARE SRL
8
SC KALL BROKER DE ASIGURARE SRL
9
SC USC ALL FINANCE BROKER DE ASIGURARE SRL
10
11
SC NEUTRO RISK - BROKER DE ASIGURARE SRL
SC TAR & TAR BROKER DE ASIGURARE SRL
12
SC NEWBROKER ASIG MC BROKER DE ASIGURARE SRL
13
14
15
16
17
18
19
20
21
SC CONCRET BROKER DE ASIGURARE SRL
SC IRECSON BROKER DE ASIGURARE-REASIGURARE SRL
SC SIC ASIGURARI BROKER DE ASIGURARE SRL
SC TRANSILVANIA BROKER DE ASIGURARE SRL
SC PAN GABRIEL BROKER DE ASIGURARE SRL
SC ASIG CONSULT BROKER DE ASIGURARE SRL
SC BUCOVINA ASIG - BROKER DE ASIGURARE SA
SC MOBIL BROKER DE ASIGURARE SRL
SC NET BROKER DE ASIGURARE SRL
Decision
83/10.02.2012
128/05.03.2012
130/05.03.2012
185/29.03.2012
244/03.05.2012
245/03.05.2012
264/15.05.2012
263/14.05.2012
246/03.05.2012
294/22.05.2012
295/22.05.2012
281/18.05.2012
282/18.05.2012
302/28.05.2012
303/28.05.2012
357/19.06.2012
358/19.06.2012
355/19.06.2012
356/19.06.2012
414/09.07.2012
479/17.08.2012
721/03.12.2012
646/02.11.2012
647/02.11.2012
5/11.01.2013
20/17.01.2013
Sanction
written warning to executive officers
temporary prohibition to pursue business
authorisation withdrawal
retragere autorizaţie
retragere aprobare conducere executivă
withdrawal of executive officer approval
temporary prohibition to pursue business
fine for executive officer
fine for the executive officer
fine for the company
51
2.3.2. On-site inspections of insurance brokers
completed 54 on-site inspections at the premises of insurance brokers, of which 17 regular inspections and 37
surprise visits.
Consequently, the Commission decided on the following
sanctions:
written warning to executive officers: 5 insurance brokers;
fine to executive officers: 2 insurance brokers;
fine to the company: 1 insurance broker;
temporary prohibition to conduct business: 2 insurance brokers;
withdrawal of executive management approval: 5 insurance brokers;
withdrawal of authorisation: 11 insurance brokers.
Temporary prohibitions to conduct business and withdrawals of authorisations were enforced for offences such
as: non-compliance with authorisation requirements;
lack of professional liability insurance; late submission
or failure to submit regular reports to ISC; failure to pay
premiums to insurers; late submission or failure to submit
anti-money laundering and terrorist financing procedures
and/or the list of designated officers; late submission or
failure to submit the list of persons designated to enforce
international sanctions; accounting errors, etc.
Also as a result of the on-site inspections conducted in
2012, the ISC Council has approved the requests filed
by: 15 insurance brokers with regard to authorisation
withdrawal, 5 insurance brokers with regard to the voluntary suspension of business, one insurance broker
with regard to resumption of business. The Insurance
Supervisory Commission was also notified of the voluntary dissolution of one insurance broker and decided the
implementation of remedial action plans in the case of 8
insurance brokers.
As regards the other insurance brokers subject to inspection, the inspection teams prepared reports and decided
no sanctions or remedial measures.
2.4. Legal activities
The core duty of the Litigation, Legal Documentation
and Parliament Liaison Directorate (DCDLRP) was to represent the interests of the Insurance Supervisory Commission in court.
The activities of the Directorate observed the provisions
laid down in Law no. 514/2003 on the taking-up and pursuit of the legal advisor profession, and in the Code of
Conduct for legal advisors, in accordance with the powers and duties set out in the Commission’s internal regulations and subject to all the decisions passed by the ISC
Council.
In 2012, the DCDLRP legal advisors prepared the defence
and represented the interests of ISC in 66 court cases, of
52
which 27 appeals filed against decisions issued by the
Commission, and 39 other cases with various subject
matters (such as: the enforcement of court decisions
against ISC, request to suspend the execution of an order
issued by ISC, exceptions of illegality concerning normative acts issued by ISC, labour litigation, etc.).
In the course of 2012, 12 forced execution files were registered with court enforcers, in order to collect overdue
receivables from fines enforced by way of the sanctioning decisions issued by the Insurance Supervisory Commission.
DCDLRP also endorsed the legality of the acts and decisions issued by ISC. Another key duty of the Directorate
referred to the review and endorsement of the reports
issued following on-site inspections of insurance and/
or reinsurance undertakings and brokers with regard to
statutes of limitation, the classification of the offences
and the enforcement of relevant sanctions for instances
of breach of the applicable legal provisions in the field
of insurance.
The legal advisors of the Insurance Supervisory Commission also prepared the sanctioning decisions issued
following the on-site inspections conducted by the Market Stability, Supervision and Inspection Directorate for
breaches of the provisions laid down in Law no. 32/2000,
as amended and supplemented, Law no. 136/1995, as
amended and supplemented and the norms issued by
the Insurance Supervisory Commission.
The Directorate has also worked in conjunction with the
Public Relations Directorate for the review of the complaints filed by policyholders against insurance undertakings and brokers and has endorsed the legality of the
responses given to complainants, while also participating in meetings with the representatives of insurance undertakings for complaint resolution purposes.
Another key duty of the Litigation, Legal Documentation
and Parliament Liaison Directorate was the endorsement
of the normative acts issued as secondary legislation at
the initiative of ICS, with the aim to regulate the insurance market in Romania. To this end, the Directorate
has worked in conjunction with the expert teams of the
Insurance Supervisory Commission, the National Association of Insurance and Reinsurance Undertakings in
Romania (UNSAR) and the National Association of Intermediaries and Consulting Companies in Romania (UNSICAR) in order to prepare, verify and draft national regulations in the field of insurance in line with the specific
requirements of European Directives. This process was
characterised by open dialogue between the Insurance
Supervisory Commission and the undertakings active in
the field of insurance as well as by enhanced transparency in the transposition of European regulations.
Generally, the Litigation, Legal Documentation and
Parliament Liaison Directorate acted as a support function for all the other ISC directorates and departments
through:
www.csa - isc.ro
Annual Report 2012
cooperation in the review of the complaints filed by
policyholders/injured persons against insurance undertakings and brokers, the endorsement of the responses
sent to complainants and participation in various meetings with representatives of insurance undertakings in
order to resolve the complaints lodged with ISC;
involvement in the public procurement process.
DCDLRP has been involved in the public procurement
procedure and has endorsed public procurement reports. The Directorate has also verified contracts and
made recommendations for amendments to various
provisions and has endorsed the legality of the draft
contracts to be signed by the President of the Insurance Supervisory Commission, as legal representative
of the Authority, in accordance with the legislation in
force. As a result, the support provided by DCDLRP has
materialised in the approval of contracts and addenda,
as well as in the approval of the memos and reports
prepared by the specialised ISC Directorate to ensure
compliance with the legal procedure required for the
signing of public procurement contracts, under the
law;
the issuing of legal opinions at the request of other
ISC Directorates, with respect to the documents presented to the ISC Council and for other legal issues;
the provision of legal advice to the other ISC Directorates, as well as to the regional offices of ISC with respect to legal provisions applicable in the areas such as
economy, finance, labour or insurance;
monitoring the publication of normative acts in the
Official Gazette and providing relevant information to
the ISC Council and to the other specialised ISC Directorates and regional offices with regard to the relevant
ISC duties.
In 2012, the DCDLRP experts attended conferences and
seminars together with the representatives of insurance
undertakings on various topics of interest, such as catastrophe insurance or the draft norms for the authorisation
of insurance and/or reinsurance brokers, etc.
2.5. International activities
In 2012, the international activities of the Insurance Supervisory Commission revolved around the authority’s
involvement in the decision-making process at EU level,
with respect to major aspects related to the future supervisory framework applicable to the European insurance market, on the one hand, and the development of
cooperation with similar supervisory authorities in other
Member States, on the other hand.
The year 2012 was a year of consolidation for the new
European System for Financial Supervision (ESFS) established as of 1 January 2011.
ESFS was established in the aftermath of the world financial crisis, following the recommendations of the Larosiere report which was issued at the request of the EuroPart II The insurance Supervisory Commission
pean Commission. The core objectives of the new system
are to establish a level playing field for all financial market participants, a reduction in the scope of arbitrage,
protecting the integrity and stability of financial systems,
maintaining the transparency of financial products and
markets, without intervention in the fiscal matters of EU
Member States.
The new European System for Financial Supervision
comprises:
the European Insurance and Occupational Pensions
Authority (EIOPA)
the European Securities and Markets Authority (ESMA)
the European Banking Authority (EBA)
the European Systemic Risk Board (ESRB)
the national supervisory authorities of Member States
and a Joint Committee of the three European authorities.
2.5.1. Relations with European Union institutions
and other international bodies
The Insurance Supervisory Commission is a full member
of the European Insurance and Occupational Pensions
Authority (EIOPA) and of the International Association of
Insurance Supervisors (IAIS).
EIOPA
The European Insurance and Occupational Pensions Authority (EIOPA) is in charge of regulating, supervising and
coordinating national regulators considering their various interests in case of dispute, and also has specific authorities in emergency situations, with a view to secure
the stability of the financial markets.
The Board of Supervisors is EIOPA’s main decision-making body with regard to standards, guidelines and recommendations and comprises voting members (i.e. the
presidents of relevant national insurance supervisors) and
non-voting members (i.e. the EIOPA chairperson, a representative of ESRB, one representative of EBA and one of
ESMA, a representative of the European Commission, as
well as representatives of the supervisory authorities of
Member States, where supervision is not consolidated).
In 2012, the Insurance Supervisory Commission was
present in all the four meetings of the Board of Supervisors which took place in Frankfurt, Germany.
During the four meetings, discussions revolved around
topics such as the latest developments in the implementation of Solvency II, in particular the adoption of
the Omnibus II Directive, the impact assessment on the
long-term guarantees package, reporting and disclosure
and the interim measures for equivalence decisions. The
meetings’ agenda also included topics such as:
EIOPA’s work programme and budget for 2013;
Assessment of the European System for Financial Supervision;
53
Guidelines on the handling of complaints by insurance undertakings;
Consumer protection;
Revision of the Board of Supervisors’ Internal control
standards;
Mandates of working groups;
Colleges of supervisors;
ITDC Committee;
Financial stability.
In 2012, the Insurance Supervisory Commission was
actively involved in EIOPA’s Committees and working
groups:
the expert group on the revision of the Insurance Mediation Directive (IMD);
the Insurance Group Supervision Committee (IGSC).
EIOPA’s reorganisation process involved the establishment of new working groups for the strengthening of
the supervisory process at European level.
Thus, the EIOPA Information Technology and Data Committee (ITDC) was established as a Working Group to deliver advice on Information Technology and the transfer,
storage and handling of data within EIOPA. The tasks of
the Committee include among others: to develop decisions for the Management Board on planning and allocation of EIOPA IT budget, to develop policies and
technical solutions to support data management, to provide steering for EIOPA IT projects. The Committee also
contributes to establishment and managing a central IT
system to make all relevant information accessible to the
authorized institutes.
ESRB – European Systemic Risk Board
The Insurance Supervisory Commission is a non-voting
member of ESRB (European Systemic Risk Board), an independent EU body responsible for the macro-prudential oversight of the financial system within the European
Union.
ESRB carries out tasks relating to the prevention and
management of the financial risks which jeopardise the
financial stability of the European Union, taking into
consideration macroeconomic developments, in order
to avoid extensive financial crises. ESRB also contributes
to the adequate functioning of the internal market and
thus, ensures the sustainable contribution of the financial sector to the economic growth process.
In 2012, the Insurance Supervisory Commission attended the sixth ESRB General Board meeting in Frankfurt,
Germany. The meeting included a review of the current
situation and discussions on topics such as:
the macro-prudential treatment of long-term insurance guarantees;
the risk dashboard and ESRB’s disclosure of risk identification and measurement;
the macro-prudential mandate of national authorities.
54
IAIS
The 2012 IAIS Annual Conference and General Meeting were held in Washington, USA, in October 2012.
The theme of the Conference - “Insurance Supervision:
Foundations for Global Financial Strength” – was established in the context of the current challenges faced by
the financial sector in general and the insurance sector
in particular, as a result of the implementation of new
supervisory concepts and the impact of the prolonged
financial crisis.
Discussions highlighted that in order to protect the insurance industry and the financial consumer against adverse cross-border, regional and global developments,
supervisory principles, standards and guidelines should
be implemented in a consistent manner.
2.5.2. EU legal and supervisory process
a. Solvency II – European and national developments
In 2012, the European Parliament, the European Commission and the Council of the European Union continued their negotiations on the draft Omnibus II Directive
(the so-called Omnibus II trialogue), amending Directive
2009/138/EC (the Solvency II framework).
The timetable set for the completion of the Omnibus II
negotiation process was delayed, as the parties to the
trialogue failed to reach an agreement on some high-impact provisions, such as the provisions concerning longterm guarantees.
Consequently, there was a need for a “quick-fix Directive” in the form of Directive 2012/23/EC which sets out
the date of the application of Directive 2009/138/EC - 01
January 2014.
The European Commission requested a long-term guarantee assessment (LTGA) with a view to support the parties to the trialogue to achieve a consensus.
LTGA runs from 28 February 2013 and involves the insurance undertakings and national supervisory authorities
of all EU Member States; the impact assessment exercise
is coordinated by EIOPA, which should deliver the final
report to trialogue parties by June 2013.
Even though the timetable for amending the Solvency II
Directive has been delayed, which also caused delays in
the timetable for level II legislation (i.e. European Commission regulation and technical standards) and level III
legislation (i.e. EIOPA guidelines), EU Member States and
EIOPA have continued their preparation for the change.
As far as Romania is concerned, the Insurance Supervisory Commission established at the beginning of 2012 a
Solvency II working group, whose objective is to prepare
the background for the transposition and application of
the new supervisory regime.
The most significant accomplishments of the Solvency II
working group and the Insurance Supervisory Commission’s Regulations Directorate:
www.csa - isc.ro
Annual Report 2012
the request for insurance undertakings to prepare and
submit to ISC an action plan for the application of the
new solvency regime;
discussions with the insurance undertakings which
applied for the use of Internal Models (IM) for the calculation of solvency capital requirements (SCR), with a
view to assess capacity requirements, the viability of
various key components, and the preparedness of insurance undertakings;
the preparation of a Solvency II Glossary. Given that
the wording of the Solvency II Directive includes specific terms whose translation is interpreted differently by
various stakeholders in the insurance sector, it was the
Insurance Supervisory Commission’s opinion that the
use of a common language was necessary in the process of transition to the new supervisory regime;
the preparation of a first Solvency II draft law and the
identification of the norms which should be adopted
by the Insurance Supervisory Commission for implementation purposes. As provisions of the Omnibus II
Directive proposal are also included, the draft law may
be finalised only following adoption of the Omnibus II
Directive;
participation in the meetings of the Colleges of Supervisors (CoS), particularly in the case of groups which applied for the use of Internal Models by their subsidiaries
in Romania. CoS’s are groups comprising the national
authorities of the relevant Member States which supervise the insurance undertakings which are members of
an insurance group and the representative of EIOPA.
Colleges of Supervisors are established pursuant to the
provisions laid down in (EU) Regulation no. 1094/2010
and Directive 2009/138/EC with the purpose of promoting efficient, effective and consistent supervision,
disseminating key/relevant information on current activities or crisis situations for group entities, reaching a
common agreement on the group’s risk profile and coordinating the group’s supervisory process, risk measurement and management. EIOPA issues an Annual Action Plan for Colleges of Supervisors and requires each
College to prepare its own specific action plan. The
European Authority has also issued a Coordination Arrangement template and requested each CoS to adapt
it to the specific features of its own group and reach an
agreement among group members with regard to the
Coordination Arrangement and the Emergency Plan by
the end of 2013. EIOPA is about to complete the Guidelines on the functioning of Colleges of Supervisors;
participation in the meetings of the EIOPA working
groups with a view to prepare the guidelines on the application of Solvency II primary legislation.
The members of the Solvency II Working Groups have
benefited from the know-how of some experts of the
supervisory authority in France (Autorite de Control
Prudentiale – ACP) and Great Britain (Financial Services
Authority - FSA) who delivered two technical workshops
in the autumn of 2012. Among the topics which mainly
focused on internal models, mention should be made of:
risk aggregation, risk measurement, calibration, governance, databases and validation systems, risk management system validation.
b. Omnibus II
The adoption of the new revised and amended wording
of the Omnibus II Directive is an essential step in the finalisation of the level II and level III implementing measures for the Solvency II Directive. The wording of the Omnibus II Directive was approved in the March 2012 ECON
meeting and allows the resumption of the process of implementing the Solvency II Directive.
In 2012, ISC has sent a number of representatives to the
training sessions organised by EIOPA for the purpose of
preparing experts involved in the Solvency II implementation process at national level.
2.5.3. Relations with similar supervisory authorities
in European Union Member States
The Insurance Supervisory Commission’s cooperation
with similar supervisory authorities in EU Member States
has focused on two key aspects: the establishment of informal partnerships with a view to support some common interests in the EU regulatory process and cooperation with respect to insurance group supervision.
Ever since its very early days, the Insurance Supervisory
Commission has established partnerships with similar
authorities in European Union Member States. These
partnerships have grown and developed throughout the
years.
As regards insurance group supervision, having in view
the importance of cooperation and exchange of information with other European supervisory authorities, ISC has
been permanently involved in the Meetings of the Colleges of Supervisors for various insurance groups active
on the Romanian insurance market.
These colleges, so named following the recommendations of the Larosiere Report, are continuing the activities of the Steering Committees established following
the recommendations of the European Commission
and comprise representatives of the authorities which
supervise the various national entities within an insurance group. The members of a college of supervisors exchange information concerning the entities of a group
subject to national supervision and meet on a regular
basis in order to identify the weaknesses within the specific insurance groups.
Colleges of supervisors have gained in significance, particularly in the aftermath of the global financial and economic crisis.
In 2012, the representative of the Insurance Supervisory
Commission participated in the meetings of the following Colleges of Supervisors:
55
The Meeting of the College of Supervisors for VIENNA
INSURANCE GROUP, Vienna, Austria, June and September 2012;
EU Member States concerning the establishment/closing down of branches in Romania of insurance undertakings based in other EU Member States;
The meetings for the discussion of the Plan for the use
of internal models within VIENNA INSURANCE GROUP,
Prague, the Czech Republic and Vienna, Austria March
2012;
the legal proceedings initiated by the Insurance Supervisory Commission with a view to secure the sums
standing to the balance of the Guarantee Fund by way
of insurance against the insurance undertakings’ insolvency risk arising from earthquake losses;
The Meeting of the College of Supervisors for UNIQA,
Vienna, Austria January, May and June 2012;
The Meeting of the College of Supervisors for ALLIANZ, Berlin, Germany, September 2012;
The Meeting of the College of Supervisors for ING,
Amsterdam, the Netherlands, June and October 2012;
The Meeting of the College of Supervisors for GENERALI, Rome, Italy, July 2012;
The Meeting of the College of Supervisors for GRAWE,
Vienna, Austria, June 2012;
ISC representatives were also involved in the onsite inspection conducted by the Hungarian Financial
Supervisory Authority at the premises of Societatea
Comercială de Asigurare - Reasigurare ASTRA SA in October 2012.
2.6. Public communication. Supervisory disclosure
In 2012, the Insurance Supervisory Commission has continued on its path to building public awareness concerning the regulatory process and the decisions made to the
purpose of protecting policyholder interests. Informal
and formal communication with insurance undertakings
and brokers was also central in the discussion of up-todate topics such as the technical training of insurance
personnel to ensure the preparedness of insurance undertakings for the implementation of some high-impact
regulations.
A. Media relations
The Insurance Supervisory Commission has frequently
resorted to media communication for public disclosure
purposes. In 2012, ISC issued 35 press releases to the
central and local media, and also posted the same releases on the Insurance Supervisory Commission’s website - www.csa-isc.ro.
The press releases issued in 2012 by the Insurance Supervisory Commission revolved around topics such as:
the European Court of Justice resolution of 1 March
2011 which stipulates that, starting 21 December 2012,
the provisions laid down in art. 5(2) of Council Directive
113/2004 which allowed the use of gender as a factor in
the calculation of insurance premiums and benefits are
no longer applicable;
quarterly and half-yearly statistical data, according to
the reports submitted by insurance undertakings and
brokers;
the notices of similar supervisory authorities in other
56
the signing of a Memorandum of Understanding between the Insurance Supervisory Commission and the
Superior Council of Magistracy;
explanations on MTPL insurance;
the discussions between the Insurance Supervisory Commission and the insurance market representatives aimed at
the measures which may be instated in order to facilitate the
access of investors to the PAID ownership structure;
the meetings between the representatives of the Insurance Supervisory Commission and the representative of insurance brokers;
the request of the ISC Council according to which
EUROINS should perform a share capital increase and
accelerate the settlement of overdue claims to policyholders, injured persons and car repair shops;
the meeting between the representatives of ISC, UNSAR and UNSICAR on the one hand and the representatives of insurance undertakings, insurance brokers and
the local press in the North-West region which took
place in Cluj-Napoca;
the ISC regulations on compulsory home insurance,
in accordance with the provisions laid down in Law no.
260/2008;
publication of the Solvency II Glossary on the Commission’s website for public consultation;
the Commission’s decision to simplify the bonusmalus system;
the ISC Council decision to approve the draft norms
concerning the authorisation of insurance undertakings;
the new ISC rules on the sale of PAD (compulsory catastrophe home insurance) and the implementation of
the measures required for a boost in PAD policy sales;
the meeting between the representatives of ISC, UNSAR and UNSICAR on the one hand and the representatives of insurance undertakings, insurance brokers and
the local press in the South-East region which took
place in Constanta;
ISC’s approval of the norms concerning catastrophe
risk underwriting and reinsurance; the enforcement of
sanctions against the insurance undertakings with the
highest number of complaints;
ISC’s decision to amend the Norms concerning professional qualification and ongoing training;
the opening of a free phone line - Dialog CSA – for the
public;
www.csa - isc.ro
Annual Report 2012
transition form compliance-based supervision to riskbased supervision;
the merger between BCR Asigurări and Omniasig;
news on catastrophe risk underwriting and reinsurance;
ISC’s approval of the closing down of the business of
ERSTE BROKERS;
the lifting of the partial temporary prohibition instituted against ASTRA SA;
the closing down of the business of two insurance intermediaries in Hungary.
B. Publication of ISC decisions and orders in the
Official Gazette of Romania
In accordance with the legal provisions in force, the
Insurance Supervisory Commission submits for publication in the Official Gazette of Romania, Part I, all the
decisions which are subject to publication (i.e. decisions
concerning authorisation, temporary prohibition to pursue business, withdrawal of authorisation, opening/closing of the financial recovery procedure, etc.). All the official texts of the orders issued by ISC in 2012 were also
published in the Official Gazette of Romania, Part I.
C. Workshops and conferences
The workshops and conferences organised by ISC and by
other relevant entities in the insurance sector were also
used as means of communication by the regulatory and
supervisory authority.
ISC organised various technical workshops aimed at accurately informing the public with respect to up-to-date
topics in the insurance market.
The main topics tackled in the workshops were: legislative news in the insurance sector, prudential measures
adopted with a view to maintain market stability, the
evolution of key insurance indicators in 2012, the provisions of the Law on the mediation of disputes and the
benefits of the Law for the insurance market.
Information was also posted on the regulatory and supervisory authority’s website - www.csa-isc.ro.
Workshops on the mediation of insurance disputes
The workshops on the mediation of insurance disputes
were aimed at building awareness of the new provisions
laid down in Law no. 115/2012 amending and supplementing Law no. 192/2006 on the mediation of disputes
and the mediator profession, which stipulate that the
parties to a dispute are required to attempt at out-ofcourt settlement through mediation even after the filing
of a court case. Insurance undertakings and insurance
brokers were informed of the benefits of the mediation
of disputes.
Workshops-round tables organised by ISC-UNSARUNSICAR
These events were organised at regional level and were
aimed at discussing the issues facing local insurance undertakings and brokers. Other topics included: legislative news, the issues of the new fiscal code, the findings
of the Insurance Supervisory Commission during on-site
inspections. Participants also discussed the evolution of
key insurance indicators in the region, as well as potential development areas in the current economic environment.
D. Periodicals
In the course of 2012, the Insurance Supervisory Commission continued to publish and distribute free of
charge the authority’s Quarterly Newsletter. This publication provides insurance undertakings, insurance brokers
and the public at large with access to the latest information concerning the activity of the Insurance Supervisory Commission, as well as to news and amendments
to insurance–specific European legislation. All ISC Newsletters are available at www.csa-isc.ro, the Publications
section.
E. Website
The Insurance Supervisory Commission website – www.
csa-isc.ro - has a user-friendly structure, a rich content
and a modern and interactive design which facilitates
quicker and easier user access. The website’s content
has been developed and maintained by the Insurance
Supervisory Commission, with no outsourcing support.
Currently, the ISC website is a practical means of public
communication, subject to permanent updating and adjustment to user requirements, in line with the applicable standards.
F. Public hearings
There is a public hearings schedule posted at the Commission’s headquarters and on the Commission’s website. Public hearings are meant to inform the Commission
of the likely problems confronting potential and existing
policyholders, injured persons, insurance undertakings
and other stakeholders.
G. Meetings with insurance market representatives
As part of the regulatory process, the Insurance Supervisory Commission has permanently requested the opinion of insurance market representatives – both in writing
as well as in the meetings organised on a regular basis
- with a view to ensure that the normative acts prepared
by the Commission benefit from the industry’s support.
Also to the purpose of acquiring information on the issues confronting the insurance industry and finding solutions to the problems, the President of the Insurance
Supervisory Commission participated in a number of
informal meetings with insurance undertakings and brokers, as well as in the Board meetings of the Romanian
Motor Insurers Bureau (BAAR) and the Street Victims Protection Fund (FPVS).
57
2.7. IT activities
From an IT perspective, the year 2012 was characterised
by continued efforts to improve and optimise the electronic data flow, both internally and in relation with the
insurance market. These efforts were mainly focused on
the implementation of an IT solution aimed at the automatic sending and processing of regular reports.
In 2011, the Insurance Supervisory Commission initiated
a project for database interconnectivity and the establishment of an integrated platform for the exchange of
information between the Authority and the insurance
market, given that the Insurance Supervisory Commission has managed to bring its IT system in line with European requirements. In this context, the objective for 2012
was to consolidate the IT solution implemented in 2011
by expanding the scope of the solution to include new
reporting facilities. To this end, the Insurance Supervisory Commission has organised several meetings with representatives of the insurance market and UNSAR, which
contributed to the better understanding of the impact of
the new reporting platform for insurance undertakings.
From an inter-institutional perspective, the year 2012
was marked by a number of meetings with the technical experts of the European Insurance and Occupational
Pensions Authority (EIOPA) on practical issues regarding
the transposition of the Solvency II Directive estimated
for 2014. The discussions took place during the meetings
of the ITDC Committee and tackled the issue of adapting
58
all the IT systems operated by ISC to the new XBRL-based
reporting requirements.
This process will be a priority for the Insurance Supervisory Commission and will involve primarily the implementation of the XBRL standard and system, in order to
facilitate reporting and data processing within the format required at European level.
Also in 2012, the Insurance Supervisory Commission has
approved the KPI-based early warning system. Based
on the same reporting system developed in 2011, the
early warning system will allow the easy and effective
use of the data collected for decision-making purposes,
through the use of an integrated mechanism for the realtime delivery and reporting of aggregate data based on
input in the form of key performance indicators.
The system comprises two major components:
A template for the data compiled at entity level from
all available data sources;
An interface for the presentation of indicators and
data in the form of a dashboard.
Both tools are available to the employees in the directorates involved in off-site supervision and on-site inspections, as well as to the members of the Insurance Supervisory Commission Council for performance assessment
purposes.
Both projects - the XBRL reporting system and the early
warning system - will be completed in the course of 2013.
www.csa - isc.ro
Annual Report 2012
Chapter 3
Consumer protection in the insurance market
In 2012, the actions of the Insurance Supervisory
Commission were aimed at consolidating policyholder
protection and confidence in the products and services
offered on the Romanian insurance market.
With the aim to provide support to policyholders and
injured persons, the ISC Council has approved the establishment of a separate Public Relations Office within the
Policyholder Protection and Public Relations Directorate.
The office’s duty is to provide policyholders/injured persons with easier access to assistance in the field of insurance as well as to the information required for the better understanding and resolution of various issues. The
purpose of this office is to improve relations with policyholders/injured persons by offering advice via e-mail
and telephone or at the headquarters of the Insurance
Supervisory Commission.
The Insurance Supervisory Commission pays particular
attention to the review and resolution of complaints
lodged by policyholders and injured persons – both
natural and legal persons – given the fact that such complaints are a significant source of data for the Commission’s off-site and on-site duties.
3.1. Complaints handling
Complaints handling is one of the duties of the Policyholder Protection and Public Relations Directorate
(DPARP) alongside receipt, registration, review and resolution of the requests, complaints, petitions or proposals
filed by policyholders/injured persons concerning the
activities of insurance undertakings, reinsurance undertakings and insurance and/or reinsurance brokers which
have been.
In order to ensure better territorial coverage and easier access for policyholders and injured persons to the
complaint filing procedure, ISC has received, registered
and resolved complaints both at its headquarters in Bucharest and at its regional offices in Cluj-Napoca, Iaşi,
Constanţa and Timişoara.
The handling process requires the review of the claim
files which are subject to the complaints lodged with the
Insurance Supervisory Commission and of the explanatory notes prepared by insurance undertakings, focusing
on compliance with insurance legislation as well as contractual terms and conditions.
When the solutions of the insurance undertakings were
based on insufficient explanations or in case of a disagreement regarding the fairness of such solutions, ISC
requested that claim files be revised and/or organised
meetings with authorised persons of the insurance undertakings with a view to clarify each particular case.
DPARP also provided technical and legal support to the
complainants who sought advice by telephone, at the
venues of the Commission or in writing. In 2012, the Insurance Supervisory Commission opened a dedicated
phone line - Dialog CSA - with a view offer free access to
assistance and information for policyholders and injured
persons.
In order to enforce and observe the provisions laid down
in Ordinance no. 27/2002 on complaints handling, DPARP
makes sure that all the complaints and petitions received
by the Insurance Supervisory Commission are recorded
daily in a dedicated database, subject to permanent updating.
Another core duty of the Directorate involves participation in the regular and/or surprise inspections conducted at the premises of insurance undertakings.
Evolution in the number of complaints lodged with
the Insurance Supervisory Commission
registered, reviewed and resolved (in favour or against
the petitioners) a number of 7,405 complaints and petitions, which accounted for 0.83% of the 887,115 files
reported by insurance undertakings and 0.0453% of the
16,345,506 insurance contracts in force.
The month-on-month evolution in the number of petitions shows has followed an upward trend, particularly
in the last three months of 2012.
Table 34. Substantiated complaints lodged with ISC in
2012
Mounth
January
February
March
April
May
June
July
August
September
October
November
December
Total 2012
Table 34. Substantiated complaints
lodged with ISC in
2012
465
424
545
448
706
530
539
672
675
743
836
822
7.405
% of total 2012
6,28
5,73
7,36
6,05
9,53
7,16
7,28
9,07
9,12
10,03
11,29
11,10
100,00
59
This was due to the 6% increase in gross written premiums on the one hand, and to the settlement of 397,220
reported but unsettled claim files (dating back to 2011).
Geographical distribution of complaints registered
and resolved
reported by insurance undertakings, the 4,879 complaints
filed with respect to compulsory MTPL and Green Card
insurance account for approximately 0.072% of the total number of corresponding insurance contracts and
1.65% of the number of reported claim files.
In 2012, complaints were resolved both at the ISC headquarters in Bucharest, and at the Representative offices
in Cluj-Napoca, Iaşi, Constanţa and Timişoara.
Table 35. Structure of complaints by classes of insurance
Chart 33. Structure of complaints by region
I, Non-life insurance (1+2+3+4)
1 CASCO
Compulsory MTPL and Green
2
Card
Insurance against fire and
3
other damage to property
4 Other non-life insurance
II Life insurance
Total non-life and
life insurance (I + II)
Constanța - 6.64%
492
Cluj - 12.69%
940
Timișoara - 13.72%
1,016
Iași - 10.91%
808
București - 56.03%
4,149
The geographical distribution of the number of complaints registered, reviewed and resolved in 2012 shows
that Bucharest accounted for 56.03% of total, while Cluj,
Iași and Timișoara accounted for similar percentages
ranging between 10.91% and 13.72% of total. The Representative Office in Constanţa reported 492 complaints,
which accounted for 6.64% of total.
Structure of complaints filed in 2012
Non-payment of claims/surrenders was the subject matter of the majority of complaints in 2012 – 6,951 complaints, i.e. 93.87% of total complaints filed. The subject
of other complaints was miscommunication between
policyholders or injured persons and claims officers, and
requests for the recalculation of indemnities payable.
The Insurance Supervisory Commission requested the
insurance undertakings subject to the complaints to
review the claim files, to recalculate indemnities in accordance with the applicable legal and/or contractual
provisions or to reassign the reported events to the appropriate risk category covered by voluntary insurance.
In order to protect the interest of the policyholders or
injured persons who filed complaints, the Insurance Supervisory Commission has organised several meetings
with the representatives of insurance undertakings with
a view to review and resolve the complaints out of court.
There were 7,324 complaints filed with respect to
non-life insurance, which accounted for 98.91% of the
total number of complaints.
Complaints with regard to MTPL and Green Card insurance accounted for 65.89% of total complaints filed with
regard to non-life insurance in 2012. According to the data
60
Substantiated
complaints filed
in 2012
% of Total
on-life and life
n
insurance (I + II)
7,324
1,766
98.91%
23.85%
4,879
65.89%
587
7.93%
92
81
1.24%
1.09%
7,405
100.00%
The Insurance Supervisory Commission’s complaints handling process was based on the review of the supporting
documents submitted by insurance undertakings, the
review of the claim files subject to the complaints and
the explanatory notes submitted by insurance undertakings with a view to ensure that insurance undertakings
have observed the applicable legal and contractual provisions.
More than 99% of the substantiated complaints were
filed against insurance undertakings, and 0.93% of them
were filed against insurance brokers.
Table 36. Insurance undertakings with the highest number
of substantiated complaints
Insurance
Number of
undertaking/
complaints filed in
insurance broker
2012
1
ASTRA SA
2,357
2
EUROINS SA
1,517
3
OMNIASIG VIG SA
1,376
4
ASIROM VIG SA
921
5
CARPATICA ASIG SA
362
6
UNIQA Asigurări SA
263
7
CITY INSURANCE SA
126
8
GENERALI ROMANIA SA
113
9
GROUPAMA SA
109
10 ALLIANZ –ȚIRIAC SA
87
Other insurance undertakings/
174
insurance brokers
TOTAL
7,405
No.
% from TOTAL
2012
31.83
20.49
18.58
12.44
4.89
3.55
1.70
1.53
1.47
1.17
2.35
100.00
The complaints filed against ASTRA SA (31.83%), EUROINS SA (20.49%) OMNIASIG VIG SA (18.58%) and
ASIROM VIG SA (12.44%) accounted for 83.34 % of the
7,405 complaints registered with the Insurance Supervisory Commission in 2012. These complaints accounted
for a percentage ranging between 0.04% and 0.06% of
the insurance contracts entered into by the aforemenwww.csa - isc.ro
Annual Report 2012
tioned insurance undertakings and for a percentage
ranging between 0.71% and 2.89% of reported claim
files.
3.2. The Guarantee Fund. Protection of creditors in
bankrupt insurance undertakings
For complaints resolution purposes, the Insurance Supervisory Commission has organised meetings with the
representatives of insurance undertakings (CARPATICA
ASIG SA, EUROINS SA, ASTRA SA, ASIROM SA, OMNIASIG
VIG SA, etc.), where some of the complaints were resolved, while others required further analysis, in accordance with the applicable legal/contractual provisions.
The role of the Guarantee Fund is to settle the liabilities
of the insurance undertakings subject to bankruptcy
proceedings, liabilities arising from the compulsory and
voluntary insurance contracts entered into by such undertakings.
The findings of the analyses and reviews were used in
a number of surprise visits conducted by the Insurance
Supervisory Commission at the premises of insurance
undertakings and brokers subject to the complaints.
In order to ensure policyholder protection, the Insurance Supervisory Commission Council decided in
the meeting of 6 June 2012 on a number of sanctions
against the significant persons of five insurance undertakings with a high number of complaints, mostly in relation to MTPL insurance policies. ASTRA SA, EUROINS
SA, ASIROM VIG SA, OMNIASIG VIG SA and CARPATICA
ASIG SA. are the five insurance undertakings sanctioned
pursuant to the provisions laid down in art. 39 para. 3 of
Law no. 32/2000.
In the course of 2012, the Insurance Supervisory Commission also reviewed 962 requests filed by repair shops,
and favourably resolved 720 requests, i.e. 74.84% of total.
In order to protect the rights of policyholders and to
promote stability of the Romanian insurance market, the
Insurance Supervisory Commission has amended and
supplemented the Norms concerning the handling of
complaints lodged against insurance undertakings, reinsurance undertakings and insurance and/or reinsurance
brokers, implemented by ISC Order no. 3/2010, by issuing the Norms concerning the handling of complaints
lodged against insurance undertakings and insurance
intermediaries, implemented by ISC Order no. 11/2012.
The provisions of this order were aimed at imposing
some requirements for insurance undertakings for the
timely and appropriate resolution of the complaints filed
directly with insurers or indirectly, through with the Insurance Supervisory Commission:
“Electronic complaints registry”- the clear definition
of the registry sections, for consistency purposes;
The documents which insurance undertakings should
submit at the ISC’s request;
Amendments to the quarterly report “Complaints Status” for enhanced insurer compliance with ISC Norms;
The requirement for insurers to post on their own websites information concerning the number of complaints
received (total number, substantiated complaints, complaints resolved against the complainants, etc.), with a
view to ensure a more transparent complaints handling
procedure.
The Guarantee Fund’s legal liability as specialised department of the Insurance Supervisory Commission
is based on the principle of policyholder protection in
bankruptcy.
The persons entitled to compensation paid by the Guarantee Fund under art. 9 of Law no. 136/1995 on insurance and reinsurance in Romania, as amended and supplemented: policyholders, beneficiaries or injured third
parties.
The persons who claim compensation are required to
prove the validity of the relevant insurance contracts as
well as the payment of insurance premiums under the
terms and conditions of applicable insurance contracts.
Law no. 503/2004 on the financial recovery and bankruptcy of insurance undertakings constitutes the applicable legal framework. This law comprises applicable
proceedings in case of insolvency, on the one hand, and
administrative proceedings concerning the settlement
of indemnity/compensation payments arising from the
compulsory and voluntary insurance contracts concluded by the insurance undertakings subject to insolvency
proceedings.
As regards insolvency proceedings, Law no. 503/2004
sets forth some norms which apply, by way of derogation from the bankruptcy law, to the liquidator’s duties
– i.e. the duties of the Guarantee Fund – and the priority
ranking and settlement of liabilities – insurance creditors
ranking first.
As far as administrative proceedings are concerned, the
provisions laid down in Law no. 503/2004 are supplemented by the Norms concerning the Guarantee Fund,
as implemented by Order no. 10/2009, and focus on two
main aspects: the conditions under which payments of
compensation are made by the Fund and the manner in
which the Fund may recover such amounts.
According to art. 13 of the Norms, the specialised ISC
department – the Guarantee Fund - reviews the claim
files and insurance claims registered, having due regard
to the applicable legal provisions and the specific terms
and conditions of the relevant insurance contracts.
Following the recommendation of the designated commission, whose duties are established in the legal provisions in force, the Guarantee Fund issues a decision to
approve or reject, as appropriate, the amount of compensation; such decisions are subject to appeal filed with
the Bucharest Court of Appeal – 8th Department – Administrative and Fiscal Disputes.
61
SC Metropol CIAR SA – RON 31,962;
3.2.1. The revenues of the Guarantee Fund
The revenues of the Guarantee Fund arise from:
the amounts paid by insurance undertakings as contribution;
the amounts paid by insurance undertakings as penalties for late payments of contribution owed;
amounts resulting from investments and other
amounts, in accordance with the law
In 2012, insurance undertakings paid the following
contributions:
for life insurance – 0.3%;
for non-life insurance – 0.8%.
The revenue of the Guarantee Fund in the financial year
2012 amounted to RON 105,091,918 – 4.86% more than
the RON 100,224,496 reported in 2011.
The expenditure of the Guarantee Fund amounted to
RON 8,628,778, of which RON 8,308,667 in current expenditure and RON 320,111 capital expenditure.
Table 37. The Guarantee Fund budget execution in 2012
Item
Estimate
RON
Actual
I. Total revenue (1+2)
99,200,000
105,091,918
1. Contributions
56,800,000
57,900,976
life
5,300,000
5,218,802
non-life
51,500,000
52,682,174
42,400,000
47,190,942
2. Financial revenue
life
7,100,000
7,248,597
non-life
35,300,000
39,942,345
II. Total expenditure (A+B)
37,200,000
8,628,778
A. Current expenditure (1+2), of which:
11,283,000
8,308,667
1. Payroll
4,616,580
3,980,004
2. Supplies and services, of which:
6,666,420
4,328,663
supplies
3,193,300
3,072,726
compensations
3,473,120
1,255,937
B. Capital expenditure
25,917,000
320,111
3.2.2. The activity of the Guarantee Fund
In 2012, the activity of the Guarantee Fund focused on the
settlement of the liabilities of insurance undertakings arising from insolvency proceedings on the one hand, and on
litigations pending court resolution, where the Fund acted as respondent, plaintiff or creditor, on the other hand.
In the period under review, the designated commission
established pursuant to the provisions laid down in art.
23 of Law no. 503/2004 on the financial recovery and
bankruptcy of insurance undertakings had 12 meetings
in order to review and approve insurance creditor lists,
in accordance with the provisions laid down in art. 15,
para. 3 of the Norms concerning the Guarantee Fund, in
conjunction with art. 24 of Law no. 503/2004.
The specialised directorates of the Guarantee Fund reviewed 1,200 claim files, and total compensation paid
amounted to RON 1,255,937, as follows:
62
SC Grupul de Asigurări Român Grup AS SA – RON
260,344;
SC SAR Euroasig S.A. – RON 84,080;
SC Delta Addendum Asigurări Generale SA – RON
867,757;
SC Croma SA – RON 11,794.
In 2012, the Guarantee Fund received 129 requests for
payment, of which 124 were resolved in favour of the insurance creditors, while the rest are pending resolution,
the plaintiffs having to supplement the documentation
submitted, or the requests for payment have been rejected in accordance with the provisions laid down in art. 24
para. (5) of Law no. 503/2004.
In accordance with the provisions laid down in art. 24
para. 5 of Law no. 503/2004 on the financial recovery and
bankruptcy of insurance undertakings, the Guarantee
Fund issued 29 decisions to reject requests for payment
on the following grounds: non-compliance with the provisions laid down in the relevant insurance contracts, the
amount requested was not an insurance claim in accordance with the provisions laid down in Law no. 503/2004,
the amounts requested have already been paid by insurance undertakings or policyholders (in the case of repair
shops), the lack of supporting documents.
In 2012, the Guarantee Fund notified 1,027 insurance
creditors, whose identification data was found in the
technical and operational records of insurance undertakings subject to insolvency proceedings, under art. 23,
para. 1 of Law no. 503/2004, in order for the latter to file
requests for compensation and supporting documents.
33 litigation cases were pending court resolution in 2012,
of which 19 cases had as subject matter the annulment
in part or in full of some decisions issued by the Fund
manager; 5 cases had as subject matter the bankruptcy
of insurance undertakings; 1 case had as subject matter
the liability of the managers and executive officers of SC
Grupul de Asigurari Român Grup As SA, 6 were commercial litigation cases and 2 cases fell under the provisions
of criminal law.
The above mentioned litigations involved various interpretations of the applicable legal provisions concerning:
the capacity of the Guarantee Fund, the settlement of
compensation, civil liability, payment by the Fund of the
legal fees paid by the parties who won the cases against
bankrupt insurers, the legal requirements and limitations
applicable to payments of compensation by the Fund.
According to the legal provisions in force, the Guarantee Fund is entitled to the bankruptcy estate at any time
during bankruptcy procedure, in amounts equal with
any sums, interests and/or expenses settled; thus, the
Fund is subrogated to the rights of insurance creditors
for amounts equal to any sums settled.
Consequently, in the case of insurance undertakings subject to insolvency proceedings, for which compensation
www.csa - isc.ro
Annual Report 2012
was paid by the Guarantee Fund in 2012, 21 insurance
claims were attached to court files. All these claims were
accepted by the bankruptcy judge, in accordance with
the provisions laid down in art. 27 of Law no. 503/2004.
Two meetings took place in 2012 between the representatives of insurance guarantee schemes and the
representatives of supervisory authorities in EU Member States. The meetings were organised in London and
Berlin and were aimed at a potential new directive and
the objectives thereof. Currently, there is no harmonisation of national legislations in the field of insurance
guarantee schemes, which has a negative impact on the
fair and equal treatment of consumers, given that the requirements, and the minimum and maximum amounts
of compensation are different in various EU countries.
Discussions mainly focused on issues such as: the role of
guarantee schemes, the minimum amount of compensation, financial resources, contribution collection, compensation settlement. Participating countries delivered
presentations on their own national regulations.
3.3. Street Victims Protection Fund
The Street Victims Protection Fund (FPVS) is a legal entity incorporated as a professional association of all insurance undertakings authorised to write compulsory
MTPL insurance in Romania, pursuant to art. 251 of Law
no. 32/2000 on insurance undertakings and insurance
supervision, as amended and supplemented.
According to the provisions of the legislation in force,
FPVS has three main duties, in line with the European Directives on MTPL:
claims settlement body for persons injured in vehicle
accidents, in case of risks not covered by MTPL insurance or in case of accidents caused by unidentified persons;
information centre;
compensation body.
The legal provisions applicable in 2012:
in the case of accidents occurred between 01 January – 31 December 2012 – the Norms concerning the
Street Victims Protection Fund, as implemented by ISC
Order no. 1/2008, as amended and supplemented as of
08 October 2008 by ISC Order no.13/2008.
3.3.1. Activity and public disclosure
The Managing Committee has prepared and convened
the General Meetings of April and December 2012 and
requested consultation from the General Meeting on 06
November 2012.
In the meeting of 05 April 2011, the FPVS General Meeting approved the Managing Committee’s Report for 2011
and the financial statements for the financial year 2011.
On 06 November 2012, pursuant to the provisions laid
down in art. 36 para. (2) of the Norms concerning the
Street Victims Protection Fund, implemented by Order
no. 1/2008 of the President of the Insurance Supervisory
Commission, the Managing Committee requested consultation from the FPVS General Meeting with regard to
establishing contribution to the Fund at 1% of the MTPL
premiums earned as of 01 January 2013.
This action proved that the Fund has in place adequate
self-regulating capabilities. The purpose of the action
was to reduce budget deficit in 2013 and establish the
Fund as a going concern.
In the meeting of 04 December 2012, the FPVS General
Meeting approved the Revenue and Expenditure Budget
for 2013, mandated the Managing Committee to negotiate and sign the Fund’s reinsurance contract for 2013
and also appointed one new member of the Managing
Committee.
In 2012, the FPVS Managing Committee had 7 meetings.
The Chairman of the Managing Committee requested
consultation from the Committee with regard to 10 situations which required emergency resolutions. The Managing Committee was convened or consulted whenever
required to enforce the resolutions of the General Meeting.
The FPVS Managing Committee adopted the following
resolutions and carried out the following actions, among
others:
The preparation of the annual report, the budget execution report, the 2011 financial statements, the preparation of the 2013 budget for approval by the General
Meeting;
Organisation of the General Meeting to appoint a new
member of the Managing Committee for the remaining
time of the mandate, that is until January 2015;
Request for the consultation of the General Meeting to
establish contribution to the Fund at 1% of MTPL premiums earned starting 01 January 2013;
Signing the Fund’s excess of loss reinsurance contract
for 2013.
Another significant aspect of the activities conducted
by the FPVS Managing Committee in 2012 focused on
building awareness of the policyholders with respect
to the rights to which they are entitled. Thus, the Fund
continued the campaign started in 2008 with the support of the Insurance Supervisory Commission and the
Road Traffic Police. The campaign was aimed at informing Romanian citizens of their right to compensation in
the event of accidents caused by unidentified vehicles or
by vehicles with no MTPL coverage. The campaign featured a new poster and brochure under the slogan “Do
you know what to do if you’re involved in an accident?”
both prepared by FPVS and the Road Traffic Police. The
campaign was part of a larger-scale action carried out by
the Romanian Road Traffic Police entitled “Choose life!”
Marketing materials, brochures and posters were distributed nation-wide with the help of the Romanian Road
63
Traffic Police and Fund members, directly to persons entitled to compensation from the Fund.
In 2012, the Managing Committee approved the participation of the representatives of the Fund in the following
conferences and seminars:
the National Conference of Motor Insurers, Kishinev,
Republic of Moldova, 02 April 2011;
posits accounted for 12.70% of total investments, while
investments in government securities accounted for
86.95%.
As of 2012 year-end, the Fund’s financial resources
amounted to RON 83,978,129.38 denominated in lei and
foreign currency and were held with 9 commercial banks
as follows:
the Motor Insurance Day - FIAR –15th Edition – Sinaia,
22 May 2012;
RON 73,016,483.76 in government securities;
AVUS workshop on the applicable law, theory and
practice of claims adjustment in Italy and France –
Rome, Italy, September 2012;
RON 289,675.11 in current accounts.
RON 10,671,970.51 in term and savings deposits;
the National Conference of Motor Insurers, the Parliament Palace – Bucharest, 03 October 2012;
The return on the investments made by FPVS amounted
to RON 4,711,480 and accounted for 14.1% of total 2012
expenditure. Recoveries amounted to RON 4,412,016
and accounted for 13.2% of total expenditure.
IETL Conference - 13th European Traffic Law Days –
Luxembourg, 11-12 October 2012;
As of 2012 year-end, the Fund reported cash on hand in
the amount of RON 2,787.70.
The Annual Conference of EU Compensation Bodies
and Guarantee Funds – Vienna, Austria, 09 November
2012.
The financial resources of the Fund as of 2012 year-end
plus the excess of loss reinsurance coverage are sufficient to ensure the protection of injured persons, as well
as confidence on the part of the other similar Funds established in Member States of the European Economic
Area and Switzerland with regard to the ability of FPVS
to fulfil all its duties and obligations.
3.3.2. FPVS budget execution
The FPVS budget for 2012 was established having in view
the Fund’s obligation to continue the discharge of the
duties conferred upon it under the national law, namely
its duties as Claims Settlement Body (Guarantee Fund –
the name provided in European Directives), Information
Centre and Compensation Body, pursuant to Order no.
1/2008 and no. 13/2008 of the President of the Insurance
Supervisory Commission, in line with relevant European
Directives.
In 2012, the Fund reported total revenue of RON
10,629,565, - RON 4,914,565 (86%) more than the approved estimate for 2012. Total expenditure amounted to
RON 33,363,680 - RON 11,663,080 (53.7%) more than the
approved estimate.
Actual expenditure items were lower than the estimates
approved in the 2012 budget, except for compensations paid, which exceeded the estimated figure by RON
13,743,404 (85.8%).
One of the main concerns of the Managing Committee
was to review on a regular basis the financial resources
of the Fund and decide on the appropriate investment
criteria and measures for prudential purposes. The Managing Committee was permanently focused on the mitigation of investment risk through diversification, so that
investments were made in accounts opened with various
banks as well as in other types of instruments, in accordance with the law. The Managing Committee also decided to invest most of the Fund’s financial resources in
government securities, having in view the fact that such
instruments are low-risk investments.
Thus, in the course of 2012, investments in Government
securities accounted for more than 80% of total Fund resources. By the end of the year, investments in term de-
64
In the context of a difficult year for the Romanian economy in general and for the FPVS members in particular,
the Managing Committee decided to implement costcontainment measures, focusing mainly on current expenditure.
In 2012 the Fund had the same number of employees as
in 2011 – i.e. 13. All human resources decisions, including
personnel recruitment and retention, are made and approved by the FPVS Managing Committee.
3.3.3. The international activity of the
FPVS Managing Committee
In 2012, Romania was the representative of the SouthEast European Region (comprising Bulgaria, Cyprus,
Greece and Romania) in the Coordination Committee for
the 4th European Motor Insurance Directive. Romania
had renewed its tenure at the end of 2011, when it was
unanimously nominated and elected by all the countries
in the region for another 3-year mandate (2011-2014).
In this capacity, Romania represented the South-East European Region in the two annual meetings of the Coordination Committee held in Brussels at the Secretariat of
the Council of Bureaux (CoB) and in Vienna, Austria.
In 2012, Vienna hosted the Annual Conference of EU
Compensation Bodies and Guarantee Funds, where a Romanian FPVS delegation also participated.
In 2012, FPVS - as representative of Romania - attended
the meetings of the Bona Fide Working Group – the second mixed CoB Working Group, comprising both representatives of the Green Card System and representatives
of the Bodies set up under the Motor Insurance Direcwww.csa - isc.ro
Annual Report 2012
tives; the meetings took place at the CoB Secretariat on
11 January 2012 and 14 March 2012.
FPVS was also involved in the activities of the Compensation Bodies and Guarantee Funds Working Group - the
only Working Group in the Motor Insurance European Directives System. Romania is part of this Group together
with the representatives of France, Germany, Italy, the
Netherlands, Luxembourg and Poland. On 25 January
2012, 13 June 2012 and 18 December 2012, Romania attended the meetings of the Working Group which took
place at the venues of the CoB Secretariat in Brussels –
which is also the Secretariat of the Coordination Committee and of the Working Group on Motor Insurance
European Directives.
3.3.4. Activity as claims settlement body
A. Claims reported
1,037 claims were reported to FPVS in 2012, of which 19
for accidents caused by unidentified vehicles and 1,018
for accidents caused by vehicles not covered by MTPL insurance. As regards the type of injured person, 947 claims
were reported by natural persons and 90 claims were reported by legal persons. As regards the type of compensation requested, 439 claims referred to damage to property
and 598 claims referred to personal injury or death.
By comparison with 2011, the total number of claims reported has gone up by 3.7%. Nevertheless, the growth
rate has slightly slowed down compared with 2011,
when the number of new claims reported had gone up
by over 16% versus 2010.
Claims reported for damage to property went down by
almost 8% in 2012.
The fastest growth rate was reported for personal injury
or death, where 70 more claims were reported – i.e. 13.25
more than in 2011.
Mention should be made of the claims reported to the
Fund arising from accidents in Romania caused by vehicles not covered by MTPL/Green Card insurance, apparently registered abroad, in the case of which the International Green Card Bureau of the country where the
vehicle apparently had its usual place of establishment
requested application of the provisions set forth in art.
11.2 of the Internal Regulations (International Green
Card Agreement).
In these instances, when at the date of the accident, the
vehicle which caused the accident was not covered by
MTPL/Green Card insurance and no longer had its usual
place of establishment in other countries signatories
of the Multilateral Agreement, the respective vehicle is
deemed not covered by the National Green Card Bureau
of the country where the vehicle apparently had its usual
place of establishment. Pursuant to art. 4, para.1, point a)
of ISC Order no. 1/2008, such vehicles may be treated as
uninsured vehicles having their usual place of establishment in Romania.
FPVS, in its capacity of Claims Settlement Body, is required to secure claims settlement for third parties injured in accidents occurred in Romania and caused by
such uninsured vehicles, which are virtually not registered.
In 2012, an alarming number of 132 such cases were reported, versus only 65 cases reported in 2011.
B. Claims settled
In 2012, FPVS paid out claims amounting to a total of
RON 29,420,896 to 800 persons; 1 claim file was reported
in 2007, 34 in 2008, 311 in 2009, 135 in 2010, 312 in 2011
and 287 in 2012.
The average claim paid out by FPVS in 2012 has reached
RON 36,776 from RON 22,889 in 2011.
Chart 34. Claims paid out by FPVS by type of loss in the
period 2008-2012
35,000,000
30,000,000
Claims paid out for personal injury or death
Claims paid out for damage to property
26,469,585
25,000,000
20,000,000
15,000,000
9,368,406
10,000,000
3,199,572
5,000,000
0
280,715
1,369,736
2008
1,094,467
2,078,355
3,367,532
3,540,976
2,951,331
2009
2010
2011
2012
Table 38. Number of claims reported by FPVS in the period 2007-2012
a. type of loss
damage to property
personal injury or death
damage to property and personal injury or death
total
b. type of vehicle which caused the accident
vehicle not covered by MTPL insurance
unidentified vehicle
total
2007
2008
2009
2010
2011
2012
140
328
440
525
472
439
5
55
168
335
528
598
145
383
608
860
1000
1,037
2007
2008
2009
2010
2011
2012
143
370
603
846
990
1,018
2
13
5
14
10
19
145
383
608
860
1000
1,037
65
This evolution was caused by rising claims paid for personal injury or death on the Romanian insurance market
as a whole.
Chart 35. Average compensation paid out by FPVS in the
period 2007-2012
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Average compensation paid out (RON)
36,776
22,889
16,017
10,717
10,437
2008
2009
2010
2011
2012
In the Fund’s opinion, rising compensation is caused by
several trends and events on the Romanian insurance
market. We have noticed that courts of law request the
payment of increasing amounts of moral damages by
the persons who caused personal injury or death and
thus, directly involve FPVS in the payment of significantly higher amounts of claims, in its capacity of guarantor. The same is to be noticed in the case of insured
persons who cause accidents resulting in personal injury
or death, where claims are eventually paid out by MTPL
insurers.
Consequently, FPVS decided to review all the court judgments issued in favour of awarding moral damages, to
the purpose of engaging the Fund in the proactive adjustment of the claims reported for injury or death, with
a view to cut down on claim settlement time through
amicable arrangements.
The procedure of amicable claim adjustment has advantage both for injured persons, through reduced claims
handling and settlement time and for the Fund, through
the avoidance of a significant number of court judgments.
C. Claims reserves
With respect to claims reserves, the legal provisions in
force do not require that the Fund should set up claims
reserves. Nevertheless, the Fund has calculated a reported but not settled claims reserve similar to that reported
by insurance undertakings, save for the incurred but not
reported claims reserve.
As of 2012 year-end, FPVS had 855 unsettled claim files,
for which claims reserves had been set up, versus 797 unsettled claim files at the end of 2011.
The 855 unsettled claim files as of 31.12.2012 were covered by claims reserves amounting to a total of RON
42,500,000 versus RON 26,360,000 as of 31.12.2011 for a
number of 797 unsettled claim files.
66
Claims reserves as of 31.12.2011
No. of Claims reserve
claim files
(RON)
Natural persons
763
26.000.000
Legal persons
34
360.000
Total*
797
26.360.000
Claims reserves as of 31.12.2012
No. of Claims reserve
claim files
(RON)
Natural persons
827
41.700.000
Legal persons
28
800.000
Total**
855
42.500.000
*total claim files/claims reserves as of 31.12.2011
797 of which 597 subject to legal actions/pending settlement
7,038
2007
Table 39. Claims reserves set up byFPVS
**total claim files/claims reserves as of 31.12.2012
855 of which 825 subject to legal actions/pending settlement
D. Recoveries
In accordance with the applicable legal provisions, following claims settlement, FPVS is entitled to recover all
the claims paid, associated expenses and interest from
the persons at fault. In 2012, the Fund recovered RON
4,043,348. In the course of the year, FPVS has filed 574 recourses, of which 469 are pending court resolution, and
94 have already been resolved in favour of FPVS and are
pending court enforcement, while in other 11 cases, the
persons who caused the damage/injury have accepted
the legal claims of the Fund and refunded the amounts
owed.
3.3.5. FPVS activity as Romanian Information
Centre
In 2012, FPVS received 8,044 inquiries, of which 7,000 inquiries by phone and 1,044 inquiries in writing. At the
same time, FPVS has processed a number of 388 inquiries
forwarded by other information centres in the European
Economic Area, so the total number of inquiries processed by the Fund reached 8,432.
The 1,044 inquiries in writing were structured as follows:
578 inquiries – the identification of the MTPL insurer
in the CEDAM database;
208 inquiries – vehicles having their usual place of establishment outside Romania;
258 inquiries – initially unidentified MTPL insurer; following receipt of further information from the Ministry
of Administration and the Interior, identification was
possible in 145 cases, 51 cases referred to non-assigned
license plates, and identification of valid MTPL insurance was impossible in the other 62 cases.
Pursuant to the activities performed by FPVS as Information Centre, the identification ratio of MTPL insurers in the
CEDAM database was 69.1% [578/(1044-208)*100=69.1%]
www.csa - isc.ro
Annual Report 2012
– vs. 67.9% in 2011, while the MTPL coverage ratio can be
estimated at 94,06% [(1,044-62)/1,044*100=94,06%] - vs.
94.57% in 2011.
In 2012, there were 20.5% more written inquiries than in
2011 and 6.30% more total inquiries.
3.3.6. FPVS activity as Compensation Body
In 2012, FPVS reported 190 files, of which:
10 files were settled by way of correspondence between MTPL insurers in Romania or through the identification of the claims representative or MTPL insurer
and through adequate guidance provided to injured
persons, directly or through other Compensation Bodies in EEA, etc.;
180 open files, of which:
13 claim files opened and closed through settlement
in 2012, for which the Fund awarded claims amounting to RON 45,390.74, and EUR 31,530.46. In the case
of 6 such files, FPVS recovered EUR 36,277.94, of which
the management fee accounted for EUR 5,507.34. In
the case of other 7 files, reimbursement forms have
been issued and sums will be recovered in the course
of the financial year 2013.
other 9 claim files reported in the period 20092011 have been settled, the Fund paying out RON
21,961.16, EUR 16,616.41 and PLN 30,391.48; by the
end of 2012, the Fund recovered in respect of these
files RON 33,152.20 and EUR 15,095.07, of which the
management fee accounted for EUR 400.
167 pro-forma files - opened at the request of injured persons/complainants for events where the
MTPL insurer, or the claims representative thereof,
respectively, paid out no claims and failed to issue a
substantiated response within 90 days from receipt of
initial request, but which, following the intervention
of the Fund, as Compensation Body, were handled/
settled by the same MTPL insurer, or the claims representative thereof, respectively, within 60 days from
the intervention of the Fund, either through payment
of claims or through the sending of a substantiated
response to the respective injured persons/complainants).
In 2012, FPVS received 62 requests for assistance from
other Compensation Bodies in the European Economic
Area.
67
Chapter 4
Professional insurance training
4.1. Insurance Management Institute – IMI
In 2009, the Insurance Supervisory Commission founded
the Insurance Management Institute (IMI) with the aim of
improving the quality of insurance professional training.
IMI has as main objectives the professional education, training and development of the persons employed in the insurance sector, as well as the certification and coordination of
the professional qualification of the persons who seek employment in the insurance sector, in related business areas
or in other similar sectors.
Established as a foundation, the Insurance Management Institute has gained further recognition with the approval by
the Parliament of Emergency Government Ordinance no.
117/2007 amending Law no. 32/2000, which sets out the
duty of the ISC Council to establish and coordinate the Insurance Management Institute.
The organisational structure of the Insurance Management
Institute currently comprises the following:
The Centre for the certification of ongoing training and
professional specialisation for intermediaries in the insurance sector and other related sectors;
The Centre for training and professional specialisation in
insurance, related business undertakings and other similar sectors;
The Centre for management training; The Centre for scientific research, documentation and publishing for the
insurance sector and other similar sectors.
According to its Statute, the Insurance Management Institute is headed by a Board of Directors, comprising two
members and a Chairman.
IMI’s headquarters are located in Bucharest, 2 Steluței St.,
district 1.
4.2. Coordinated professional insurance training
Education
In 2012, IMI’s core objective was aimed at ensuring the
framework for coordinated professional training in the field
of insurance, the certification of the persons who have completed training courses and the organisation of advanced
professional programmes to meet the training needs of the
persons employed in the insurance sector.
To this end, the Insurance Management Institute:
has contributed to the amendment and supplementation of the ISC norms concerning professional insurance
training;
has taken the necessary steps for the amendment of the
multiple choice tests used in the training programme “Mo-
68
tor insurance claims reporting, handling and settlement”;
has completed the design of the IT programme used to
generate the tests used for the examination of the persons who seek to be awarded IMI certificates;
has implemented a new IT platform for handling the
data of the persons who participate in the examinations;
has reviewed the files subject to approval by the Surveillance Committee for the:
authorisation of 5 insurance education providers;
certification of 33 trainers
has approved two e-learning platforms;
has joined the Network of Competent Authorities for
Professional Qualification in Romania” (IMI PQ NET Romania), a strategic project implemented by the Ministry of
Education, Research, Youth and Sports together with the
National Authority for Professional Qualification and the
“Institute for Social Policies” and participated in 3 workshops and a conference
The representatives of the Insurance Management Institute
who are members of the IMI PQNET task force have been
involved in the process of identifying and designing action
plans for the review and revision of qualifications in relation with ongoing professional training, together with the
external experts of the National Authority for Professional
Qualifications and the Ministry.
Training courses
In order to meet the specialised training requirements of
the persons employed in insurance undertakings and insurance brokers who are in charge of the enforcement and
compliance of anti-money laundering and terrorist financing provisions, the Insurance Management Institute has organised:
4 specialised training courses on the Prevention and
control of money laundering and terrorist financing (target group: insurance undertakings and insurance brokers)
with a total of 181 participants;
2 free-of-charge workshops organised in cooperation
with the National Office for the Prevention and Control of
Money Laundering aimed at ensuring the ongoing professional training of the persons in charge of anti-money
laundering duties employed by insurance undertakings,
with a total of 83 participating compliance officers.
Examination sessions
With a view to certify the professional training of the persons who attended the qualification or ongoing training
courses organised by one of the Education services providers authorised by the Insurance Supervisory Commission,
www.csa - isc.ro
Annual Report 2012
Table 40. Examination sessions organised by IMI in 2012
Bucharest Cluj Napoca Timisoara
No. of examination
sessions
Share in total (%)
Tg. Mures
Constanta
Iasi
Ploiesti
Craiova
Total/type of
examination
198
81
80
49
59
86
2
1
556
35.61
14.57
14.39
8.82
10.61
15.47
0.35
0.18
100
the Insurance Management Institute has organised 556
nation-wide examination sessions.
17,581 were examined in 2012, of which 16,306 were
awarded certificates, i.e. a graduation rate of 92.75%.
Table 42. Certificates awarded by IMI in 2012
Type of examination
The professional qualification of insurance intermediaries
The professional qualification of the executive officers of insurance and/or reinsurance brokers
The ongoing professional training of insurance intermediaries
The ongoing professional training of the executive
officers of insurance and/or reinsurance brokers
TOTAL
No. of persons
certified
3,988
154
11,724
440
16,306
4.3. National EU-financed professional training
programmes
On 1 January 2011, IMI started the implementation of the
National professional training programme for insurance experts and intermediaries, a programme financed by the European Social Fund through the Sectoral Operational Programme for Human Resources Development. The project’s
target consists of persons who work in the insurance market, insurance undertakings, brokers, and authorised natural person agents.
The objective of the project is to contribute - through stateof-the-art technology and organisational solutions – to
the professional development of almost 8,300 insurance
experts, thus improving the quality of the services provided and the people’s personal ability to adjust to the ever
changing conditions of the economic environment.
IMI’s partners in the project are professional associations in
the insurance sector and higher-education institutions.
Together with insurance experts – trainers certified by ISC
– IMI has prepared 6 course materials for the programmes
provided within the project:
Motor insurance claims reporting, handling and settlement;
Accounting regulations and financial reporting standards – for insurance brokers;
Negotiation and sales techniques;
Insurance fundamentals; insurance contracts;
Legislation, consumer protection, environment protection;
Risk management – Specific risks, assessment, regulations Module – for insurance brokers.
By the end of 2011, IMI had delivered 107 courses attended
by 2,828 persons employed with insurance and reinsurance
undertakings and intermediaries (brokers and agents), as
follows:
52 courses – Negotiation and sales techniques
38 courses – Insurance fundamentals
1 courses – Risk management for insurance brokers
1 courses – Reviews, tools and the preparation of financial statements
8 courses - Motor insurance claims adjustment
6 courses – Non-motor insurance claims adjustment
1 courses – Health insurance.
The graduation rate was 98.19%, as 2,777 persons graduated the courses out of a total of 2,828 participants.
69
Part III
Annexes
ANNEX 1
Gross written premiums by classes of non-life insurance (RON)
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
Insurance Undertaking
TOTAL
Gross
written
premiums
17,656,706
0
0
806,647,922
1,388,851
512,366,693
50,958,059
1,107,387,211
1,688,418
0
0
Insurance classes
I.
II.
ABC ASIGURARI - REASIGURARI SA
531,428
AEGON ASIGURARI DE VIATA SA
ALICO ASIGURARI ROMANIA SA
ALLIANZ - TIRIAC ASIGURARI SA
5,767,083
ASIGURARE REASIGURARE ASIMED SA
-3,293
ASIROM VIENNA INSURANCE GROUP SA
4,612,915
ASITO KAPITAL SA
1,154,167
ASTRA SA
170,609,410
ATE INSURANCE ROMANIA SA
563
METROPOLITAN LIFE ASIGURARI SA (former AVIVA)
AXA LIFE INSURANCE SA
BCR ASIGURARI DE VIATA VIENNA INSURANCE
0
GROUP SA
BRD ASIGURARI DE VIATA SA
0
CARPATICA ASIG SA
247,299,331
1,411,455
CERTASIG - SOCIETATE DE ASIGURARE
43,934,487
242,954
REASIGURARE SA
CHARTIS ROMANIA SA **
89,222
8,728
CITY INSURANCE SA
263,789,975
387,272
CREDIT EUROPE ASIGURARI - REASIGURARI SA
41,855,209
14,402,993
EFG EUROLIFE ASIGURARI DE VIATA SA
0
0
EFG EUROLIFE ASIGURARI GENERALE SA
6,993,552
348,676
ERGO ASIGURARI DE VIATA SA
0
0
EUREKO ASIGURARI SA
11,270,994
675,218
EUROINS ROMANIA ASIGURARE REASIGURARE SA
444,732,579
721,901
EXIM ROMANIA SA
22,083,347
76,753
F.A.T.A. ASIGURARI SA
27,475,726
36,732
FORTE ASIGURARI REASIGURARI SA
13,716,028
152,046
GARANTA ASIGURARI SA
86,410,998
2,092,369
GENERALI ROMANIA SA
348,372,307
1,639,290
GERMAN ROMANIAN ASSURANCE SA
1,686,773
300
PLATINUM ASIGURARI REASIGURARI SA
37,958,253
551,670
GRAWE ROMANIA ASIGURARE SA
1,099,768
219,466
760,602,055
2,487,800
ING ASIGURARI DE VIATA SA
0
0
LIG Insurance SA
36,938,492
3,539
OMNIASIG VIENNA INSURANCE GROUP SA*
232,350,311
5,346,159
OMNIASIG VIG ((former BCR ASIGURARI VIG)
794,993,315
8,691,760
ONIX ASIGURARI SA
3,522,422
0
POOL-UL DE ASIGURARE P.A.I.D.
24,200,893
0
SIGNAL IDUNA ASIGURARI DE VIATA SA
0
0
UNIQA ASIGURARI DE VIATA SA
0
0
UNIQA ASIGURARI SA
504,925,921
3,515,378
Total 2012
6,454,395,818 225,684,732
Share in total 2012
TOTAL 2011
Share in total 2011
III.
IV.
V.
VI.
VII.
0
4,059,226
0
0
0
28,676
4,144,039
932,724
12,712
920,121
25,334,918
0
401,392,896
0
157,283,160
4,112,118
116,235,868
463,867
0
0
58,956
0
372,011
0
189,600
0
288,125
0
7,742,053
0
1,059
0
1,249,170
146,023
3,743,982
0
5,025,891
0
2,601,213
2,791,380
2,043,758
207,073
-684,775
-9,836,928
0
-29
0
62,975
8,495
2,998,700
0
323,715
11,687,111
1,224,800
0
0
412,084
0
2,839,301
12,195,075
0
0
0
0
0
-26,761
0
0
108,263
-13,894
17,464
143,277
0
0
0
0
0
0
10,595,776
18,186
0
0
0
253,096
0
0
34,476
0
18,390
0
21,743,085
0
3,911,830
922,130
9,051,817
115,377,403
0
6,455,029
0
331,441,053
0
43,022
0
0
0
0
-6,752
0
174,817
0
520,687
0
0
0
0
0
222,279
-756
0
1,800,433
0
0
0
297,821
0
0
13,620
15,550
86,820
0
1,240,781
0
1,568,118
0
187,521
197,621
10,205
0
1,252,495
978,674
0
86,743
0
2,394,025
0
0
9,499
0
0
111,097
110,100,893
356,078,229
0
0
0
178,959
3,711,343
0
0
0
839,100
3,962,203
0
0
0
734,889
8,503,348
0
0
0
2,973,527
18,147,717
0
0
2,584,958
44,594,699
269,746,300
1,916,682,149
0
0
5,053,043 15,339,962
0
29,396,555
2,186,140
42,547,281
100.00%
3.50%
0.69%
29.70%
6,083,943,098
47,247,617
27,995,549
1,990,961,515
0.24%
0.46%
0.66%
4,015,152 17,298,674
0.08%
22,075,744
41,020,715
100.00%
0.78%
0.46%
32.72%
0.07%
0.28%
0.36%
0.67%
6.09%
377.66%
59.29%
-3.73%
25.85%
-11.32%
33.16%
3.72%
Total 2010
6,639,733,598
58,560,333
21,226,311
2,453,009,347
4,337,375 20,333,256
23,125,689
42,284,810
Total 2009
7,241,584,322
62,929,358
24,859,868
3,330,988,688
5,566,689 21,262,074
30,160,705
40,898,248
Nominal growth rate 2012/2011
* Gross written premiums reported by Omniasig VIG in the first 4 months of 2012
** Gross written premiums reported by CHARTIS ROMANIA S.A in the first 3 months of 2012
72
www.csa - isc.ro
Annual Report 2012
I. Accident and sickness insurance (including labor accidents and
professional sickness)
II. Health insurance
III. Insurance for land vehicles (other than railway rolling stock)
IV. Insurance for railway rolling stock
V. Aircraft insurance
VI. Insurance for ships (sea, lake, river and canal vessels)
VII. Insurance of goods in transit
VIII. Insurance against fire and other natural forces
IX. Other insurance against damage to property
X. Motor liability insurance
XI. Aircraft liability insurance
XII. Liability insurance for ships (sea, lake, river and canal vessels
XIII. General liability insurance
XIV. Credit insurance
XV. Suretyship insurance
XVI. Insurance against financial loss
XVII. Insurance of legal expenses
XVIII. Touring and travel assistance insurance
Insurance classes
VIII.
IX.
X.
XI.
XII.
XIII.
XIV.
XV.
XVI.
XVII.
No.
XVIII.
2,355,695
659,847
2,450,204
0
0
3,124,392
0
3,942,547
0
0
504,691
159,133,597
49,030
80,562,690
37,324,094
223,630,653
874,977
7,431,746
0
25,112,208
0
6,430,770
109,396
174,594,972
0
227,694,154
0
412,474,490
0
379,697
0
18,879
0
18,227,811
0
0
0
0
0
1,678,024
0
28,211,002
410,390
10,532,271
4,510,156
77,580,744
8,256
-780,695
0
1,917
0
198,517
0
5,327,280
0
0
0
31,145,890
0
4,574,603
0
641,145
0
376,264
0
0
0
0
0
0
0
11,255,152
0
1,697,178
0
9,562,048
24,286
1
2
3
4
5
6
7
8
9
10
11
12
14,408,886
1,154,162
79,644
3,994,359
10,277,927
-41,541
2,288,641
0
0
756,846
238,402,877
0
0
47,704,521
0
0
330,807
0
0
0
0
6,990,318
0
0
20,095
1,789,288
3,655,600
93,070
179,737,694
824,957
-1,094,694
0
0
0
2,039,041
122,628
12,834,507
0
26,437,594
0
0
0
-74,147
0
0
0
0
0
0
0
6,499,635
0
0
0
0
129,440
15,801
0
0
0
0
21,955,896
1,377,888
5,287,851
3,443,202
13,461,945
96,961,352
0
4,245,336
697,802
115,563,923
0
2,117,846
0
17,992,888
532,688
289,077
35,109,947
0
5,874,245
161,258
31,080,345
0
390,487,458
0
138,446
0
2,761
66,991,572
0
262,758
0
201,022,486
0
0
0
0
0
33,693
-1,200
0
1,021,016
0
0
0
0
0
0
0
0
0
0
50,558
0
26,379
0
3,897,398
348,910
97,774
202,400
493,285
15,661,511
0
3,629,685
17,029
8,341,064
0
75,844
486,293
0
0
57,498,183
-26,211
0
655
0
58,081,685
0
1,057,856
19,568,332
0
8,449,942
26,740
2,248,887
0
12,194,598
0
46,065
0
50,491
27,550
0
0
1,717,708
269,053
561,035
43,593
0
2,659,798
0
0
0
0
0
0
0
0
4,169
0
18,311
2,759,189
194,677
-4,179
2,671,770
701,412
13
14
15
16
17
18
19
0 20
0
2,078,254
0
0
0
0
13,082,717
1,125,438
287,691
4,213
5,331,926
21
22
23
24
25
26
27
28
29
30
31
32
33
232,284
0
0
0
0
15,026,258
0
21,565,314
0
0
0 34
39,673,773
1,351,531
57,984,922
665,550
1,369,388
9,247,939
-23,217
141,920
350,860
0
1,414,118 35
156,928,595
0
24,200,893
24,053,687
0
0
155,830,341
0
0
746,390
0
0
4,142,191
0
0
43,739,503
0
0
37,635
0
0
3,626,568
3,522,422
0
923,038
0
0
0
0
0
0
161,001,415
161,311,425 2,137,043,377
0
21,422,643
0
14,276,953
9,039,362
420,349,378
-82
116,510,672
0
152,259,090
0
12,120,991
0
22,480
5,861,268 36
0 37
0 38
39
40
0 41
58,551,849
56,852,450
1,081,228,539
16.75%
1,178,020,775
19.36%
-8.22%
33.11%
0.33%
0.22%
6.51%
1.81%
2.36%
0.19%
0.00%
0.91%
160,445,277 1,970,529,648
2.50%
22,234,917
14,638,217
268,815,750
126,339,401
113,998,711
17,163,660
10,357
61,131,419
0.37%
0.24%
4.42%
2.08%
1.87%
0.28%
0.00%
1.00%
2.64%
32.39%
0.54%
8.45%
-3.65%
-2.47%
56.37%
-7.78%
33.56%
-29.38%
117.05%
-4.22%
967,376,678
128,244,935 2,494,726,787
16,298,795
14,530,399
145,229,880
118,110,756
66,364,834
14,706,439
6,241
51,260,734
934,738,928
163,733,629 2,252,065,897
24,200,074
10,593,396
135,785,975
115,619,772
29,973,022
15,666,826
6,591
42,534,582
Annexes - Insurance undertaking
73
ANNEX 2
Gross written premiums by classes of life insurance (RON)
I. Life assurance, annuities and supplemental life assurance under
letter A a), b) and c), excluding point II and III of annex no. 1 of Law no.
32/2000, as amended and supplemented
II. Marriage insurance, birth insurance
III. Unit-linked life assurance and annuities under point A letter a) and
b) of annex no. 1 of Law no. 32/2000, as amended and supplemented
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
AEGON ASIGURARI DE VIATA SA*
ASITO KAPITAL SA
ASTRA SA
METROPOLITAN ASIGURARI SA (former AVIVA)
GROUP SA
OMNIASIG VIG (former BCR )
CARPATICA ASIG SA
REASIGURARE SA
CHARTIS ROMANIA S.A
CITY INSURANCE SA
EUREKO ASIGURARI SA
EXIM ROMANIA SA
GENERALI ROMANIA SA
LIG Insurance SA
ONIX ASIGURARI SA
UNIQA ASIGURARI SA
Total 2012
Share in total 2012
TOTAL 2011
Share in total 2011
Nominal growth rate 2012/2011 (%)
Total 2010
Total 2009
IV. Permanent health insurance under point A letter d) of annex no. 1
of Law no. 32/2000, as amended and supplemented
B1. Accident insurance (including labor accidents and professional
sickness)
B2. Health insurance
Insurance classes
Gross written
premiums
0
6,285,365
197,868,009
93,532,576
0
84,082,958
0
24,157,572
0
65,904,978
32,494,053
I.
II.
III.
IV.
B1.
B2.
639,205
140,342,347
49,340,137
0
83,350,257
0
0
0
5,646,160
25,844,511
44,192,439
0
0
0
0
29,215,839
0
0
2,465,312
0
0
732,701
0
0
0
24,157,572
0
31,305,002
21,683,845
0
0
0
0
0
0
1,321,587
34,506,292
228,696
0
0
93,684
80,224
0
9,179,701
425,194,867
210,048,950
0
201,535,156
0
0
13,610,761
0
61,978,591
0
0
58,847,824
0
0
3,130,767
0
0
0
0
0
0
0
0
14,895,647
0
17,648,007
31,185,107
0
0
0
0
4,042,043
83,629,508
0
53,455,407
46,484,493
544,539,727
0
0
0
0
0
10,858,958
4,281,266
0
1,802,519,132
100.00%
1,738,366,854
100.00%
3.69%
1,665,668,554
1,628,162,635
0
0
0
5,889,701
0
7,258,865
26,894,397
0
9,005,946
0
0
0
0
0
10,389,142
4,290,710
0
0
0
0
0
0
4,042,043
69,724,975
0
53,323,773
46,484,493
268,628,289
0
16,675
0
12,323,437
0
1,564,421
0
0
0
0
0
0
0
22,220
0
274,095,846
109,414
0
0
0
0
1,815,592
0
0
0
354,672
4,281,266
0
0
334,294
0
0
0
256,379
0
9,913,613
0
1,106,597,613
61.39%
1,070,263,886
61.57%
3.39%
1,007,201,003
1,030,051,349
1,338,262
0.07%
1,427,607
0.08%
-6.26%
1,790,616
1,790,341
626,278,317
34.74%
612,764,759
35.25%
2.21%
617,720,689
565,774,631
1,673,835
0.09%
531,521
0.03%
214.91%
234,317
318,293
31,461,718
1.75%
29,565,228
1.70%
6.41%
29,317,164
25,825,944
35,169,387
1.95%
23,813,853
1.37%
47.68%
9,404,765
4,402,078
*Gross written premiums reported by Aegon Asigurari de Viata S.A in the first 10 months of 2012
74
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Annual Report 2012
ANNEX 3
Market shares of insurance undertakings by gross written
premiums (RON)
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
ASITO KAPITAL SA
ASTRA SA
BCR ASIGURARI DE VIATA VIENNA INSURANCE GROUP SA
CARPATICA ASIG SA
CERTASIG - SOCIETATE DE ASIGURARE REASIGURARE SA
CHARTIS ROMANIA SA ***
CITY INSURANCE SA
19
20
21
22
23
24
25
26
27
28
29
EUREKO ASIGURARI SA
EXIM ROMANIA SA
GENERALI ROMANIA SA
30
31
32
LIG Insurance SA
33
34
OMNIASIG VIENNA INSURANCE GROUP SA**
35
OMNIASIG VIG (former BCR ASIGURARI VIG)
36
ONIX ASIGURARI SA
37
38
39
40
41
UNIQA ASIGURARI SA
Total 2012
Share in total 2012
Total 2011
Share in total 2011
Total gross
written
premiums
Total market
share (%)
17,656,706
6,285,365
197,868,009
900,180,498
1,388,851
596,449,651
50,958,059
1,131,544,783
1,688,418
32,494,053
425,194,867
61,978,591
247,299,331
43,934,487
89,222
263,789,975
41,855,209
14,895,647
6,993,552
17,648,007
42,456,101
444,732,579
22,083,347
27,475,726
13,716,028
90,453,041
432,001,815
1,686,773
54,555,175
807,086,548
544,539,727
36,938,492
65,904,978
232,350,311
794,993,315
3,522,422
37,958,253
24,200,893
10,858,958
4,281,266
504,925,921
8,256,914,950
100.00%
7,822,309,952
100.00%
0.21%
0.08%
2.40%
10.90%
0.02%
7.22%
0.62%
13.70%
0.02%
0.39%
5.15%
0.75%
3.00%
0.53%
0.00%
3.19%
0.51%
0.18%
0.08%
0.21%
0.51%
5.39%
0.27%
0.33%
0.17%
1.10%
5.23%
0.02%
0.66%
9.77%
6.59%
0.45%
0.80%
2.81%
9.63%
0.04%
0.46%
0.29%
0.13%
0.05%
6.12%
Gross written Market share
Market
Gross written
premiums
in non-life
share in life
premiums in
in non-life
insurance
insurance
life insurance
insurance
(%)
(%)
17,656,706
0
0
806,647,922
1,388,851
512,366,693
50,958,059
1,107,387,211
1,688,418
0
0
0
247,299,331
43,934,487
89,222
263,789,975
41,855,209
0
6,993,552
0
11,270,994
444,732,579
22,083,347
27,475,726
13,716,028
86,410,998
348,372,307
1,686,773
1,099,768
760,602,055
0
36,938,492
0
232,350,311
794,993,315
3,522,422
37,958,253
24,200,893
0
0
504,925,921
6,454,395,818
78.17%
6,083,943,098
77.78%
0.27%
0.00%
0.00%
12.50%
0.02%
7.94%
0.79%
17.16%
0.03%
0.00%
0.00%
0.00%
3.83%
0.68%
0.00%
4.09%
0.65%
0.00%
0.11%
0.00%
0.17%
6.89%
0.34%
0.43%
0.21%
1.34%
5.40%
0.03%
0.02%
11.78%
0.00%
0.57%
0.00%
3.60%
12.32%
0.05%
0.59%
0.37%
0.00%
0.00%
7.82%
0
6,285,365
197,868,009
93,532,576
0
84,082,958
0
24,157,572
0
32,494,053
425,194,867
61,978,591
0
0
0
0
0
14,895,647
0
17,648,007
31,185,107
0
0
0
0
4,042,043
83,629,508
0
53,455,407
46,484,493
544,539,727
0
65,904,978
0
0
0
10,858,958
4,281,266
0
1,802,519,132
21.83%
1,738,366,854
22.22%
0.00%
0.35%
10.98%
5.19%
0.00%
4.66%
0.00%
1.34%
0.00%
1.80%
23.59%
3.44%
0.00%
0.00%
0.00%
0.00%
0.00%
0.83%
0.00%
0.98%
1.73%
0.00%
0.00%
0.00%
0.00%
0.22%
4.64%
0.00%
2.97%
2.58%
30.21%
0.00%
3.66%
0.00%
0.00%
0.00%
0.00%
0.00%
0.60%
0.24%
0.00%
* Gross written premiums reported by Aegon Asigurari de Viata S.A in the first 10 months of 2012.
* *Gross written premiums reported by Omniasig VIG in the first 4 months of 2012.
*** Gross written premiums reported by CHARTIS ROMANIA S.A. in the first 3 months of 2012
75
ANNEX 4
Gross written premiums by policyholder category natural and legal persons (RON)
Non-life insurance
No.
TOTAL
Natural persons
Share in total (%)
1
2
3
0
0
4
806,647,922
250,053,988
31.00
5
1,388,851
430,964
31.03
6
512,366,693
257,886,172
50.33
7
ASITO KAPITAL SA
50,958,059
1,270,117
2.49
8
ASTRA SA
1,107,387,212
755,227,279
68.20
35.14
17,656,707
2,941,020
0
0
16.66
9
1,688,418
593,254
10
0
0
11
0
0
12
0
0
13
0
0
14
CARPATICA ASIG SA
247,299,330
215,538,393
87.16
15
43,934,487
1,924,909
4.38
16
CHARTIS ROMANIA SA***
89,222
243
0.27
17
CITY INSURANCE SA
263,789,975
52,177,027
19.78
18
41,855,209
14,849,820
35.48
19
0
0
20
6,993,552
5,947,265
21
0
0
22
EUREKO ASIGURARI SA
23
24
85.04
11,270,994
11,270,994
100.00
444,732,579
239,444,607
53.84
EXIM ROMANIA SA
22,083,347
87,167
0.39
25
27,475,726
2,272,024
8.27
26
13,716,028
530,315
3.87
27
86,410,998
8,673,366
10.04
28
GENERALI ROMANIA SA
348,372,308
174,031,230
49.96
29
1,686,773
1,223,023
72.51
30
37,958,253
5,458,237
14.38
31
1,099,768
522,536
47.51
32
760,602,055
255,286,717
33.56
33
0
0
34
LIG Insurance SA
36,938,492
1,195,058
3.24
35
OMNIASIG VIENNA INSURANCE GROUP SA**
232,350,309
48,402,985
20.83
36
794,993,315
206,180,921
25.93
37
ONIX ASIGURARI SA
3,522,422
0
0.00
38
24,200,893
23,009,653
95.08
39
0
0
40
0
0
41
UNIQA ASIGURARI SA
504,925,921
183,493,805
36.34
Total 2012
6,454,395,818
2,719,923,089
42.14
Total 2011
6,083,943,098
2,480,467,149
40.77
6.09%
9.65%
3.36
Total 2010
6,639,733,598
2,494,095,377
37.56
Total 2009
7,241,584,322
2,385,951,015
32.95
* Gross written premiums reported by Aegon Asigurari de Viata S.A in the first 10 months of 2012.
* *Gross written premiums reported by Omniasig VIG in the first 4 months of 2012.
*** Gross written premiums reported by CHARTIS ROMANIA S.A. in the first 3 months of 2012
76
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Annual Report 2012
Non-life insurance
Legal persons
Life insurance
Share in total (%)
14,715,687
TOTAL
83.34
0
0
Natural persons
0
0
6,285,365
6,285,365
197,868,009
197,868,009
556,593,934
69.00
93,532,576
93,532,576
957,887
68.97
0
0
254,480,521
49.67
84,082,958
84,082,958
49,687,942
97.51
0
0
352,159,933
31.80
24,157,572
24,157,572
1,095,164
64.86
0
0
0
65,904,978
65,904,978
0
32,494,053
32,494,053
0
425,194,867
425,194,867
61,978,591
61,978,591
31,760,937
0
12.84
0
0
42,009,578
95.62
0
0
88,979
99.73
0
0
211,612,948
80.22
0
0
27,005,389
64.52
0
1,046,287
14.96
0
0
0
14,895,647
14,895,647
0
0
17,648,007
17,648,007
0
0.00
31,185,107
31,185,107
205,287,972
46.16
0
0
21,996,180
99.61
0
0
25,203,702
91.73
0
0
13,185,713
96.13
0
0
77,737,632
89.96
4,042,044
4,042,044
174,341,078
50.04
83,629,507
83,629,507
463,750
27.49
0
0
32,500,016
85.62
0
0
577,232
52.49
53,455,407
53,455,407
505,315,338
66.44
0
46,484,493
46,484,493
544,539,727
544,539,727
35,743,434
96.76
0
0
183,947,324
79.17
0
0
588,812,394
74.07
0
0
3,522,422
100.00
0
0
1,191,240
4.92
0
0
10,858,958
10,858,958
4,281,266
4,281,266
0
0
321,432,115
63.66
0
0
3,734,472,729
57.86
1,802,519,132
1,802,519,132
3,603,475,950
59.23
1,738,366,854
1,738,366,854
3.64%
-2.31
3.69%
3.69%
4,145,638,221
62.44
1,665,668,554
1,665,668,554
4,855,633,307
67.05
1,628,162,635
1,628,162,635
77
ANNEX 5
Gross indemnity payments by classes of non-life insurance (RON)
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
ASITO KAPITAL SA
ASTRA SA
CARPATICA ASIG SA
CHARTIS ROMANIA SA**
CITY INSURANCE SA
EUREKO ASIGURARI SA
EXIM ROMANIA SA
GENERALI ROMANIA SA
LIG Insurance SA
ONIX ASIGURARI SA
UNIQA ASIGURARI SA
Total 2012
Share total 2012
Total 2011
TOTAL
Insurance classes
Gross
indemnity
I.
II.
III.
IV.
V.
payments
6,785,232
3,072
0
3,808,323
0
0
0
0
0
0
555,584,558
430,740 2,047,375
358,152,681
0
87,840
463,520
1,952
461,568
0
0
0
389,620,007
462,719
0
109,419,796 54,943
0
7,068,538
623,486
310,880
4,472,105
0
0
603,349,271
647,849
720,474
185,377,198
0 1,417,325
1,035,166
0
0
168,212
0
0
0
0
0
0
0
0
0
0
191,666,501
95,259
0
7,933,539
0
0
27,991,748
163,718
5,719
4,147,882
0
81,069
1,915,573
212,546
0
0
0
0
25,127,004
39,283
0
2,333,357
0
0
17,226,479
42,744
0
11,726,334
0
0
0
0
292,274
2,285
0
0
0
0
0
0
46,994,184
336,378 6,433,258
176,864
0
0
277,602,521
108,361
0
19,762,933
0
0
5,185,208
0
0
0
0
0
15,164,899
1,977
0
2,465,079
0
0
707,398
0
0
679,754
0
0
68,406,198
460,235
5,894
11,218,294
0
0
282,174,286
605,213
0
132,570,265 18,951
0
101,646
0
0
0
0
0
5,523,397
91,981
0
2,703,982
0
12,842
164,332
7,623
0
0
0
0
569,333,110 1,079,767
0
285,440,166
0
0
0
0
50,422
0
0
0
0
0
251,268,515 1,457,181
0
141,443,244 158,575
0
781,359,617 5,377,711
11,315
464,421,617 45,514
270,949
10,134
0
0
0
0
0
276,689
0
0
0
0
0
0
0
0
0
321,269,191 1,862,461
554,001
198,712,530
0
0
4,453,717,618 14,114,541 10,550,484 1,947,134,155 277,983 1,870,025
100.00%
0.32%
0.24%
43.72% 0.01%
0.04%
4,194,672,389 12,856,759 7,678,605 1,986,085,949 433,280 3,661,662
Share total 2011
Nominal growth rate 2012/2011(%)
Total 2010
Total 2009
100.00%
0.31%
0.18%
47.35%
0.01%
VI.
0
0
0
1,840,110
0
1,374,309
0
0
12,494,928
0
0
0
0
0
84,976
0
0
0
0
2,176,352
0
0
0
2,311,521
0
733,154
5,409,588
0
0
0
26,424,938
0.59%
14,388,217
0.09%
0.34%
6.18
9.78
37.40
-1.96 -35.84
-48.93
4,797,561,000 12,398,755 7,498,871 2,506,517,445 285,866 6,635,114
5,187,480,620 12,526,315 12,231,779 2,893,840,550 544,161 53,863,315
83.66
14,619,612
14,042,996
*Gross indemnity payments reported by Omniasig VIG in the first 4 months of 2012.
** Gross indemnity payments reported by CHARTIS ROMANIA S.A. in the first 3 months of 2012
78
www.csa - isc.ro
Annual Report 2012
XI. Aircraft liability insurance
XII. Liability insurance for ships (sea, lake, river and canal vessels)
XIII. General liability insurance
XIV. Credit insurance
XV. Suretyship insurance
XVI. Insurance against financial loss
XVII. Insurance of legal expenses
XVIII. Touring and travel assistance insurance
I. Accident and sickness insurance (including labor accidents and
professional sickness)
II. Health insurance
III. Insurance for land vehicles (other than railway rolling stock)
IV. Insurance for railway rolling stock
V. Aircraft insurance
VI. Insurance for ships (sea, lake, river and canal vessels)
VII. Insurance of goods in transit
VIII. Insurance against fire and other natural forces
IX. Other insurance against damage to property
X. Motor liability insurance
Insurance classes
VII.
VIII.
IX.
X.
XI.
XII.
XIII.
XIV.
XV.
XVI.
XVII.
No.
XVIII.
0
72,384
98,977
2,461,429
0
0
14,774
0
0
0
0
326,273
673,620
0
61,514
654
358,418
2,811
41,282,835
0
12,837,223
1,658,192
27,657,649
855,313
3,199,245
0
14,230,323
0
731,272
0
135,701,575
0
245,627,907
0
374,810,422
0
0
0
0
0
76,951
0
0
0
0
0
1,253,514
0
8,145,479
0
4,429,822
3,221
2,713,341
0
1,806,609
0
0
0
103,482
0
0
0
0
0
1,485,018
0
195,325
0
304,237
0
218,876
0
0
0
0
0
0
0
3,861,234
0
351,413
0
4,403,173
8,830
0
2,182
20,521
0
5,400
1,792,904
9,068,527
1,665,974
239,161
2,353,738
500
151,136
16,411
0
228
179,836,793
0
0
9,425,947
0
0
0
0
0
0
0
1,170,747
0
0
0
35,306
106,752
307,633
7,110,292
10,459
1,121,545
0
0
0
2,865,134
0
565,356
0
5,352,605
0
0
0
3,301
0
0
0
0
0
0
0
850,655
33,732
-310,813
626,359
222,442
0
287,973
0
0
0
0
2,016
0
0
0
0
0
37,016,258
3,689
5,010,859
0
0
22,648
94,706
0
0
0
449,004
82,055
2,039,990
16,597
1,935,375
27,644
1,324,565
13,909,967
0
596,450
73,631
34,796,049
0
437,907
0
10,762,468
0
7,418
4,424,495
0
1,620,874
77,470
29,891,198
2,949,371
254,412,054
0
0
0
0
123,099,067
0
173,848
0
121,139,034
0
0
0
0
0
0
0
0
0
0
50,000
0
0
0
0
0
0
0
0
0
0
0
0
184,625
0
0
0
8,697
875,131
0
25,091
5,608
875,067
0
0
0
0
0
55,322,811
0
0
0
0
89,174,099
0
196,283
157,752
0
0
0
177,407
0
180,869
0
0
0
21,000
0
0
0
35,636
23,715
54,848
0
0
2,079,835
0
0
0
0
0
0
0
0
0
0
0
0
350,702
0
0
0
0
4,199,017
46,798
117,460
0
2,047,370
0
35,232
2,379,286
0
0
0
8,620,251
40,457,940
0
276,689
0
482,677
14,193,532
0
0
0
94,766,514
213,518,059
0
0
0
0
0
0
0
0
0
113,149
0
0
50,422
2,140,217
30,623,914
0
0
0
362,448
921,718
0
0
0
93,301
143,202
10,134
0
0
503,843
465,492
0
0
0
0
0
0
0
0
471,878
3,006,631
0
0
81,931 14,591,229
0
104,790,465
46,218,733 218,520,305 80,326,131 1,862,712,485
1.04%
4.91%
1.80%
41.82%
8,809,808 238,387,105 56,812,669 1,657,186,411
0
126,951
0.00%
516
0
674,701
1,873
2,537,410 58,342,568 151,679,719
0.06%
1.31%
3.41%
4,571,807 50,720,983 118,435,794
0
8,361,927
0.19%
4,266,978
0
3,906,108
0.09%
9,124,903
2.82%
0.10%
0.22%
-44.50
15.03
28.07
3,416,291 36,390,764 153,797,921
1,407,136 19,004,531 238,095,943
95.97
2,600,964
2,931,203
-57.19
3,399,494
3,734,654
0.21%
5.68%
1.35%
39.51%
0.00%
424.63
-8.33
41.39
12.40 24.502.91
4,616,758 249,625,903 115,053,284 1,630,275,079 29,391,140
7,229,486 210,998,124 107,199,025 1,593,245,091
526,627
0.11%
1.21%
0
0
0 20,613,154
0.00%
0.46%
5 21,250,938
0.00%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
0.51%
0.00
-3.00
0 21,037,738
0 16,059,686
79
Annex 6
Gross indemnity and maturity payments by classes of
life insurance (RON)
I. Life assurance, annuities and supplemental life assurance under
letter A a), b) and c), excluding point II and III of annex no. 1 of Law no.
32/2000, as amended and supplemented
II. Marriage insurance, birth insurance
III. Unit-linked life assurance and annuities under point A letter a) and
b) of annex no. 1 of Law no. 32/2000, as amended and supplemented
Nr.
crt.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
ASITO KAPITAL SA
ASTRA SA
METROPOLITAN LIFEASIGURARI SA
CARDIF ASIGURARI SA
CARPATICA ASIG SA
CHARTIS ROMANIA SA
CITY INSURANCE SA
EUREKO ASIGURARI SA
EXIM ROMANIA SA
GENERALI ROMANIA SA
LIG Insurance SA
ONIX ASIGURARI SA
UNIQA ASIGURARI SA
Total 2012
Share in total 2012
Total 2011
Share in total 2011
Nominal growth rate 2012/2011 (%)
Total 2010
Total 2009
IV. Permanent health insurance under point A letter d) of annex no. 1
of Law no. 32/2000, as amended and supplemented
B1. Accident insurance (including labor accidents and professional
sickness)
B2. Health insurance
Gross
indemnity
payments
0
54,553
25,900,966
12,581,728
0
50,767,462
0
2,523,673
0
10,259,200
13,001,285
28,723,092
6,113,158
0
0
0
0
0
0
1,223,393
0
330,718
7,173,100
0
0
0
0
1,624,593
18,272,894
0
3,359,851
19,263,432
95,205,510
0
0
0
0
0
3,471,305
5,511
0
299,855,424
100.00%
288,396,876
100.00%
3.97
271,922,669
248,023,136
CLASS
01
0
5,648
22,281,693
7,053,851
0
50,766,029
0
2,523,673
0
5,128,096
10,227,501
20,741,656
6,113,158
0
0
0
0
0
0
1,223,393
0
330,718
6,921,809
0
0
0
0
1,624,593
17,228,433
0
3,340,657
19,173,041
49,118,833
0
0
0
0
0
535
5,511
0
223,808,828
74.64%
247,364,192
85.77%
-9.52
243,012,787
220,412,312
CLASS
02
CLASS
03
CLASS
04
CLASS
B1
CLASS
B2
0
0
0
48,905
179,562
5,527,877
0
0
0
0
2,955,847
0
0
483,864
0
0
1,433
0
0
0
0
0
0
0
0
0
164,387
0
0
5,131,104
0
1,066,912
0
0
0
0
0
0
289
0
0
0
2,609,108
6,914,524
0
0
0
0
0
0
0
0
0
251,291
0
0
0
0
0
0
0
0
0
483,639
0
560,822
0
0
0
0
0
0
0
0
90,391
45,664,561
19,194
0
0
0
0
422,116
0
0
0
0
0
0
0
0
0
134,444
0
3,336,326
0
164,387
0.05%
0
0.00%
0.00
928
6,619
58,445,675
19.49%
35,740,760
12.39%
63.53
25,908,404
25,570,797
580,016
0.19%
170,573
0.06%
240.04
121,212
149,760
3,512,696
1.17%
2,323,669
0.81%
51.17
2,496,931
1,659,332
13,343,822
4.45%
2,797,682
0.97%
376.96
382,408
224,316
* Gross indemnity and maturity payments reported by Aegon Asigurari de Viata S.A in the first 10 months of 2012
80
www.csa - isc.ro
Annual Report 2012
Annex 7
Gross written premiums for non-life and life insurance by
development regions as of 31.12.2012
NORTH-EAST
6.81%
North-West
8.35%
CenteR
7.02%
WEST
5.66%
South
7.46%
South-East
7.44%
South-West
4.68%
Bucharest
(including Ilfov)
48.49%
South-West
4.68%
WEST
5.66%
NORTH - EAST
6.81%
South-East
7.44%
Bucharest
(including Ilfov)
48.49%
South
7.46%
Other countries
4.09%
North-West
8.35%
Center
7.02%
gross written premiums in
other countries - 4.09%
81
ANNEX 8
Technical reserves for non-life insurance (RON)
No.
TOTAL TECHNICAL
RESERVES
gross
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
gross
net
Outstanding claims
reserve and incurred
but not reported claims
reserve
gross
net
11,835,892
6,790,370
8,194,341
4,600,473
2,477,401
1,301,784
0
910,252,741
697,152,130
395,544,630
334,281,013
496,550,231
344,713,237
751,041
709,043
491,047
449,049
249,422
249,422
466,188,210
322,187,848
193,949,115
175,645,211
264,373,980
138,677,522
ASITO KAPITAL SA
27,269,377
4,570,731
5,462,722
1,559,897
3,776,079
746,422
ASTRA SA
1,166,577,709
757,007,375
697,455,169
533,299,643
344,610,298
166,325,934
1,419,052
801,668
825,573
317,117
174,657
65,729
METROPOLITAN LIFE ASIGURARI SA
0
(former AVIVA)
0
BCR ASIGURARI DE VIATA VIENNA
0
INSURANCE GROUP SA
0
CARPATICA ASIG SA
234,737,443
134,764,677
115,183,307
63,979,990
117,160,185
68,390,736
33,115,657
23,195,031
21,424,635
13,706,253
10,260,960
8,058,716
REASIGURARE SA
CHARTIS ROMANIA SA
0
CITY INSURANCE SA
163,395,493
136,322,812
95,323,078
92,270,517
65,844,172
42,155,777
CREDIT EUROPE ASIGURARI 37,700,873
21,904,321
25,084,580
15,568,081
10,055,947
3,775,894
REASIGURARI SA
0
5,166,686
4,423,280
3,530,627
2,825,927
287,017
248,311
0
EUREKO ASIGURARI SA
14,961,267
11,446,325
6,227,676
6,072,690
7,932,389
4,572,433
EUROINS ROMANIA ASIGURARE
323,532,673
222,522,714
145,631,798
119,814,647
163,711,364
89,315,031
REASIGURARE SA
EXIM ROMANIA SA
16,635,827
7,248,857
16,248,335
6,987,733
252,736
126,368
17,487,304
7,361,271
12,252,133
5,251,413
1,886,633
891,692
8,853,940
6,133,195
6,942,143
4,675,142
863,347
854,347
55,898,009
35,023,755
15,069,176
7,670,656
13,310,513
6,992,127
GENERALI ROMANIA SA
582,416,024
358,855,658
162,750,352
154,771,256
385,545,144
169,963,874
717,168
433,521
289,995
145,717
425,488
286,119
26,639,288
19,687,605
21,488,159
15,555,302
3,787,768
2,802,717
1,005,562
675,831
698,968
453,970
148,814
64,081
838,381,764
794,080,500
364,277,651
359,386,883
368,887,888
336,491,128
0
LIG Insurance SA
33,928,073
33,454,805
32,395,275
31,925,398
1,284,406
1,281,015
1,402,266,510
938,790,491
493,774,286
405,616,408
877,792,685
521,179,651
ONIX ASIGURARI SA
2,782,007
2,782,007
2,723,007
2,723,007
59,000
59,000
20,900,823
15,889,737
16,148,750
11,137,664
657,351
657,351
0
0
566,998,688
335,468,181
255,503,953
150,341,342
274,593,331
UNIQA ASIGURARI SA
163,726,829
Total 2012
6,971,815,101 4,899,683,739 3,114,890,480 2,521,032,399 3,416,959,206 2,073,973,247
Total 2011
7,022,466,930 5,293,649,028 3,017,386,502 2,563,247,306 3,543,612,908 2,452,570,126
Other technical
reserves
gross
net
1,164,150
888,113
18,157,880
10,572
7,865,115
18,030,576
124,512,242
418,822
18,157,880
10,572
7,865,115
2,264,412
57,381,798
418,822
2,393,951
2,393,951
1,430,062
1,430,062
2,228,243
1,896,518
2,560,346
2,560,346
1,349,042
1,349,042
801,202
801,202
14,189,511
13,393,036
134,756
3,348,538
1,048,450
27,518,320
34,120,528
1,685
1,363,361
157,780
105,216,225
134,756
1,218,166
603,706
20,360,972
34,120,528
1,685
1,329,586
157,780
98,202,489
248,392
30,699,539
0
4,094,722
248,392
11,994,432
0
4,094,722
36,901,404
439,965,415
21,400,010
304,678,092
461,467,520
277,831,596
-15.44%
-4.66%
9.66%
Total 2010
6,782,629,538 5,267,860,310 3,230,521,900 2,792,541,860 3,128,617,940 2,225,908,965
423,489,698
249,409,485
Total 2009
6,931,624,256 5,246,562,259 3,576,537,375 2,863,342,735 3,003,255,595 2,168,323,798
351,831,286
214,895,725
82
net
Unearned premium
reserve
-0.72%
-7.44%
3.23%
-1.65%
-3.57%
www.csa - isc.ro
Annual Report 2012
ANNEX 9
Technical reserves for life insurance (RON)
No.
1
2
3
4
5
6
7
8
ASITO KAPITAL SA
ASTRA SA
METROPOLITAN LIFE ASIGURARI SA
(former AVIVA)
BCR ASIGURARI DE VIATA VIENNA
INSURANCE GROUP SA
OMNIASIG VIG (former BCR VIG)
CARPATICA ASIG SA
REASIGURARE SA
CHARTIS ROMANIA SA
CITY INSURANCE SA
CREDIT EUROPE ASIGURARI REASIGURARI SA
EUREKO ASIGURARI SA
EUROINS ROMANIA ASIGURARE
REASIGURARE SA
EXIM ROMANIA SA
GENERALI ROMANIA SA
LIG Insurance SA
ONIX ASIGURARI SA
UNIQA ASIGURARI SA
Total 2012
Total 2011
Total 2010
Total 2009
TOTAL TECHNICAL
RESERVES
gross
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
net
Mathematical reserve
gross
net
Unearned premium
reserve
gross
net
Other technical
reserves
gross
net
560,227,381
307,922,487
559,449,356
305,227,401
447,754,887
262,823,423
447,726,546
262,823,423
94,903,657
32,564,621
94,500,630
31,014,636
17,568,837
12,534,443
17,222,180
11,389,342
215,711,146
215,625,684
159,371,331
159,371,331
35,939,295
35,939,295
20,400,520
20,315,058
40,111,604
29,193,705
7,731,481
7,731,481
7,956,806
7,910,656
24,423,317
13,551,568
203,568,067
200,822,590
169,832,744
169,698,387
16,718,587
16,718,587
17,016,736
14,405,616
91,535,975
91,407,555
66,238,888
66,238,888
17,600,508
17,600,508
7,696,579
7,568,159
964,889,047
900,629,942
803,267,757
750,639,647
144,303,968
135,974,469
17,317,322
14,015,826
46,963,547
46,548,618
20,936,249
20,936,249
3,671,357
3,588,789
22,355,941
22,023,580
14,170,912
0
47,495,868
146,470,087
14,161,085
10,955,804
10,955,804
2,614,281
2,614,281
600,827
591,000
46,881,380
146,334,508
46,504,926
125,163,585
45,925,662
125,163,585
15,884
13,874,754
15,884
13,874,754
975,058
7,431,748
939,834
7,296,169
4,412,760
196,263,147
3,436,662
189,698,324
925,783
147,752,145
278,749
147,752,145
551,952
31,034,427
350,825
28,155,500
2,935,025
17,476,575
2,807,088
13,790,679
255,988,972
108,743,105
2,262,635,696
253,875,012
107,862,967
2,262,635,696
190,454,257
67,048,613
2,034,566,152
190,454,257
66,857,828
2,034,566,152
26,109,570
34,625,554
127,089,710
24,725,601
33,936,201
127,089,710
39,425,145
7,068,938
100,979,834
38,695,154
7,068,938
100,979,834
6,373,667
3,720,243
6,359,805
3,528,080
520,610
1,173,817
512,428
1,162,210
5,079,047
2,452,383
5,076,871
2,271,827
774,010
94,043
770,506
94,043
5,477,203,711
4,772,055,357
14.78%
4,383,572,919
3,889,930,756
5,383,678,370
4,676,603,108
15.12%
4,294,674,353
3,810,321,585
4,563,022,452
3,913,498,770
16.60%
3,535,862,556
3,015,904,434
4,508,794,772
3,852,822,460
17.03%
3,483,980,594
2,970,339,939
597,106,361
546,611,114
9.24%
519,431,330
554,160,566
581,359,024
525,648,027
10.60%
497,186,077
536,087,168
317,074,898
311,945,473
1.64%
328,279,033
319,865,756
293,524,574
298,132,621
-1.55%
313,507,682
303,894,478
83
ANNEX 10
Gross written premiums and gross premiums ceded to
reinsurance in non-life insurance (RON)
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
ASITO KAPITAL SA
ASTRA SA
CARPATICA ASIG SA
CHARTIS ROMANIA SA **
CITY INSURANCE SA
EUREKO ASIGURARI SA
EXIM ROMANIA SA
GENERALI ROMANIA SA
PLATINUMASIGURARI REASIGURARI SA
LIG Insurance SA
ONIX ASIGURARI SA
UNIQA ASIGURARI SA
Total 2012
Total 2011
Total 2010
Total 2009
Gross written
premiums
Gross premiums ceded
to reinsurance
Share of gross
premiums ceded in
gross written
premiums
17,656,706
5,794,633
32.82%
806,647,922
1,388,851
512,366,693
50,958,059
1,107,387,211
1,688,418
157,066,205
-48,345
163,850,215
45,170,879
312,216,145
1,004,304
19.47%
-3.48%
31.98%
88.64%
28.19%
59.48%
247,299,331
43,934,487
89,222
263,789,975
41,855,209
77,901,769
14,509,433
213,215
20,829,822
17,649,943
31.50%
33.03%
238.97%
7.90%
42.17%
6,993,552
3,441,322
49.21%
11,270,994
444,732,579
22,083,347
27,475,726
13,716,028
86,410,998
348,372,307
1,686,773
37,958,253
1,099,768
760,602,055
232,832
39,392,378
12,259,795
17,648,275
3,314,676
33,433,836
103,625,673
302,116
11,792,012
716,503
70,650,074
2.07%
8.86%
55.52%
64.23%
24.17%
38.69%
29.75%
17.91%
31.07%
65.15%
9.29%
36,938,492
232,350,311
794,993,315
3,522,422
24,200,893
1,380,395
90,667,290
226,951,443
0
14,424,191
3.74%
39.02%
28.55%
0.00%
59.60%
504,925,921
6,454,395,818
6,083,943,098
6.09%
6,639,733,598
7,241,584,322
232,523,184
1,678,914,213
1,331,511,544
26.09%
1,213,406,564
1,600,518,958
46.05%
26.01%
21.89%
18.85%
18.27%
22.10%
* Gross written premiums and gross premiums ceded to reinsurance reported by Omniasig VIG in the first 4 months of 2012.
** Gross written premiums and gross premiums ceded to reinsurance reported by CHARTIS ROMANIA S.A in the first 3 months of 2012.
84
www.csa - isc.ro
Annual Report 2012
ANNEX 11
Gross written premiums and gross premiums ceded to
reinsurance in life insurance (RON)
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
ASITO KAPITAL SA
ASTRA SA
CARPATICA ASIG SA
CHARTIS ROMANIA S.A
CITY INSURANCE SA
EUREKO ASIGURARI SA
EXIM ROMANIA SA
GENERALI ROMANIA SA
LIG Insurance SA
ONIX ASIGURARI SA
UNIQA ASIGURARI SA
Total 2012
Total 2011
Total 2010
Total 2009
Gross written
premiums
Gross premiums ceded
to reinsurance
Share of gross
premiums ceded in
gross written
premiums
6,285,365
197,868,009
93,532,576
26,868
3,588,403
4,410,866
0.43%
1.81%
4.72%
84,082,958
4,856,211
5.78%
24,157,572
116,137
0.48%
65,904,978
32,494,053
425,194,867
8,422,243
313,501
15,308,827
12.78%
0.96%
3.60%
61,978,591
1,042,112
1.68%
14,895,647
1,069,346
7.18%
17,648,007
31,185,107
214,442
1,320,385
1.22%
4.23%
4,042,043
83,629,508
359,265
10,736,779
8.89%
12.84%
53,455,407
46,484,493
544,539,727
2,775,760
1,388,832
3,714,530
5.19%
2.99%
0.68%
10,858,958
4,281,266
9,267
229,245
0.09%
5.35%
1,802,519,132
1,738,366,854
3.69%
1,665,668,554
1,628,162,635
59,903,019
58,083,787
3.13%
58,193,654
56,373,775
3.32%
3.34%
3.49%
3.46%
*Gross written premiums and gross premiums ceded reported by Aegon Asigurari de Viata S.A in the first 10 luni months of 2012
85
ANNEX 12
Assets of insurance undertakings as per 31.12.2012
balance sheet (RON)
Investments
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
ASITO KAPITAL SA
ASTRASA
ATE INSURANCE ROMANIASA
METROPOLITAN LIFE ASIGURARISA(former AVIVA)
CARPATICA ASIG SA
CHARTIS ROMANIA S.A
CITY INSURANCE SA
EUREKO ASIGURARI SA
EXIM ROMANIA SA
GENERALI ROMANIA
LIG Insurance SA
ONIX ASIGURARI SA
UNIQA ASIGURARI SA
Total 2012
Total 2011
Total 2010
Total 2009
Total assets,
of which:
32,072,833
816,486,328
1,984,944,970
18,889,523
1,192,617,553
47,936,296
1,867,175,673
31,443,000
285,726,335
140,746,077
1,109,768,356
90,872,365
311,517,820
61,932,529
61,196,901
294,076,079
88,569,073
38,800,668
25,086,127
71,878,913
284,453,807
454,017,372
41,958,981
43,872,171
29,393,464
135,530,798
1,181,318,449
11,923,865
58,045,984
331,632,016
1,354,480,661
2,494,716,249
61,876,941
2,776,131,636
20,131,968
46,336,335
30,862,803
29,927,869
1,002,075,394
18,960,424,182
17,293,960,385
9.64%
16,805,591,185
16,398,487,279
Intangible
assets
90,471
95,080
2,008,494
0
3,263,304
70,242
6,047,874
104,246
402,784
5,435,217
4,343,805
94,541
309,331
148,061
0
1,441,790
44,550
0
741
26,220
423,977
172,743
2,847,655
54,992
198,312
16,252
8,599,699
0
536,824
1,797,672
13,970,033
15,307,439
92,975
639,290,188
347
1,797,005
242,240
97,835
3,135,375
712,508,314
90,634,648
686.13%
88,506,904
96,933,744
Total investments of
which:
11,056,399
721,143,348
1,350,415,021
10,177,947
593,949,023
21,321,222
283,600,691
29,301,479
243,038,829
110,548,573
744,131,122
76,907,711
41,790,664
25,051,701
49,409,534
183,752,669
31,398,996
36,289,754
21,854,118
59,559,418
205,102,870
135,999,868
17,256,623
16,849,715
14,493,466
96,700,545
761,938,041
7,362,473
5,383,694
307,708,747
766,464,442
2,344,600,402
30,719,667
644,934,428
17,338,012
34,263,077
21,733,614
26,363,029
425,799,791
10,525,710,723
10,390,101,581
1.31%
9,857,781,064
9,174,286,671
* advances and work in progess
86
www.csa - isc.ro
Annual Report 2012
Investments
Property & Plant*
Bonds and other
fixed-income
securities
4,931,444
0
14,250,247
4,476,960
146,707,080
4,962,372
91,923,352
0
0
23,797,368
0
0
29,280,102
14,232,939
0
123,990,758
5,380
0
0
0
5,770,844
20,454,865
414,381
0
13,951,714
10,366,701
57,193,398
1,961,799
432,890
62,060,613
79,421,415
0
22,868,134
68,538,013
12,758
0
0
21,766,765
16,091,942
839,864,234
904,384,206
-7.13%
837,842,558
828,202,976
4,204,473
449,934,059
544,211,184
0
369,634,973
10,174,220
21,568,644
0
56,057,579
48,738,255
45,920,034
26,517,130
0
0
0
0
0
18,746,509
15,934,807
28,011,424
159,921,824
35,046,084
4,304,724
0
454,262
1,635,196
601,085,103
0
1,448,002
231,094,729
483,446,655
948,297,266
0
436,003,242
2,033,429
1,508,584
2,219,420
4,217,013
373,608,479
4,925,977,303
5,113,381,422
-3.66%
4,515,307,549
3,557,692,096
Deposits with credit
institutions
0
49,557,292
24,554,802
0
49,875,645
5,516,719
0
29,301,479
26,586,252
31,479,366
0
45,168,097
0
0
49,409,534
0
27,726,859
5,323,531
4,686,012
0
21,301,148
30,645,788
12,537,518
16,809,790
0
61,270,766
46,534,211
400,128
0
2,109,859
188,139,306
24,229,120
0
90,336,520
15,265,003
32,748,450
0
0
19,602,225
911,115,420
1,047,591,680
-13.03%
1,303,007,178
1,965,270,187
Unit-linked
investments
0
131,871,957
218,581,090
0
3,093,303
0
0
0
157,155,537
6,272,610
663,208,690
4,949,007
0
0
0
0
0
10,970,007
0
31,217,122
13,153,437
0
0
0
0
0
22,134,373
0
0
59,393
547,021
1,365,433,401
0
0
0
0
433,498
0
0
2,629,080,446
2,122,748,569
23.85%
1,880,392,260
1,501,947,164
Bank accounts and
cash on hand
962,298
5,199,122
18,194,672
3,131,053
15,912,356
276,743
19,845,427
401,628
15,006,758
290,691
1,198,546
735,021
79,572,818
3,249,356
11,760,760
22,890,792
1,487,261
506,598
662,212
672,246
5,523,626
2,167,786
1,274,935
768,642
1,662,614
628,235
6,135,969
199,451
18,124,229
1,492,767
10,442,344
6,151,426
155,890
149,840,045
129,819
64,983
251,607
270,365
5,714,609
412,955,700
275,870,576
49.69%
265,090,769
259,370,179
Other assets
19,963,665
90,048,778
614,326,783
5,580,523
579,492,870
26,268,089
1,557,681,681
1,635,647
27,277,964
24,471,596
360,094,883
13,135,092
189,845,007
33,483,411
26,607
85,990,828
55,638,266
2,004,316
2,569,056
11,621,029
73,403,334
315,676,975
20,579,768
26,198,822
13,039,072
38,185,766
404,644,740
4,361,941
34,001,237
20,632,830
563,603,842
128,656,982
30,908,409
1,342,066,975
2,663,790
10,211,270
8,635,342
3,196,640
567,425,619
7,309,249,445
6,537,353,580
11.81%
6,594,212,448
6,867,896,685
Nr.
crt.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
87
ANNEX 13
Financial and technical results of insurance undertakings as per
31.12.2012 balance sheet (RON)
No.
1
2
3
4
5
6
7
8
9
10
ASITO KAPITAL SA
ASTRA SA
METROPOLITAN LIFE ASIGURARISA (former AVIVA)
GROUP SA
CARPATICA ASIG SA
CERTASIG - SOCIETATE DE ASIGURARE REASIGURARE
SA
CHARTIS ROMANIA SA
CITY INSURANCE SA
EUREKO ASIGURARI SA
EXIM ROMANIA SA
GENERALI ROMANIA SA
LIG Insurance SA
ONIX ASIGURARI SA
UNIQA ASIGURARI SA
Total 2012
Total 2011
Total 2010
Total 2009
Financial result
Profit
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
88
Non-life insurance
Loss
Profit
48,879
41,336,050
0
333,339
14,880,090
700,398
6,671,058
80,358
0
0
0
0
42,742,255
0
0
0
0
0
15,625,710
43,835,485
24,991,431
4,378,994
0
Life insurance
Loss
Profit
0
480,475
0
0
14,628,172
0
0
58,503
78,134,878
21,348
0
17,669
4,386,772
0
0
0
Loss
52,601,809
3,011,848
0
17,518,870
0
0
0
0
8,593,970
0
0
0
0
0
6,274,476
42,859,540
0
28,115,244
0
0
6,994,719
284,883
0
4,247,756
0
0
0
0
2,648,012
0
4,897,240
0
0
29,224,714
33,684,415
465,699
4,514,851
2,227,243
0
0
6,750,480
0
0
123,097
2,100,607
0
80,944
0
1,320,845
0
25,177,551
1,825,433
0
404,343
0
0
0
0
201,320,819
257,054,506
-21.68%
235,268,398
315,048,975
0
0
0
0
0
3,575,049
17,093,594
0
6,668,718
4,398,561
0
0
18,071,793
0
8,316,442
0
87,859,059
0
0
228,156,874
0
2,853,848
10,233,045
4,649,425
19,184,806
522,907,395
582,921,060
-10.30%
276,637,639
418,264,729
34,026,207
47,182,703
0
0
0
458,963
5,183,788
0
651,261
0
0
5,904,720
0
0
873,890
0
0
205,652
0
34,469
0
13,843,863
0
7,674,647
4,494,108
0
518,606
59,137,402
0
8,870,635
0
113,874,243
0
0
0
0
0
4,704,222
31,718,760
0
0
0
1,675,587
2,933,862
0
0
0
0
2,697,255
3,806,316
46,915,806
0
0
0
3,063,631
0
0
0
0
229,443,718
189,672
2,452,884
0
0
0
0
10,416,466
4,649,424
177,302,111
167,437,329
5.89%
184,849,007
248,736,055
100,622,888
81,622,444
23.28%
79,565,673
92,078,859
0
106,914,091
102,973,139
3.83%
92,969,443
111,273,144
40,697,876
569,594,999
591,573,238
-3.72%
288,052,643
432,143,703
www.csa - isc.ro
Annual Report 2012
ANNEX 14
Assets and share capital of insurance brokers as per 31.12.2012
balance sheet (RON)
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
Insurance Broker
5MM BROKER DE ASIGURARE SRL
A & E INSURANCE BROKER DE ASIGURARE SRL
A&A BROKER DE ASIGURARE SRL
A&G MARITIM Broker de Asigurare SRL
A.T. BROKER INSURANCE - BROKER DE ASIGURARE SRL
AB ASIG BROKER DE ASIGURARE-REASIGURARE SRL
AB BROKER - BROKER DE ASIGURARE-REASIGURARE SRL
ABADO SYNERGIC DEVELOPMENT BROKER DE ASIGURARE SRL*
ABSOLUT ASIG - BROKER DE ASIGURARE SRL
ACCENTASIG BROKER DE ASIGURARE SRL
ACCORD BROKER DE ASIGURARE SRL
ACE BROKER DE ASIGURARE REASIGURARE SRL
ACR BROKER DE ASIGURARE - REASIGURARE SRL
ACTIV ASIGURARI - BROKER DE ASIGURARE-REASIGURARE SRL
ADA BROKER DE ASIGURARE SRL
ADAMAS BROKER DE ASIGURARE SRL
ADECAR BROKER DE ASIGURARE - REASIGURARE SRL
ADELPHIA BROKER DE ASIGURARE SRL*
AERO ASIG BROKER DE ASIGURARE SRL
AG - BROKER DE ASIGURARE SRL
AGORA GROUP - BROKER DE ASIGURARE SRL
AGRICOVER BROKER DE ASIGURARE SRL
AGRO PROTECTOR 2010 ASIGURARI - BK DE ASIGURARE SRL
AGX - BROKER DE ASIGURARE SRL
AIDA BROKER DE ASIGURARE SRL
AIR BROKER ASIGURARE REASIGURARE SRL
AKG - BROKER DE ASIGURARE SRL**
AKTUALIS BROKER DE ASIGURARE SRL
AL BROKER INVEST - BROKER DE ASIGURARE SA**
ALFA BROKER DE ASIGURARE SRL
ALIAT BROKER DE ASIGURARE SRL
ALL INSURANCE BROKER DE ASIGURARE SRL*
ALLEANZA BROKER DE ASIGURARE SRL
ALLIED TEAM BROKER DE ASIGURARE-REASIGURARE SRL**
ALMA BROKER DE ASIGURARE SRL
ALO ASIGURARI BROKER DE ASIGURARE SI REASIGURARE SRL
ALPHA INSURANCE BROKERS - SOCIETATE DE BROKERAJ IN ASIGURARE - REASIGURARE SRL
ALPINA BROKER DE ASIGURARE SRL
ALTO BROKER DE ASIGURARE REASIGURARE SRL
AMA BROKER DE ASIGURARE-REASIGURARE SRL
AMAP ASIGURARI SI PENSII - BROKER DE ASIGURARE-REASIGURARE SRL
AMEX - BROKER DE ASIGURARE SRL**
AMG BROKER DE ASIGURARE SRL
AMSTERDAM BROKER DE ASIGURARE SRL
AMTEC BROKER DE ASIGURARE SRL
ANA BROKER DE ASIGURARE - REASIGURARE SRL
AON ROMANIA BROKER DE ASIGURARE - REASIGURARE SRL
AQUA INVESTMENT BROKER DE ASIGURARE SRL
ARCA BROKER DE ASIGURARE - REASIGURARE SRL
ARGESIM ASIG BROKER DE ASIGURARE - REASIGURARE SRL
ARPEMIX - CONSULT BROKER DE ASIGURARE SRL
ART BROKER DE ASIGURARE SRL
ARTIMM GENERAL ASIG BROKER DE ASIGURARE SRL
ARTMA BROKER DE ASIGURARE SRL
AS - INSURANCE - BROKER DE ASIGURARE SRL**
AS - INVEST BROKER DE ASIGURARE-REASIGURARE SRL
AS CONSULT BROKER DE ASIGURARE SRL
ASA GROUP BROKER DE ASIGURARE SRL **
ASIBBE BROKER DE ASIGURARE SRL
ASIBROK 2000 BROKER DE ASIGURARE SRL
Annexes - Insurance Brokers
Total balance
sheet assets
318,005
170,978
418,382
9,831
25,421
194,556
741,903
Subscribed
Paid-up share
share
capital
capital
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
44,500
44,500
565,346
826,326
198,522
125,557
77,834
616,164
46,658
112,425
29,384
25,000
25,000
25,200
35,000
25,000
33,000
25,000
25,000
25,000
25,000
25,000
25,200
35,000
25,000
33,000
25,000
25,000
25,000
141,200
111,348
9,742
161,705
264,564
101,065
42,356
6,172,010
25,000
25,000
25,000
25,000
50,000
25,000
25,000
45,000
25,000
25,000
25,000
25,000
50,000
25,000
25,000
45,000
74,944
25,000
25,000
46,710
167,308
25,000
100,000
25,000
100,000
10,925
25,200
25,200
830,249
8,813
1,910,741
8,117,422
57,827
50,664
219,728
99,882
267,499
8,033,497
49,284
109,866
6,857,251
23,646
2,296
66,336
371,030
915,548
128,394
24,065
25,000
184,000
185,000
25,000
35,000
25,000
27,500
25,000
40,000
100,000
25,000
25,000
50,000
25,000
40,000
25,000
25,200
25,000
30,000
25,000
25,000
184,000
185,000
25,000
35,000
25,000
27,500
25,000
40,000
100,000
25,000
25,000
50,000
25,000
40,000
25,000
25,200
25,000
30,000
25,000
3,009
74,209
25,200
25,000
25,200
25,000
27,514
317,465
35,000
25,200
35,000
25,200
89
No.
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
90
Insurance Broker
ASIBROK BROKER DE ASIGURARE SRL**
ASICONS BROKER DE ASIGURARE SRL
ASIDAC CONSULT BROKER DE ASIGURARE REASIGURARE SRL
ASIDAV AGRI BROKER DE ASIGURARE SRL
ASIDO EXPERT - BROKER DE ASIGURARE SRL
ASIFORT BROKER DE ASIGURARE SRL
ASIG BROKER S GROUP - BROKER DE ASIGURARE SA
ASIG CONSULT BROKER DE ASIGURARE SRL**
ASIG MANAGEMENT - BROKER DE ASIGURARE SRL
ASIGENT BROKER DE ASIGURARE SRL
ASIGEST BROKER DE ASIGURARE-REASIGURARE SA
ASIGEXCEL BROKER DE ASIGURARE SRL
ASIGRUP BROKER DE ASIGURARE SRL**
ASILEX BROKER DE ASIGURARE - REASIGURAE SRL
ASIMAR INSURANCE - BROKER DE ASIGURARE-REASIGURARE SRL
ASIPLUS BROKER DE ASIGURARE REASIGURARE SRL
ASIPREST BROKER DE ASIGURARE SRL*
ASIPROF CONSULTANTA ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL
ASIRAL BROKER DE ASIGURARE SRL**
ASIRAN BROKER DE ASIGURARI SI REASIGURARI SRL**
ASIREX - BROKER DE ASIGURARE SRL
ASIS ASIG CONSULT - BROKER DE ASIGURARE SRL
ASISCO - BROKER DE ASIGURARE - REASIGURARE SRL
ASIST ASIG BROKER DE ASIGURARE SRL
ASIWEST - BROKER DE ASIGURARE SRL
ASKO ASSEKURANZ BROKER DE ASIGURARE SRL
ASSESS BROKER DE ASIGURARE SRL**
ASSET INCON PLUS BROKER DE ASIGURARE SRL**
AST BROKER DE ASIGURARE SRL
ASTOP BROKER DE ASIGURARE SRL
ATLANTIC BROKER GROUP BROKER DE ASIGURARE SRL
ATLAS BROKER DE ASIGURARE REASIGURARE SRL
ATP EXODUS BROKER DE ASIGURARE SRL**
AUST INSURANCE BROKER DE ASIGURARE SRL
AUTO MARCU S BROKER DE ASIGURARE SRL
AUTO ONE BROKER DE ASIGURARE SRL
AUTOACT BROKER DE ASIGURARE SRL
AUTOSINCRON BROKER DE ASIGURARE SRL
AVANTGARDE - BROKER DE ASIGURARE SRL
AVERAL CONSULT GROUP BROKER DE ASIGURARE SRL
AVIASIG BROKER DE ASIGURARE SRL*
AVUS INTERNATIONAL - BROKER DE ASIGURARE-REASIGURARE SRL
AXARO S BROKER DE ASIGURARE SRL
AXASIG BROKER DE ASIGURARE-REASIGURARE SRL
AZT ROMASIG BROKER DE ASIGURARE - REASIGURARE SRL
B&P COMPANY BROKER DE ASIGURARE - REASIGURARE SRL**
B.C.S. BROKER DE ASIGURARE SRL**
BALANS BROKER DE ASIGURARE SRL
BALDOR INSURANCE BROKER SRL
BALKAN INSURANCE BROKER DE ASIGURARE REASIGURARE SRL**
BAVARIA BROKER DE ASIGURARE SRL
BDT BROKER DE ASIGURARE SRL
BECA BROKER DE ASIGURARE SRL
BECHERU INSURANCE UNION - BROKER DE ASIGURARE SRL
BELLE ASSISTANCE - BROKER DE ASIGURARE/REASIGURARE SRL
BERTA - BROKER DE ASIGURARE SRL**
BEST AS BROKER DE ASIGURARE - REASIGURARE SRL
BEST BROKER - BROKER DE ASIGURARE SRL
BEST TEAM ASIG BROKER DE ASIGURARE SRL
BESTKLASS BROKER DE ASIGURARE SRL*
BIG BROKER DE ASIGURARE SRL
BIREX - BROKER DE ASIGURARE - REASIGURARE SRL**
BLAROS BROKER DE ASIGURARE REASIGURARE SRL
BLITZ BROKER DE ASIGURARE SRL**
BNK OFFICE BROKER DE ASIGURARE SRL*
BOAZ BROKER DE ASIGURARE - REASIGURARE SRL
BONO BROKER DE ASIGURARE REASIGURARE SRL*
BONVIVA INSURANCE BROKER SRL
BRAIN INSURANCE GROUP - BROKER DE ASIGURARE SI REASIGURARE SRL*
BRAS BROKER DE ASIGURARE SRL
BRAVO-R BROKER DE ASIGURARE SRL
Total balance
sheet assets
Subscribed
Paid-up share
share
capital
capital
1,091,361
136,593
94,872
91,045
299,440
247,645
290,879
275,759
70,493
2,625,830
9,291
100,000
25,000
25,000
25,000
25,000
100,000
25,000
40,000
27,000
100,000
25,000
100,000
25,000
25,000
25,000
25,000
100,000
25,000
40,000
27,000
100,000
25,000
58,136
965,394
15,044
25,000
25,200
25,000
25,000
25,200
25,000
37,217
25,000
25,000
1,425,655
28,666
45,593
42,254
511,148
2,403,095
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
173,585
2,072,517
795,233
91,833
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
1,190,572
104,218
69,329
393,636
322,509
98,607
155,548
25,200
25,000
25,000
25,000
100,000
25,000
25,000
25,200
25,000
25,000
25,000
100,000
25,000
25,000
8,551,609
364,383
1,359,613
50,376
35,000
25,000
25,000
25,000
35,000
25,000
25,000
25,000
43,954
636,673
25,000
222,000
25,000
222,000
537,517
51,019
67,476
20,724
509,152
30,000
25,000
25,010
25,000
25,000
30,000
25,000
25,010
25,000
25,000
95,027
1,563,878
1,567,350
25,000
25,000
25,200
25,000
25,000
25,200
263,003
25,000
25,000
62,378
25,000
25,000
88,618
25,000
25,000
24,527
25,000
25,000
145,342
28,886
25,000
55,350
25,000
55,350
www.csa - isc.ro
Annual Report 2012
No.
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
Insurance Broker
BROK AS BROKER DE ASIGURARE REASIGURARE SRL
BROKASIG BROKER DE ASIGURARE SRL
BROKASIG CONSULTING - BROKER DE ASIGURARE SRL
BROKER ASIG-BROKER DE ASIGURARE SRL
BROKER DE ASIGURARE CAR ASIG SRL*
BROKER DE ASIGURARE FORTZAAS SRL**
BROKER DE ASIGURARE: DACIA ASIG SRL
BROKER DE ASIGURARE-ECO BROKER SMART ACT SRL
BROKER INVEST BROKER DE ASIGURARE - REASIGURARE SRL**
BROKERS ASIST - BROKER DE ASIGURARE SRL
BRUSSELS BROKER DE ASIGURARE SRL
BUCOVINA ASIG - BROKER DE ASIGURARE SA**
BUSINESS BROKER - BROKER DE ASIGURARE SRL
BUSINESSWIDE BROKER DE ASIGURARE SRL
C.ADVICE BROKER DE ASIGURARE - REASIGURARE SRL
C.P.R. EVAL - BROKER DE ASIGURARI SRL
CAMPION BROKER DE ASIGURARE SRL
CAPITAL & ALLIANCE INSURANCE BROKERAGE SRL**
CAPITAL ASIG - BROKER DE ASIGURARE SRL
CAPITOLIUM INSURANCE BROKER SRL
CAPRICORN INSURANCE BROKER SRL*
CARINA - BROKER DE ASIGURARE SRL
CARION BROKER DE ASIGURARE SA**
CAROL BROKER DE ASIGURARE SRL
CARS BROKER DE ASIGURARE - REASIGURARE SRL
CASA DE LICHIDARI DAUNE - BROKER DE ASIGURARE SRL
CAVI - BROKER DE ASIGURARE SRL*
CBASIG-BROKER DE ASIGURARE-REASIGURARE SRL
CENTRUM ASIG - BROKER DE ASIGURARE SRL**
CERTO - BROKER DE ASIGURARE SRL*
CLAR BROKER DE ASIGURARE SRL**
CMC GRUP BROKER DE ASIGURARE SRL
CND INTERNATIONAL INSURANCE CONSULTANTS SRL
CO INVEST BROKER DE ASIGURARE SRL
COMISASIG BROKER DE ASIGURARE SRL
COMPLEX ASIG BROKER DE ASIGURARE SRL
COMSIG BROKER DE ASIGURARE SRL
CONCRET BROKER DE ASIGURARE SRL**
CONDOR - BROKER DE ASIGURARE SRL
CONECTASIG EXPERT - BROKER DE ASIGURARE SI REASIGURARE SRL
CONFIDENT BROKER DE ASIGURARE SRL
CONFISIO BROKER DE ASIGURARE SRL
CONIMPEX INSURANCE BROKER SRL
CONSENS ASIG BROKER DE ASIGURARE - REASIGURARE SRL
CONSILIUM BROKER DE ASIGURARE SRL
CONSTANTINESCU BROKER DE ASIGURARE SRL
CONSULT ASIG BROKER DE ASIGURARE SRL
CONSULTANT A.A. - BROKER DE ASIGURARE SRL
CONTACS BROKER DE ASIGURARE SRL
CONTRACT ASIG BROKER DE ASIGURARE SRL
CORIS ROUMANIE, BROKER DE ASIGURARE-REASIGURARE SRL
CORPORATE INSURANCE SERVICES - BROKER DE ASIGURARE-REASIGURARE SRL**
CORSIG BROKER DE ASIGURARE SRL
COVER BROKER DE ASIGURARE SRL
CREDO INSURANCE BROKER SRL
CROWN PARTNERS - BROKER DE ASIGURARE SRL
CRUCIATII BROKER DE ASIGURARE SRL*
CRYS - ALLY S BROKER DE ASIGURARE SRL*
D EXPERT BROKER DE ASIGURARE REASIG SRL*
D&B BROKER DE ASIGURARE REASIGURARE SRL
D&CA INSURANCE BROKER SRL
D.H. BROKER DE ASIGURARE SI REASIGURARE SRL
DANUBIUS INSURANCE BROKER DE ASIGURARE SRL*
DASIG CONSULTING BROKER DE ASIGURARE-REASIGURARE SRL
DAW MANAGEMENT - BROKER DE ASIGURARE SRL
DEAASIG - CONSULTANTA, ASISTENTA SI BROKERAJ IN ASIGURARI SRL
DECAGON BROKER DE ASIGURARE SRL
DECON INSURANCE BROKER DE ASIGURARE SRL
DEIA BROKER ASIGURARI SRL
DELTA S.R.S. BROKER DE ASIGURARE - REASIGURARE SRL
DESTINE BROKER DE ASIGURARE SRL
Total balance
sheet assets
8,257
495,729
25,155
32,549
Subscribed
Paid-up share
share
capital
capital
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
193,965
335,382
25,000
26,000
25,000
26,000
585,708
202,625
30,000
25,000
30,000
25,000
42,332
1,054,586
284,748
30,723
5,231,072
25,000
25,000
25,000
34,000
25,000
25,000
25,000
25,000
34,000
25,000
1,294,206
790,929
1,000,000
25,000
1,000,000
25,000
159,184
25,000
25,000
550,325
72,084
35,602
25,000
25,800
25,000
25,000
25,800
25,000
423,643
25,000
25,000
1,067,194
546,437
207,068
111,607
204,624
282,411
90,000
25,000
75,000
25,240
25,000
25000
90,000
25,000
75,000
25,240
25,000
25000
349,696
554,535
55,602
142,561
239,948
16,676
581,993
377,126
325,908
266,883
1,015,961
53,928
4,770,016
25,000
25,200
25,020
30,000
25,000
25,000
60,800
50,000
25,000
25,000
25,000
25,000
418,640
25,000
25,200
25,020
30,000
25,000
25,000
60,800
50,000
25,000
25,000
25,000
25,000
418,640
637,003
373,886
1,091,647
351,373
25,000
50,000
25,000
25,000
25,000
50,000
25,000
25,000
98,843
12,734,832
574,472
25,000
160,000
100,000
25,000
160,000
100,000
85,053
1,665,889
1,156,338
346,019
317,525
1,179,608
88,957
3,622,861
25,000
76,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
76,000
25,000
25,000
25,000
25,000
25,000
25,000
91
No.
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
92
Insurance Broker
DEXASIG BROKER DE ASIGURARE SRL
DIANA CLAIMS ADJUSTER S BUREAU REGULARIZARI DE DAUNE SRL
DIAS - BROKER DE ASIGURARE SRL
DINAMIC AS - BROKER DE ASIGURARE SRL
DINMAR BROKER DE ASIGURARE SRL
DIRECT AUTOMOTIVE BROKER DE ASIGURARE SRL**
DIREKTASIG FILADELFIA BROKER DE ASIGURARE SRL
DIVERS INSURANCE BROKER DE ASIGURARE SRL
DMI INSURANCE-BROKER DE ASIGURARE SRL
DOIO ASIG BROKER DE ASIGURARE SRL
DOMAS INSURANCE BROKER DE ASIGURARE SRL
DONARIO BROKER DE ASIGURARE SRL
EAST BRIDGE INSURANCE - BROKER DE ASIGURARE SRL
EASY INSURANCE SOLUTIONS BROKER DE ASIG REASIG SRL
ECLAIMS MANAGEMENT - BROKER DE ASIGURARE SRL***
ECONOMY CONSULTING GROUP RO BROKER DE ASIG. SRL*
EDEN PMB BROKER DE ASIGURARE SRL
EDY BROKER DE ASIGURARE SRL**
EFICIENT ASIG BROKER DE ASIGURARE SRL**
ELIRE BROKER DE ASIGURARE SRL
ELIYAMMA MM BROKER DE ASIGURARE SRL
EMIASIG BROKER DE ASIGURARE SRL
ENERGO BROKER - BROKER DE ASIGURARE SRL
ENERGY BROKER DE ASIGURARE SRL
EPM ROMANIA - BROKER DE ASIGURARE SRL
ERSTE BROKERS-BROKER DE ASIGURARE SRL**
ETICA BROKER DE ASIGURARE REASIGURARE SRL*
EUL BROKER DE ASIGURARE SRL
EURIAL BROKER DE ASIGURARE SRL
EURO ARC - INSURANCE BROKER SRL
EURO CREDIT BROKER DE ASIGURARE SRL**
EUROBROKERS GROUP SA**
EUROGROUP INSURANCE REINSURANCE BROKER ROMANIA SRL
EUROPEAN ECONOMY ROMANIA - BROKER DE ASIGURARE SRL
EUROREALASIG - BROKER DE ASIGURARE SRL**
EURORISK BROKER DE ASIGURARE SRL
EUROTEX - BROKER DE ASIGURARE SRL
EVEREST BROKER DE ASIGURARE SRL
EWO INSURANCE - BROKER DE ASIGURARE SRL
EXA BROKER DE ASIGURARE SRL
EXECUTIV BROKER DE ASIGURARE SRL
EXPERT ASIG BROKER DE ASIGURARE-REASIGURARE SRL
EXPERT BROKER DE ASIGURARE SRL
EXPRES BROKER DE ASIGURARE SRL
EXPRESS INSURANCE BROKER SRL
FABIS BROKER DE ASIGURARE REASIGURARE SRL
FAIRWAY BROKER DE ASIGURARE SRL
FANBROK BROKER DE ASIGURARE - REASIGURARE SRL
FAST BROKERS - BROKER DE ASIGURARE - REASIGURARE SRL
FEHU BROKER DE ASIGURARE SRL
FELIX INSURANCE BROKER DE ASIGURARE REASIG SRL
FEM - BROKER DE ASIGURARE SRL
FERDINAND ASIGURARI - BROKER DE ASIGURARE SRL
FIDELITY BROKER DE ASIGURARE - REASIGURARE SRL**
FILAS BROKER DE ASIGURARE SRL
FINANCE BROKER DE ASIGURARE SRL
FINANCIAL SERVICES GROUP BROKER DE ASIGURARE-REASIGURARE SRL
FIRST CAR BROKER DE ASIGURARE SRL
FLASH BROKER DE ASIGURARE SRL
FLY INSURANCE - BROKER DE ASIGURARE REASIG.SRL
FORTIS ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL
FORUM INSURANCE BROKER SRL
FREEDOM INSURANCE BROKER SRL
FULL CASCO BROKER DE ASIGURARE-REASIGURARE SRL
FUNK INTERNATIONAL ROMANIA BROKER DE ASIGURARE - REASIGURARE SRL
G&B ASIGURANTA BROKER DE ASIGURARE SRL
GAMMA - ASIG BROKER DE ASIGURARE SRL
GELIAS BROKER DE ASIGURARE SRL
GEMARAL BROKER DE ASIGURARE SRL
GENERAL ASIG CONSULTING - BROKER DE ASIGURARE SRL
GENERAL BROKER DE ASIGURARE SRL
Total balance
sheet assets
597,350
1,644,622
8,228
226,587
177,358
Subscribed
Paid-up share
share
capital
capital
25,000
25,000
59,000
59,000
25,000
25,000
65,000
65,000
25,000
25,000
135,757
14,571
2,557
7,213
1,514,569
160,123
3,116
736,833
2,358
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
50,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
50,000
79,405
25,000
25,000
211,977
745,017
98,949
114,079
131,428
338,289
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
78,569
1,482,930
130,922
30,000
30,000
25,000
30,000
30,000
25,000
170,307
875,221
914,400
25,000
914,400
25,000
7,363
31,933
71,613
130,082
664,839
29,341
421,224
1,061,149
16,065
212,802
27,893
753,707
165,569
2,146,913
291,824
53,583
17,053
27,267
75,000
25,200
25,200
25,000
25,000
25,000
30,000
25,000
85,000
25,000
25,000
25,000
85,000
50,000
25,000
25,000
25,000
25,200
75,000
25,200
25,200
25,000
25,000
25,000
30,000
25,000
85,000
25,000
25,000
25,000
85,000
50,000
25,000
25,000
25,000
25,200
294,924
964,437
486,598
138,275
40,653
110,617
1,846,663
1,329,562
427,201
579,421
711,606
538,418
198,156
852,470
125,471
3,333
116,846
25,000
190,230
50,000
25,000
25,200
25,000
25,000
25,000
25,000
30,150
160,000
25,000
25,000
25,000
25,000
25,000
30,000
25,000
190,230
50,000
25,000
25,200
25,000
25,000
25,000
25,000
30,150
160,000
25,000
25,000
25,000
25,000
25,000
30,000
www.csa - isc.ro
Annual Report 2012
No.
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
Insurance Broker
GENERAL INSURANCE & CONSULTING BROKER DE ASIGURARE-REASIGURARE SRL
GENERAL INSURANCE BROKER SRL
GEORGIA SIG 2000 BROKER DE ASIGURARI SRL
GEPA BROKER DE ASIGURARE S.R.L
GIO GROUP - BROKER DE ASIGURARE SRL**
GLOBAL ASSISTANCE BROKER DE ASIGURARE SRL
GLOBAL ASSURANCE BROKER DE ASIGURARE SRL
GLOBAL BROKER RO BROKER DE ASIGURARE SRL
GLOBAL RISK SERVICES - INSURANCE BROKER SRL
GLOBASIG 2002 BROKER DE ASIGURARE-REASIGURARE SRL
GRAND GARAGE BROKER DE ASIGURARE SRL**
GRAS SAVOYE ROMANIA BROKER DE ASIGURARE-REASIGURARE SRL
GROUP INSURANCE BROKER SRL
GRUP PHOENIX BROKER DE ASIGURARE SRL
GT BROKER DE ASIGURARE SRL
GT-RO BROKER DE ASIGURARE - REASIGURARE SRL**
GTT INSURANCE BROKER SRL
HELMET BROKER DE ASIGURARE SRL**
HERMANNSTADT BROKER DE ASIGURARE - REASIGURARE SRL
HOBBIT BROKER DE ASIGURARE REASIGURARE SRL
I.M. BRATU - BROKER DE ASIGURARE-REASIGURARE SRL
IBA - INSIEME BROKER DE ASIGURARE SRL**
IDEEA INTERMED INSURANCE BROKER DE ASIGURARE SRL
IMOSIG BROKER DE ASIGURARE SRL
INFO ASIG - BROKER DE ASIGURARE SRL
INK CONSULTANTA - BROKER DE ASIGURARE SRL
INSURANCE CONSULTING&SOLUTIONS BROKER DE ASIG SRL **
INSURANCE MIX BROKER DE ASIGURARE SRL
INSURANCE REINSURANCE INTERNATIONAL BROKER DE ASIGURARE SA**
INSURER BROKER DE ASIGURARE REASIG. SRL
INSUROM BROKER DE ASIGURARE - REASIGURARE SRL
INTEGRA BROKER DE ASIGURARE SRL
INTEGRITY GECAST BROKER DE ASIGURARE SRL
INTEL BROKER DE ASIGURARE SRL
INTER ACTIV BROKER DE ASIGURARE - REASIGURARE SRL
INTER BROKER DE ASIGURARE SRL
INTER CONSULTING BROKER DE ASIGURARE SRL**
INTERALIA INSURANCE BROKER SRL
INTERAS - BROKER DE ASIGURARE SRL**
INTERASIG BROKER - BROKER DE ASIGURARE SRL
INTERASIG BROKER DE ASIGURARE SRL
INTERBROK BROKER DE ASIGURARE SRL **
INTERBUG INSURANCE BROKER SRL
INTERCAM BROKER D ASSURANCE SRL
INTERCAPITAL ASIG BROKER DE ASIGURARE SRL*
INTERFIDES INTERNATIONAL - BROKER DE ASIGURARE SRL
INTERLAND BROKER DE ASIGURARE SRL*
INTERNATIONAL BROKER CONSULTING-BROKER DE ASIG SRL
INTERNATIONAL INSURANCE BROKER SRL
INTERNATIONAL LINK INSURANCE BROKER SRL
INVEST CORP BROKER DE ASIGURARE SRL
IONASIG BROKER DE ASIGURARE SRL*
IRECSON BROKER DE ASIGURARE-REASIGURARE SRL**
IVAS BROKER DE ASIGURARE SRL
IVECO CAPITAL BROKER DE ASIGURARE-REASIGURARE SRL
JOLILI BROKER DE ASIGURARE - REASIGURARE SRL
KALL BROKER DE ASIGURARE SRL**
KAMER ACTIV - BROKER DE ASIGURARE - REASIGURARE SRL*
KARUSSELL INSURANCE - BROKER DE ASIGURARE SRL*
KING OF BROKERS IN ROMANIA - BROKER DE ASIGURARE SRL**
KLASS BROKER DE ASIGURARE - REASIGURARE SRL
KRON - ASIG - BROKER DE ASIGURARE SRL
KUNDEN BROKER DE ASIGURARE SRL
L.M.C. ASIG BROKER DE ASIGURARE SRL
LACOLI BROKER DE ASIGURARE SRL
LAND - BROKER DE ASIGURARE - REASIGURARE SRL
LASTING INSURANCE AND REINSURANCE BROKER SRL**
LCG CONCEPT - BROKER DE ASIGURARE - REASIGURARE SRL
LEADER TEAM BROKER DE ASIGURARE SRL
LEON FINANCIAL - BROKER DE ASIGURARE SRL
LEUMI BROKER DE ASIGURARE - REASIGURARE SRL
Total balance
sheet assets
16,987
50,223
15,666
647,984
Subscribed
Paid-up share
share
capital
capital
50,000
50,000
33,000
33,000
25,000
25,000
25,000
25,000
708,448
1,097,862
362,391
442,326
325,739
30,000
25,000
30,300
30,000
25,000
30,000
25,000
30,300
30,000
25,000
4,836,607
9,456
170,387
227,835
29,900
25,000
25,000
30,600
29,900
25,000
25,000
30,600
738,825
25,000
25,000
287,678
113,743
18,369
25,000
25,000
25,000
25,000
25,000
25,000
52,064
186,344
252,577
1,587,017
25,000
25,000
25,200
105,000
25,000
25,000
25,200
105,000
32,596
25,000
25,000
778,940
77,381
391,502
25,502
111,788
428,068
2,427,514
25,000
25,000
25,000
25,000
25000
25,000
25,000
25,000
25,000
25,000
25,000
25000
25,000
25,000
1,931
25,000
25,000
168,760
38,530
38,000
25,000
38,000
25,000
979,893
814,576
25,000
25,000
25,000
25,000
2,049,042
159,400
159,400
246,858
542,265
325,013
2,422
100,000
26,060
100,000
60,000
100,000
26,060
100,000
60,000
85,510
3,722,950
64,921
25,000
25,000
25,000
25,000
25,000
25,000
360,416
554,051
3,707,683
102,323
3,705,250
232,667
40,000
25,000
25,000
95,000
51,000
25,600
40,000
25,000
25,000
95,000
51,000
25,600
105,066
465,601
2,014
908,855
25,000
25,000
36,000
450,000
25,000
25,000
36,000
450,000
93
No.
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
94
Insurance Broker
LIBER BROKER DE ASIGURARE SRL*
LIDA BROKER DE ASIGURARE SRL**
LION BROKER DE ASIGURARE SRL
LOGOS BROKER DE ASIGURARE SRL
LONDON BROKERS - BROKER DE ASIGURARE-REASIGURARE SRL
LORD BROKER DE ASIGURARE - REASIGURARE SRL
LOWE ASISGROUP BROKER DE ASIGURARE SRL
LOYAL BROKER DE ASIGURARE SRL***
LOYALTY INSURANCE BROKER SRL
M.C.M. - BROKER DE ASIGURARE - REASIGURARE SRL**
MAGAZINUL DE ASIGURARI BROKER DE ASIG. REASIG SRL **
MAGNA INSURANCE BROKER SRL**
MAI BROKER DE ASIGURARE SRL
MAKLER-SIG BROKER DE ASIGURARE SRL
MARINS INTERNATIONAL INSURANCE AND REINSURANCE BROKER SRL ***
MARKRON BROKER DE ASIGURARE SRL
MAROSI BROKER DE ASIGURARE SRL
MARSH - BROKER DE ASIGURARE-REASIGURARE SRL
MARSHALY - ZEPTER INSURANCE FINANCIAL ASSOCIATED, BROKER DE ASIGURARE - REASIGURARE SRL
MARSHALY INSURANCE FINANCIAL ASSOCIATED SRL**
MASTER BROKER DE ASIGURARE - REASIGURARE SRL
MAXYGO BROKER DE ASIGURARE SRL
MB EUROPA BROKER DE ASIGURARE SRL
MBI MARKETINGBERATUNG AND INSURANCE BROKER SRL
MCI INTERNATIONAL BROKER DE ASIGURARE-REASIGURARE SRL**
MED LIFE BROKER DE ASIGURARE SRL
MEDIA INVEST BROKER DE ASIGURARE SRL
MEDIATIS BROKER DE ASIGURARE SRL
MEDIHELP INTERNATIONAL BROKER DE ASIGURARE SRL
MEDINS 2002 ROMANIA BROKER DE ASIGURARE SRL
MEGA GROUP BROKER DE ASIGURARI SRL
MENTOR BROKER DE ASIGURARE SRL
MERCEDES - BENZ INSURANCE BROKER SRL
MGM BROKER DE ASIGURARE-REASIGURARE SRL
MIGO - BROKER DE ASIGURARE - REASIGURARE SRL**
MILLENIUM INSURANCE BROKER (M.I.B.) SA
MIXERA BROKER DE ASIGURARE SRL
MK SAFEZON INSURANCE BROKER SRL
MKB ROMEXTERRA BROKER DE ASIGURARE SRL
MLR INTER-ASIG BROKER DE ASIGURARE SRL**
MOBIL BROKER DE ASIGURARE SRL*
MODEL BROKER DE ASIGURARE SRL
MOLD EXPERT BROKER DE ASIGURARE-REASIGURARE SRL
MOMENTUM INSURANCE AND REINSURANCE BROKER SRL
MONDIAL BROKER DE ASIGURARE SRL
MONDO AS BROKER DE ASIGURARE REASIGURARE SRL
MONEY COACH BROKER DE ASIGURARE SRL
MONKAD INTERMED BROKER DE ASIGURARE SI REASIG. SRL
MTC ASIVEST BROKER DE ASIGURARE SRL
MULTI ASIG BROKER DE ASIGURARE SRL
MULTIEXPERT ASIG-BROKER DE ASIGURARE SRL**
MUNTENIA BROKER DE ASIGURARE SRL
MUSTANG BROKER DE ASIGURARE - REASIGURARE SRL
N.B. BROKER DE ASIGURARE-REASIGURARE SRL
NC SERVICES BROKER DE ASIGURARE SRL
NELBA BROKER DE ASIGURARE SRL
NEMES BROKER DE ASIGURARE SRL**
NEOBROKER BROKER DE ASIGURARE SRL
NEPTUN BROKER DE ASIGURARE SRL
NET BROKER DE ASIGURARE SRL
NETRISK BROKER DE ASIGURARE SRL
NEUTRO RISK - BROKER DE ASIGURARE SRL**
NEW AGE INSURANCE BROKER SRL
NEW VISION BROKER DE ASIGURARE - REASIGURARE SRL
NEWBROKER ASIG MC BROKER DE ASIGURARE SRL **
NEWPORT INSURANCE - REINSURANCE BROKER SRL
NORD - BROKER DE ASIGURARE SRL**
NOVA GRUP ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL*
NOVALTO BROKER DE ASIGURARE SRL
NOVOFINANCE GROUPE - BROKER DE ASIGURARE SI REASIGURARE SRL **
OFFICE INSURANCE - BROKER DE ASIGURARE SRL
Total balance
sheet assets
Subscribed
Paid-up share
share
capital
capital
350,552
117,791
1,867,092
85,370
9,170
25,000
125,000
27,000
25,000
25,000
25,000
125,000
27,000
25,000
25,000
86,527
25,000
25,000
1,662,516
105,754
26,908
103,282
27,552
21,131,143
138,135
316,790
80,000
126,455
25,000
25,000
100,000
70,000
316,790
80,000
126,455
25,000
25,000
100,000
70,000
229,440
1,288,606
509,823
1,908,946
25,000
100,000
25,000
25,000
25,000
100,000
25,000
25,000
235,586
460,827
172,835
884,663
292,835
44,662
2,014
4,321,776
78,921
25,200
100,000
50,000
190,000
25,000
25,000
25,000
525,700
130,000
25,200
100,000
50,000
190,000
25,000
25,000
25,000
525,700
130,000
1,410,113
44,148
10
545,648
117,310
25,000
25,000
201,132
117,310
25,000
25,000
201,132
1,420,720
3,689,940
87,367
66,586
442,940
162,072
12,586
80,709
215,312
25,000
100,000
25,000
25,000
25,000
25,000
25,000
25,020
25,000
25,000
100,000
25,000
25,000
25,000
25,000
25,000
25,020
25,000
24,258
265,152
324,046
50,059
14,096
25,000
25,000
25,000
50,000
25,000
25,000
25,000
25,000
50,000
25,000
93,674
9,215
32,823
3,375,025
25,000
25,000
25,000
400,000
25,000
25,000
25,000
400,000
66,035
4,644
25,000
25,000
25,000
25,000
166,625
25,000
25,000
3,067
25,000
25,000
274,601
25,000
25,000
www.csa - isc.ro
Annual Report 2012
No.
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
Insurance Broker
OLSA RE BROKER DE ASIGURARE-REASIGURARE SRL
OLTENIA BROKER DE ASIGURARE-REASIGURARE SRL**
OMEGA BROKER DE ASIGURARE SRL
ONE - BROKER DE ASIGURARE SRL
ONEST ASIG BROKER DE ASIGURARE SRL*
ONSPOT BROKER DE ASIGURARE SRL
ORIZONT BROKER DE ASIGURARE - REASIGURARE SA
OTTO BROKER DE ASIGURARE SRL
OVB ALLFINANZ ROMANIA BROKER DE ASIGURARE SRL
OXIGEN INSURANCE - BROKER DE ASIGURARE SRL
OXYGEN EXPRESS BROKER DE ASIGURARE - REASIGURARE SRL
PALLADIUM INSURANCE BROKER SRL**
PAN GABRIEL BROKER DE ASIGURARE SRL **
PANNON SAFE BROKER DE ASIGURARE SRL
PARTENER A&S BROKER DE ASIGURARE SRL
PARTENERUL MEU BROKER DE ASIGURARE SRL*
PATY - ASIG BROKER DE ASIGURARE SRL
PEIA GROUP BROKER DE ASIGURARE SRL
PENTA-International Insurance Reinsurance Broker SRL
PERFECT ASIG - BROKER DE ASIGURARE SRL
PERSONAL BROKER-BROKER DE ASIG - REASIG SRL*
PERSONAL INSURANCE - BROKER DE ASIG REASIG. SRL
PINTILIE BROKER DE ASIGURARE SRL
PIRAEUS INSURANCE REINSURANCE BROKER ROMANIA SRL
PLUS-ASIG-INVEST BROKER DE ASIGURARE SRL
POLY BROKER DE ASIGURARE - REASIGURARE SRL
PORSCHE BROKER DE ASIGURARE SRL
PORTAL BROKER DE ASIGURARE SRL
POWER INSURANCE BROKERS SRL
PRAVASIG BROKER DE ASIGURARE SRL
PREMIER - BROKER DE ASIGURARE SRL
PREMIUM BROKER DE ASIGURARE SRL
PRESTIGE INSURANCE BROKER DE ASIGURARE SRL*
PREVENT ASIG BROKER DE ASIGURARE SRL*
PRIMA BROKER DE ASIGURARE-REASIGURARE SRL**
PRIMASIG BROKER DE ASIGURARE SRL
PRIME INSURANCE - BROKER DE ASIGURARE SRL
PRIVAT CONSULTING-BROKER DE ASIGURARE-REASIG. SRL
PRO AS MILENIUM BROKER DE ASIGURARE SRL
PRO ASIG INSURANCE BROKER DE ASIGURARE SRL
PROASIG BROKER DE ASIGURARE SRL
PROFESSIONAL BROKER DE ASIGURARE SRL
PROPERTY INSURANCE BROKER SRL
PROXIMUS BROKER DE ASIGURARI SRL*
PSG INSURANCE BROKER SRL
QUALITRON INSURANCE BROKER SRL
QUALITY ASIG - BROKER DE ASIGURARE SRL
QUARTZ - ASIG BROKER DE ASIGURARE SRL
R.C.G. BROKER DE ASIGURARE SA
RAIFFEISEN BROKER DE ASIGURARE-REASIGURARE SRL
RAMY - 95 ASIG BROKER DE ASIGURARE SRL
RBA REKORD BROKER DE ASIGURARE SRL
RCI BROKER DE ASIGURARE SRL
REAL EXPERT BROKER DE ASIGURARE REASIGURARE SRL
RELIANCE BROKER HOUSE- BROKER DE ASIGURARE SRL**
REMABO BROKER DE ASIGURARE SRL
RIB TEAM - BROKER DE ASIGURARE - REASIGURARE S.A
RISC TOTAL ASIG - BROKER DE ASIGURARE SRL
RISK CONTROL INSURANCE AND REINSURANCE BROKER SRL
RISK EXPERT INSURANCE BROKER SRL**
RISK MANAGEMENT CONSULTING BROKER DE ASIGURARE SRL
RISK MANAGEMENT GRUP BROKER DE ASIGURARE SRL
RITTER - BROKER DE ASIGURARE SI REASIGURARE SRL
RIVERA BROKER DE ASIGURARE SRL**
ROCREDIT - BROKER DE ASIGURARE SRL
ROGRUP BROKER DE ASIGURARE SRL
ROM INSURANCE BROKER DE ASIGURARE SRL
ROMAGENT CONSULTING BROKER DE ASIGURARE SRL
ROMASIG BROKER DE ASIGURARE SRL
ROMASIR BROKER DE ASIGURARE SRL
ROMEURO INSURANCE CONSULTING-BROKER DE ASIG SRL
Subscribed
Paid-up share
share
capital
capital
265,467
49,600
49,600
Total balance
sheet assets
872,649
83,132
25,000
25,000
25,000
25,000
55,588
600,149
3,309,619
1,316,558
244,532
164,149
25,000
111,700
100,000
25,000
25,000
25,000
25,000
111,700
100,000
25,000
25,000
25,000
22,442
7,249
39,000
25,000
39,000
25,000
1,214,290
86,244
741,686
318,363
30,000
25,000
100,000
55,000
30,000
25,000
100,000
55,000
21,456
1,308,977
23,455,813
87,709
174,333
45,237,760
360,314
3,477,151
122,492
94,558
218,719
25,000
25,000
105,000
25,000
25,000
30,000
25,000
200,000
25,000
25,000
25,000
25,000
25,000
105,000
25,000
25,000
30,000
25,000
200,000
25,000
25,000
25,000
168,722
321,685
205,472
418,826
285,628
140,565
878,379
19,806
25,000
25,000
25,000
25,000
50,500
25,000
30,000
25,000
25,000
25,000
25,000
25,000
50,500
25,000
30,000
25,000
1,358,448
5,083
405,851
252,104
22,827
24,595,501
128,830
129,180
20,077,850
123,681
25,000
25,000
25,000
25,000
200,000
180,000
25,000
26,000
400,000
25,000
25,000
25,000
25,000
25,000
200,000
180,000
25,000
26,000
400,000
25,000
58,152
189,807
199,486
412,256
25,000
166,300
25,000
25,000
25,000
166,300
25,000
25,000
42,192
196,076
172,352
25,000
25,000
40,000
25,000
25,000
40,000
160,774
220,921
534,110
89,940
212,505
22,876
799,186
25,000
25,000
37,000
25,000
25,000
77,000
40,000
25,000
25,000
37,000
25,000
25,000
77,000
40,000
95
No.
487
488
489
490
491
492
493
494
495
496
497
498
499
500
501
502
503
504
505
506
507
508
509
510
511
512
513
514
515
516
517
518
519
520
521
522
523
524
525
526
527
528
529
530
531
532
533
534
535
536
537
538
539
540
541
542
543
544
545
546
547
548
549
550
551
552
553
554
555
556
96
Insurance Broker
ROMINS BROKER DE ASIGURARE SRL
ROMTIR SERVICE BROKER DE ASIGURARE SRL
ROYAL BUSINESS BROKER DE ASIGURARE SRL**
S.I.N. INSURANCE BROKER SRL*
S.I.R. INTERNATIONAL SERVICES BROKER DE ASIGURARE-REASIGURARE SRL
S.O.S. ASIGURARI - BROKER DE ASIGURARE SRL*
SAB BROKER DE ASIGURARE SRL
SAFE INVEST ROMANIA BROKER DE ASIGURARE SRL
SAFEGUARD BROKER DE ASIGURARE-REASIGURARE SRL
SAFETY BROKER DE ASIGURARE SRL
SAFEWAYS INTERNATIONAL BROKER DE ASIGURARE SRL
SALES GROUP BROKER DE ASIGURARE SRL
SALVE BROKER DE ASIGURARE SRL**
SCALA BROKER DE ASIGURARE SRL
SCHIOPU BROKER DE ASIGURARE SRL
SCORPION BROKER DE ASIGURARE SRL
SDH BROKER DE ASIGURARE SRL
SECONY PROFESIONAL CONSULTING SRL
SELECT AUTOMOTIVE BROKER DE ASIGURARE SRL
SEMPER FIDELIS-BROKER DE ASIGURARE SRL
SENIOR BROKER DE ASIGURARE SRL**
SERVBROK BROKER DE ASIGURARE SRL***
SFINX BROKER DE ASIGURARE SRL
SIC ASIGURARI BROKER DE ASIGURARE SRL*
SIGMA BROKER DE ASIGURARE SRL**
SIGURA BROKER DE ASIGURARE SRL
SILGA BROKER DE ASIGURARE-REASIGURARE SRL
SILVER BROKER DE ASIGURARE-REASIGURARE SRL
SIMAX BROKER DE ASIGURARE SRL
SIMPLEX BROKER DE ASIGURARE SRL
SIRCOM INSURANCE BROKER SRL
SIRIUS - BROKER DE ASIGURARE SRL
SIS BROKER DE ASIGURARE SRL
SITAL ASIGURARI - BROKER DE ASIGURARE SRL**
SL - TEAM ASIG - BROKER DE ASIGURARE-REASIGURARE SRL
SMARALD BROKER DE ASIGURARE SRL
SMART BROKER DE ASIGURARE - REASIGURARE SRL
SOCIETATEA COMERCIALA DE PRESTARI SERVICII IN DOMENIUL ASIGURARILOR CAROM - BROKER DE
ASIGURARE SA
SOFAD BROKER DE ASIG. SRL
SOKO BROKER DE ASIGURARE SRL
SOLARIS BROKER DE ASIGURARE SRL**
SOLVENTA - BROKER DE ASIGURARE SRL**
SOTER - FINANCE BROKER DE ASIGURARE SRL
SOVEREIGN AND PARTNERS EUROPE - INSURANCE BROKERS SRL*
SP ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL**
SPECIAL OFFICE - BROKER DE ASIGURARE REASIGURARE SRL
SPEED INSURANCE GROUP BROKER DE ASIG.- REASIG. SRL
SPOT INSURANCE - BROKER DE ASIGURARE SRL**
SRBA - BROKER DE ASIGURARE REASIGURARE SRL
STABILITY INSURANCE - BROKER DE ASIG - REASIG. SRL*
STANDARD ASIGURARI - BROKER DE ASIGURARE SRL
STANDARD CLASS BROKER DE ASIGURARE - REASIG. SRL*
STAR BROKER DE ASIGURARE SRL
STAR EXPRESS BROKER DE ASIGURARE SRL**
STAR OFFICE - BROKER DE ASIGURARE SRL**
START BROKER DE ASIGURARE SRL
STEIN INSURANCE BROKER SRL
STELLAR RE BROKER DE ASIGURARE SI REASIGURARE SRL
STEMMA BROKER DE ASIGURARE SRL***
STRASIG BROKER DE ASIGURARE SRL
STRATEGIC INSURANCE BROKER SRL**
SUCCESOR BROKER DE ASIGURARE SRL
SUD ASIG BROKER DE ASIGURARE SRL
SURE INVEST COMPANY - BROKER DE ASIGURARE SRL*
TAKTIQ - BROKER DE ASIGURARE - REASIGURARE SRL
TAR & TAR BROKER DE ASIGURARE SRL
TEAHA ASIGURARI - BROKER DE ASIGURARE SRL
TEMPO ASIG - INSURANCE BROKER SRL
TENY BROKER DE ASIGURARE SRL
TERANO ASIG - BROKER DE ASIGURARE SRL**
Subscribed
Paid-up share
share
capital
capital
7,977
25,000
25,000
145,208
25,000
25,000
Total balance
sheet assets
149,011
36,700
36,700
104,131
565,231
23,329
4,937,430
91,145
94,669
25,000
25,050
25,000
25,000
25,000
25,500
25,000
25,050
25,000
25,000
25,000
25,500
80,801
47,367
21,072
88,259
496,192
11,217
383,289
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
16,911
25,000
25,000
138,603
589,374
6,633
87,278
108,897
62,924
16,750
291,896
25,000
150,000
25,000
30,000
30,000
25,000
25,000
25,000
25,000
150,000
25,000
30,000
30,000
25,000
25,000
25,000
1,385,187
8,193
223,274
25,000
25,000
35,000
25,000
25,000
35,000
1,441,024
100,000
100,000
56,192
134,247
25,900
25,000
25,900
25,000
282,127
25,000
25,000
172,635
83,343
25,000
25,000
25,000
25,000
3,005,876
90,000
90,000
243,398
21,828
809,761
25,000
25,000
25,200
25,000
25,000
25,200
31,059
5,024,429
518,886
1,240
3,838
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
213,301
799,547
25,000
25,000
25,000
25,000
130,338
608,499
28,845
538,984
17,241
25,000
25,000
25,000
35,000
25,000
25,000
25,000
25,000
35,000
25,000
www.csa - isc.ro
Annual Report 2012
No.
557
558
559
560
561
562
563
564
565
566
567
568
569
570
571
572
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592
593
594
595
596
597
598
599
600
601
602
603
604
605
606
607
608
609
610
Insurance Broker
TERRA BROKER DE ASIGURARE SRL
TERRA BROKER DE ASIGURARE SRL(ATLASSIB)**
TITAN BROKER DE ASIGURARE SRL
TOMASIG - BROKER DE ASIGURARE SRL
TOP ASIG BROKER DE ASIGURARE SRL
TOP INSURANCE CONSULTING BROKER DE ASIGURARE - REASIGURARE SRL
TOTAL ASIG - BROKER DE ASIGURARE-REASIGURARE SRL
TOYO MOTOR BROKER DE ASIGURARE SRL
TRADITIONAL BROKER DE ASIGURARE SRL**
TRANSILVANIA BROKER DE ASIGURARE SRL
TRANSWORLD ASIG - BROKER DE ASIGURARE SRL
TREND AS BROKER DE ASIGURARE SRL
TRINITY GLOBAL INSURANCE BROKERS SRL
TRIUMF INSURANCE BROKER DE ASIGURARE SRL
TRUST - ASIG BROKER DE ASIGURARE SRL
TRUST BROKERS BROKER DE ASIGURARE SRL
TRYGON BROKER DE ASIGURARE SRL
UBI BROKER DE ASIGURARE SRL*
UIRB- UNITED INSURANCE REINSURANCE BROKER SA
ULTRA BROKER DE ASIGURARE SRL*
UNIASIG BROKER DE ASIGURARE SRL
UNIBROKER DOBROGEA - BROKER DE ASIGURARE SI REASIGURARE SRL**
UNICREDIT INSURANCE BROKER SRL
UNION CONSULTING - BROKER DE ASIGURARE SRL
UNION FIRST INSURANCE BROKERS SRL**
UNIPET BROKER DE ASIGURARE SRL
UNITED BROKER DE ASIGURARE SRL*
UNITED INSURANCE BROKERS - BROKER DE ASIGURARE - REASIGURARE SRL**
UNITY BROKER DE ASIGURARE REASIGURARE SRL
UNIVERS BROKER DE ASIGURARE SRL
URBAN BROKER DE ASIGURARE SRL
USC ALL FINANCE BROKER DE ASIGURARE SRL**
V.P. INVESTMENTS-INSURANCE BROKER SRL
VBL BROKER DE ASIGURARE SRL
VECTOR BROKER DE ASIGURARE - REASIGURARE SRL
VERASIG BROKER DE ASIGURARE SRL
VERBITA-BROKER DE ASIGURARE SRL
VERGLASER BROKER DE ASIGURARE SRL*
VERTICAL ASSURANCE BROKER DE ASIGURARE SRL
VICTORIA BROKER - BROKER DE ASIGURARE SRL***
VIENNA BROKER DE ASIGURARE SRL**
VIO ILE BROKER DE ASIGURARE SRL
VIP BROKER ASIGURARI SRL
VIVA BROKER DE ASIGURARE SRL
VLT EXPERT BROKER DE ASIGURARE SRL
VNT BROKER DE ASIGURARE SRL*
VS COMPANY BROKER DE ASIGURARE SRL
WESTACO BROKER DE ASIGURARE SRL
WISE INSURANCE BROKERS SRL
WVP RO - BROKER DE ASIGURARE SRL
YORK - BROKER DE ASIGURARE-REASIGURARE SRL
Z&A ASIGURARI - BROKER DE ASIGURARE SRL
ZOE BROKER ASIGURARE REASIGURARE SRL**
ZURICH BROKER DE ASIGURARE - REASIGURARE SRL
Total 2012
Total 2011
Subscribed
Paid-up share
share
capital
capital
12,567
30,000
30,000
Total balance
sheet assets
530,120
142,516
63,796
246,447
78,210
2,366,158
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
5,478,637
349,171
86,759
141,629
64,869
59,522
445,709
89,030
72,392
484,184
25,000
25,000
25,200
25,000
25,000
25,000
25,500
45,000
25,000
200,000
25,000
25,000
25,200
25,000
25,000
25,000
25,500
45,000
25,000
200,000
63,788
100,000
100,000
170,541,763
219,674
25,000
45,000
25,000
45,000
243,452
25,000
25,000
24,200,483
147,548
366,252
400,000
25,000
25,000
400,000
25,000
25,000
30,721
10,353,301
1,338,339
1,025,497
203,249
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
100,873
16,312
25,000
25,100
25,000
25,100
285,986
219,326
221,300
133,829
25,000
25,000
25,000
50,000
25,000
25,000
25,000
50,000
2,693,980
126,188
29,253
48,925
21,550
483,763
25,000
25,000
25,000
25,000
25,000
35,000
25,000
25,000
25,000
25,000
25,000
35,000
918,857
614,976,290
545,721,569
100,000
22,442,157
26,475,744
100,000
22,442,157
26,475,744
*Insurance and/or reinsurance brokers who filed late or incomplete Q4/2012 reports and 2012 annual financial statements
**Insurance and/or reinsurance brokers whose business has been suspended/temporarily prohibited or whose authorisation has been withdrawn and
filed late or incomplete Q4/2012 reports and 2012 annual financial statements
***Insurance and/or reinsurance brokers who reported no insurance mediation business as of authorisation/resumption of business and filed Q4/2012
reports and 2012 annual financial statements or statements which report no business as of 31.12.2012
97
ANNEX 15
Premiums generated from business written by insurance brokers
and claims adjustment as of 31.12.2012 (RON)
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
98
Insurance Broker
ALPHA INSURANCE BROKERS - SOCIETATE DE BROKERAJ IN
ASIGURARE - REASIGURARE SRL
AMAP ASIGURARI SI PENSII - BROKER DE ASIGURAREREASIGURARE SRL
Premiums written
Total, of which:
Non-life insurance
Claims
adjustment
Life insurance
2,802,168
1,914,980
5,017,019
58,903
620,073
1,269,387
4,835,873
11,344,899
1,461,193
1,749,186
1,089,676
1,809,793
1,047,904
26,383,064
579,335
1,425,233
355,554
2,794,091
1,907,072
5,017,019
58,903
589,195
1,269,165
4,835,873
10,965,069
1,453,981
1,748,343
1,089,676
1,803,809
1,047,904
26,336,726
560,188
1,425,233
355,486
8,077
7,908
811,974
2,314,519
171,212
2,827,434
5,954,305
1,135,055
1,147,291
63,520,951
810,716
2,313,918
171,212
2,812,023
5,946,700
1,135,055
1,145,849
63,510,146
15,411
7,605
1,442
10,805
0
0
0
0
0
0
0
0
7,953,034
7,952,782
252
0
395,530
973,605
982,082
152,865
395,530
964,344
982,082
143,114
6,655,833
167,070
6,648,891
167,070
4,453,911
4,453,911
34,926,654
1,465,897
1,785,350
34,917,035
1,465,064
1,780,929
307,873
307,873
0
1,694,602
3,262,528
25,680,934
372,683
591,126
94,723,234
1,265,795
788,122
859,927
6,448,244
2,545,072
2,109,110
1,694,602
3,262,528
9,726,012
372,133
574,136
93,205,062
1,259,473
788,122
859,927
6,417,575
2,541,466
2,109,110
0
0
0
0
0
0
0
0
0
0
0
0
30,878
222
379,830
7,212
843
5,984
46,338
19,147
68
1,258
601
9,261
9,751
6,942
0
272,200
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
136,500
0
0
0
0
0
9,619
833
4,421
15,954,922
550
16,990
1,518,172
6,322
30,669
3,606
0
0
0
www.csa - isc.ro
Annual Report 2012
No.
Insurance Broker
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
ASIPROF CONSULTANTA ASIGURARI BROKER DE ASIGURAREREASIGURARE SRL
AVUS INTERNATIONAL - BROKER DE ASIGURARE-REASIGURARE
SRL
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
Premiums written
Total, of which:
Non-life insurance
233,583
233,583
66,052
666,704
65,916
666,704
68,189
1,776,351
68,189
1,776,351
26,015,462
1,502,798
1,194,378
1,641,236
8,433,449
74,251
1,884,836
4,081,733
2,447,602
23,564,989
85,946
25,897,737
1,493,033
1,194,378
1,641,236
8,382,807
74,251
1,884,836
4,072,023
2,447,602
23,533,753
85,862
705,662
8,514,356
1,308,878
666,357
705,662
8,497,706
1,308,878
666,357
1,391,605
1,365,492
7,608,382
423,656
644,122
569,986
4,529,377
12,471,828
Life insurance
Claims
adjustment
0
136
0
0
0
0
117,725
9,765
50,642
9,710
31,236
84
16,650
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
26,113
0
7,608,382
423,656
643,524
569,632
4,529,377
12,471,828
598
354
0
0
0
0
0
0
479,448
729,853
12,848,116
119,724
479,448
726,608
12,657,866
119,724
3,245
190,250
0
0
0
0
12,817,186
352,115
769,347
2,777,247
6,350,591
2,955,492
3,279,607
12,817,186
351,113
769,347
2,773,441
6,345,949
2,896,670
3,265,633
1,002
3,806
4,642
58,822
13,974
0
0
0
0
0
0
0
42,872,287
439,557
15,833,637
759,568
439,557
15,825,164
759,568
432,762
1,014,938
430,264
1,014,938
6,685,282
819,628
409,450
75,503
1,731,430
6,685,282
819,628
409,450
75,503
1,731,430
1,506,001
1,479,129
8,473
2,498
0
0
0
0
0
0
0
0
0
0
26,872
0
99
No.
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
Insurance Broker
BRAIN INSURANCE GROUP - BROKER DE ASIGURARE SI
REASIGURARE SRL*
CONECTASIG EXPERT - BROKER DE ASIGURARE SI REASIGURARE
SRL
100
Premiums written
Total, of which:
Non-life insurance
Life insurance
1,422,634
5,393,283
1,158,124
1,753,312
1,422,634
5,393,283
1,158,124
1,749,551
494,100
494,100
514,658
699,822
332,444
232,412
514,658
692,546
332,376
232,412
7,276
68
10,280
3,761
Claims
adjustment
0
0
0
0
0
0
0
0
0
185,629
175,349
1,624,402
477,989
216,649
2,011,430
1,182,101
480,048
160,797
1,624,402
477,989
216,649
2,011,430
1,182,101
449,327
160,797
3,480,852
665,325
3,480,852
661,441
3,884
0
0
9,184,530
5,960,249
9,171,119
5,934,847
13,411
25,402
0
0
706,806
9,486,095
664,654
10,867
53,747,651
614,178
9,454,284
664,654
10,867
53,389,693
92,628
31,811
0
0
0
0
0
0
2,449,732
5,600,846
560,629
2,049,478
2,449,732
5,560,800
560,629
2,048,330
1,514,368
212,330
1,191,111
340
2,790,616
1,513,491
212,330
1,189,034
340
2,790,616
2,077
0
0
0
0
0
1,192
0
1,192
0
8,230,501
4,990,405
700,480
644,200
1,740,743
1,326,872
8,152,810
4,973,453
683,384
643,904
1,740,743
1,324,234
77,691
16,952
17,096
296
0
0
0
0
0
0
30,721
357,958
40,046
1,148
877
2,638
0
0
0
0
0
0
0
0
0
0
0
0
2,351,854
2,342,270
9,584
0
1,618,738
1,590,444
28,294
0
2,023,032
4,556,307
3,419,098
279,670
7,550,349
1,301,370
3,991,095
4,621,825
4,730,686
281,680
1,908,648
4,556,307
3,410,215
279,670
5,877,763
1,301,276
3,985,460
4,621,825
4,661,775
281,680
114,384
0
0
0
0
0
0
0
0
0
0
8,883
1,672,586
94
5,635
68,911
www.csa - isc.ro
Annual Report 2012
No.
Insurance Broker
182 CORIS ROUMANIE, BROKER DE ASIGURARE-REASIGURARE SRL
CORPORATE INSURANCE SERVICES - BROKER DE ASIGURAREREASIGURARE SRL**
184 CORSIG BROKER DE ASIGURARE SRL
185 COVER BROKER DE ASIGURARE SRL
186 CREDO INSURANCE BROKER SRL
187 CROWN PARTNERS - BROKER DE ASIGURARE SRL
188 CRUCIATII BROKER DE ASIGURARE SRL*
189 CRYS - ALLY S BROKER DE ASIGURARE SRL*
190 D EXPERT BROKER DE ASIGURARE REASIG SRL*
191 D&B BROKER DE ASIGURARE REASIGURARE SRL
192 D&CA INSURANCE BROKER SRL
193 D.H. BROKER DE ASIGURARE SI REASIGURARE SRL
194 DANUBIUS INSURANCE BROKER DE ASIGURARE SRL*
195 DASIG CONSULTING BROKER DE ASIGURARE-REASIGURARE SRL
196 DAW MANAGEMENT - BROKER DE ASIGURARE SRL
DEAASIG - CONSULTANTA, ASISTENTA SI BROKERAJ IN ASIGURARI
197
SRL
198 DECAGON BROKER DE ASIGURARE SRL
199 DECON INSURANCE BROKER DE ASIGURARE SRL
200 DEIA BROKER ASIGURARI SRL
201 DELTA SRL.S. BROKER DE ASIGURARE - REASIGURARE SRL
202 DESTINE BROKER DE ASIGURARE SRL
203 DEXASIG BROKER DE ASIGURARE SRL
DIANA CLAIMS ADJUSTER S BUREAU REGULARIZARI DE DAUNE
204
SRL
205 DIAS - BROKER DE ASIGURARE SRL
206 DINAMIC AS - BROKER DE ASIGURARE SRL
207 DINMAR BROKER DE ASIGURARE SRL
208 DIRECT AUTOMOTIVE BROKER DE ASIGURARE SRL**
209 DIREKTASIG FILADELFIA BROKER DE ASIGURARE SRL
210 DIVERS INSURANCE BROKER DE ASIGURARE SRL
211 DMI INSURANCE-BROKER DE ASIGURARE SRL
212 DOIO ASIG BROKER DE ASIGURARE SRL
213 DOMAS INSURANCE BROKER DE ASIGURARE SRL
214 DONARIO BROKER DE ASIGURARE SRL
215 EAST BRIDGE INSURANCE - BROKER DE ASIGURARE SRL
216 EASY INSURANCE SOLUTIONS BROKER DE ASIG REASIG SRL
217 ECLAIMS MANAGEMENT - BROKER DE ASIGURARE SRL***
218 ECONOMY CONSULTING GROUP RO BROKER DE ASIG. SRL*
219 EDEN PMB BROKER DE ASIGURARE SRL
220 EDY BROKER DE ASIGURARE SRL**
221 EFICIENT ASIG BROKER DE ASIGURARE SRL**
222 ELIRE BROKER DE ASIGURARE SRL
223 ELIYAMMA MM BROKER DE ASIGURARE SRL
224 EMIASIG BROKER DE ASIGURARE SRL
225 ENERGO BROKER - BROKER DE ASIGURARE SRL
226 ENERGY BROKER DE ASIGURARE SRL
227 EPM ROMANIA - BROKER DE ASIGURARE SRL
228 ERSTE BROKERS-BROKER DE ASIGURARE SRL**
229 ETICA BROKER DE ASIGURARE REASIGURARE SRL*
230 EUL BROKER DE ASIGURARE SRL
231 EURIAL BROKER DE ASIGURARE SRL
232 EURO ARC - INSURANCE BROKER SRL
233 EURO CREDIT BROKER DE ASIGURARE SRL**
234 EUROBROKERS GROUP SA**
235 EUROGROUP INSURANCE REINSURANCE BROKER ROMANIA SRL
236 EUROPEAN ECONOMY ROMANIA - BROKER DE ASIGURARE SRL
237 EUROREALASIG - BROKER DE ASIGURARE SRL**
238 EURORISK BROKER DE ASIGURARE SRL
239 EUROTEX - BROKER DE ASIGURARE SRL
240 EVEREST BROKER DE ASIGURARE SRL
241 EWO INSURANCE - BROKER DE ASIGURARE SRL
242 EXA BROKER DE ASIGURARE SRL
243 EXECUTIV BROKER DE ASIGURARE SRL
244 EXPERT ASIG BROKER DE ASIGURARE-REASIGURARE SRL
Premiums written
Total, of which:
Non-life insurance
Life insurance
Claims
adjustment
154,127
154,127
7,471,884
1,860,333
1,336,493
6,223,729
4,000,129
84,385
64,047
7,037
434,334
71,735,017
996,978
1,851,689
1,336,493
6,223,567
4,000,129
84,385
64,047
7,037
426,634
71,544,041
996,978
2,096,526
20,236,308
2,071,666
20,235,883
24,860
425
0
0
3,859,160
3,858,765
395
0
2,418,568
789,689
922,295
1,404,482
78,208,216
14,887,798
2,394,909
789,419
919,474
1,369,089
76,810,918
14,864,977
23,659
270
2,821
35,393
1,397,298
22,821
0
0
0
0
0
164,442
183
8,644
162
7,700
190,976
0
0
0
0
0
0
0
0
0
0
1,307,196
621,717
3,078,745
2,130,762
621,717
3,074,662
2,130,762
2,583,956
482,401
240,166
9,053
43,819,634
1,519,818
91,608
6,365,860
0
394,697
2,125,992
2,578,518
422,688
240,166
9,053
43,819,634
1,519,818
91,608
6,365,860
0
733
2,125,858
274,941
3,334,780
486,379
189,488
717,268
7,964,674
223,507
3,260,058
486,379
185,564
717,268
370,477
284,428
803,258
25,269,500
1,190,545
234,830
799,024
25,269,500
1,189,642
49,598
4,234
903
0
0
0
0
7,849,453
1,160,452
7,595,080
451,144
254,373
709,308
0
0
100,883
101,694
1,579,231
561,765
8,795,374
112,329
1,276,730
100,883
101,004
1,578,811
555,649
8,773,537
112,019
1,068,023
690
420
6,116
21,837
310
208,707
0
0
0
0
0
0
0
4,083
5,438
59,713
393,964
134
51,434
74,722
3,924
7,594,197
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
101
No.
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
Insurance Broker
FINANCIAL SERVICES GROUP BROKER DE ASIGURAREREASIGURARE SRL
FUNK INTERNATIONAL ROMANIA BROKER DE
GENERAL INSURANCE & CONSULTING BROKER DE
ASIGURARE-REASIGURARE SRL
GEPA BROKER DE ASIGURARE SRL
GRAS SAVOYE ROMANIA BROKER DE ASIGURARE-REASIGURARE
SRL
INSURANCE REINSURANCE INTERNATIONAL BROKER DE
ASIGURARE SA **
102
Premiums written
Total, of which:
Non-life insurance
Life insurance
29,598
Claims
adjustment
13,913,430
52,202
2,326,984
126,682
5,613,573
1,490,072
11,063,782
3,746,811
1,606,293
264,287
694,798
13,883,832
52,202
2,321,847
126,682
5,613,573
1,490,072
11,063,782
3,437,625
1,601,307
236,343
693,604
6,048,920
3,892,875
5,969,845
3,892,875
79,075
0
0
3,624,918
3,616,371
8,547
0
1,771,946
152,108
1,243,046
4,961,827
11,688,798
13,695,818
2,016,936
1,771,946
152,108
1,241,596
4,960,503
11,637,767
13,694,660
2,016,936
10,190,067
10,190,067
0
2,690,175
2,799,789
4,142,767
1,277,603
324,952
1,520,631
2,690,175
2,799,789
4,114,346
1,277,459
324,952
1,520,631
28,421
144
0
0
0
0
0
0
1,155,799
1,153,097
2,702
0
187,676
594,867
5,995,560
187,676
594,285
5,948,924
582
46,636
0
0
0
10,793,275
14,423,114
331,736
5,247,372
8,501,833
10,751,039
14,416,178
331,736
5,247,372
8,466,747
35,086
0
0
0
0
0
56,630,194
53,949,849
2,680,345
0
6,474
2,682,045
8,120,091
6,474
2,681,780
8,112,459
265
7,632
0
0
0
7,564,469
7,530,951
33,518
0
6,680,348
2,700,546
156,600
6,526,766
2,670,091
150,969
153,582
30,455
5,631
0
0
0
1,104,624
129,651
2,443,874
20,646,300
1,098,029
129,651
2,443,874
20,618,949
6,595
0
0
0
0
498,307
498,307
7,152,178
561,393
3,149,520
7,044,015
561,393
3,147,879
5,137
309,186
4,986
27,944
1,194
1,450
1,324
51,031
1,158
42,236
6,936
27,351
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
108,163
1,641
0
0
0
www.csa - isc.ro
Annual Report 2012
No.
Insurance Broker
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
MAGAZINUL DE ASIGURARI BROKER DE ASIG. REASIG SRL**
MARINS INTERNATIONAL INSURANCE AND REINSURANCE
BROKER SRL***
MARSHALY - ZEPTER INSURANCE FINANCIAL ASSOCIATED,
BROKER DE ASIGURARE - REASIGURARE SRL
359
360
361
362
363
364
365
366
367
368
369
Premiums written
Total, of which:
Non-life insurance
Life insurance
Claims
adjustment
5,616
1,158,865
3,099,819
28,626,697
5,616
1,060,891
3,099,819
28,595,415
31,282
0
0
0
0
135,764
133,406
2,358
0
3,755,218
502,059
3,751,985
502,059
3,233
0
0
7,785,604
19,667,128
7,745,519
19,097,448
40,085
569,680
0
0
826,473
569,590
7,822,512
876,606
55,873
1,860,154
826,473
567,958
7,821,752
848,580
14,190
1,860,154
2,698,986
27,959,760
3,695,882
2,698,986
27,959,760
3,674,376
397,180
397,180
1,552,352
6,056,598
23,240,277
4,586,191
29,066,665
1,099,010
1,552,352
6,052,447
2,273,609
4,579,808
29,048,495
769,332
153,089
7,410,719
41,174
1,613,317
53,674
153,089
7,389,324
38,966
1,613,317
53,674
11,616,860
382,668
13,632,678
1,326,842
230,728
11,616,860
382,668
13,432,550
1,326,842
230,728
4,679,835
4,679,835
7,176,565
980,597
7,101,944
979,023
0
0
3,185,811
245,410
232,276,279
3,182,879
245,410
223,187,500
9,088,779
0
0
0
1,174,345
1,080,836
93,509
0
1,984,285
39,301,948
9,533,885
5,430,006
1,966,699
38,332,150
9,510,729
5,223,662
17,586
969,798
23,156
206,344
0
0
0
0
97,974
1,632
760
28,026
41,683
21,506
4,908,348
0
0
0
0
0
0
0
0
0
0
4,151
20,966,668
6,383
18,170
329,678
21,395
2,208
200,128
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
74,621
1,574
0
319,815
0
2,932
103
No.
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
Insurance Broker
NOVA GRUP ASIGURARI BROKER DE ASIGURARE-REASIGURARE
SRL*
NOVOFINANCE GROUPE - BROKER DE ASIGURARE SI
REASIGURARE SRL **
104
Premiums written
Total, of which:
Non-life insurance
Claims
adjustment
Life insurance
1,328,046
3,794,646
2,722,579
8,088,099
195,211
1,357,624
60,872
25,791,601
176,348
1,328,046
3,737,971
2,719,545
8,088,099
195,211
1,357,511
60,872
25,791,601
176,348
59,931,356
903,908
116,214
6,200,155
59,234,053
903,908
112,599
6,199,578
282,901
4,992,789
3,373,089
974,666
84,595
1,675,100
882,003
247,263
2,908,995
2,546,429
282,901
4,992,789
3,373,089
974,666
84,595
1,669,185
772,279
247,263
2,907,647
2,546,429
186,975
499,981
8,155,833
372,038
182,857
186,843
499,325
8,155,189
369,855
182,857
132
656
644
2,183
0
0
0
0
0
491,603
1,164,385
792,550
13,131,558
483,460
1,164,044
771,263
13,047,627
8,143
341
21,287
83,931
0
0
0
0
1,011,206
239,625
1,011,206
234,030
5,595
0
0
217,760
217,760
0
2,476,023
2,476,023
0
262,282
262,282
0
3,954,817
13,805,420
3,950,718
13,805,420
4,099
0
0
8,105,128
1,742,927
141,340
698,849
15,843,812
40,626,535
7,092,111
5,178,181
540,610
8,101,916
1,607,741
141,340
698,849
15,825,534
40,560,847
5,420,148
5,178,181
536,615
3,212
135,186
0
0
0
0
0
0
0
0
0
310,428
90,498
5,674,667
11,772,934
1,250,209
310,428
90,498
5,501,364
11,772,934
1,250,209
56,675
3,034
113
697,303
3,615
577
0
5,915
109,724
1,348
18,278
65,688
1,671,963
3,995
173,303
0
153,597
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
240,343
0
0
0
0
0
0
0
0
0
www.csa - isc.ro
Annual Report 2012
No.
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
Insurance Broker
S.I.R. INTERNATIONAL SERVICES BROKER DE ASIGURAREREASIGURARE SRL
Premiums written
Total, of which:
Non-life insurance
Life insurance
1,657,686
Claims
adjustment
6,457,862
29,822
1,475,796
239,196
27,579,189
41,361,147
726,104
761,959
179,363,410
42,271
36,511,261
1,593,195
4,397,382
2,873,141
20,880,504
4,800,176
29,822
1,369,101
239,043
27,578,498
32,607,375
722,675
761,959
179,363,410
42,271
36,474,688
1,591,817
4,397,382
2,846,078
20,108,738
440,822
2,042,010
3,178,362
3,672,744
6,364,969
1,587,314
21,658,183
122,817
74,511
18,426,320
273,599
5,087,016
1,704,673
310,086
40,128,553
616,730
1,115,642
80,347,444
2,721,731
440,822
2,042,010
3,178,362
3,663,822
6,364,969
1,577,502
21,634,791
122,817
74,511
18,326,016
266,518
5,057,405
1,698,322
291,864
39,736,036
614,732
1,115,642
80,347,444
2,527,877
193,854
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,123,019
2,264,763
2,431,448
8,097,988
1,123,019
2,183,604
2,410,948
8,078,349
81,159
20,500
19,639
0
0
0
0
139,755
2,520,610
1,296,863
139,666
2,516,934
1,296,728
89
3,676
135
0
0
0
2,046,061
3,482,069
15,333,144
3,213,253
3,140,835
2,072,878
5,910,650
43,705
320,628
2,046,061
3,457,476
15,282,481
3,210,593
3,131,650
2,072,878
5,910,650
43,049
320,628
322,376
322,376
674,063
741,954
10,861,720
350,785
161,501,593
3,433,130
203,465
674,018
740,563
635,540
350,785
160,110,287
3,433,130
202,579
106,695
153
691
8,753,772
3,429
36,573
1,378
27,063
771,766
8,922
9,812
23,392
100,304
7,081
29,611
6,351
18,222
392,517
1,998
24,593
50,663
2,660
9,185
656
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
45
1,391
10,226,180
0
1,391,306
886
0
0
0
0
0
0
0
105
No.
499
500
501
502
503
504
505
506
507
508
509
510
511
512
513
514
515
516
517
518
519
520
521
522
523
524
525
526
527
528
529
530
531
532
533
534
535
536
537
538
539
540
541
542
543
544
545
546
547
548
549
550
551
552
553
554
555
556
557
558
559
560
561
562
Insurance Broker
SALVE BROKER DE ASIGURARE SRL **
SOCIETATEA COMERCIALA DE PRESTARI SERVICII IN DOMENIUL
ASIGURARILOR CAROM - BROKER DE ASIGURARE SA
SP ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL **
TERRA BROKER DE ASIGURARE SRL(ATLASSIB) **
TOP INSURANCE CONSULTING BROKER DE ASIGURARE REASIGURARE SRL
106
Premiums written
Total, of which:
Non-life insurance
Life insurance
2,239
6,595
Claims
adjustment
1,925,312
270,342
70,186
958,210
1,924,320
403,962
1,014,282
1,923,073
263,747
70,186
956,891
1,922,498
403,962
1,014,282
268,093
821,362
267,693
821,362
400
0
0
1,759,909
1,022,095
81,636
105,333
2,003,644
1,055,913
2,732,859
4,106,732
1,751,389
1,019,861
81,636
105,333
1,982,826
1,053,846
2,653,028
4,106,430
8,520
2,234
0
0
0
0
0
0
0
0
755,433
314,484
930,008
755,034
314,484
838,991
20,558
20,558
482,553
4,599,676
481,517
4,599,676
1,036
0
0
3,538,496
10,351
3,536,461
10,351
2,035
0
0
1,776,694
2,222,630
1,776,694
2,197,577
40,701,310
15,432,192
993,946
388,254
27,535,296
40,541,868
15,338,706
993,946
388,254
27,523,798
159,442
93,486
345,718
3,413,360
12,292,894
0
18,506
344,518
3,381,302
12,292,894
0
18,506
1,200
32,058
0
0
192,976
0
0
925,037
9,947,192
839,448
9,942,579
85,589
4,613
0
0
379,366
202,113
1,244,210
4,468,174
531,160
370,424
202,113
1,244,210
4,468,174
530,742
8,942
0
0
0
0
0
82,199
82,199
10,311,102
3,438,606
337,834
10,303,345
3,408,426
337,834
7,757
30,180
0
0
0
1,900,622
1,877,021
23,601
0
1,319
1,822
20,818
2,067
79,831
302
399
91,017
0
0
0
0
0
0
0
0
0
0
0
25,053
11,498
418
0
0
0
0
0
0
0
0
www.csa - isc.ro
Annual Report 2012
No.
563
564
565
566
567
568
569
570
571
572
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592
593
594
595
596
597
598
599
600
601
602
603
604
605
606
607
608
609
610
Insurance Broker
UNIBROKER DOBROGEA - BROKER DE ASIGURARE SI
REASIGURARE SRL**
UNITED INSURANCE BROKERS - BROKER DE ASIGURARE REASIGURARE SRL**
TOTAL 2012
TOTAL 2011
Premiums written
Total, of which:
Non-life insurance
Life insurance
Claims
adjustment
735,347
4,053,792
735,347
4,053,792
0
0
101,228,565
826,423
786,671
2,058,386
2,125,309
1,069,627
8,413,816
1,713,422
707,872
1,682,245
99,024
1,416,298
101,172,081
826,423
742,823
2,048,713
2,125,309
1,059,274
8,410,166
1,665,591
707,872
1,682,245
99,024
1,401,347
159,791,796
2,120,977
159,790,991
2,120,977
805
0
0
4,347,966
7,804
4,342,861
7,804
5,105
0
0
138,106,327
400,180
962,648
138,106,327
400,180
888,358
2,704,294
51,915,047
20,036,335
8,561,715
1,969,818
2,684,788
51,900,720
19,977,644
8,557,585
1,969,818
19,506
14,327
58,691
4,130
0
0
0
397,211
0
2,732,398
0
2,701,865
0
30,533
0
0
3,624,695
128,913
2,501,477
533,162
489,255
6,640,674
2,783,692
434,233
871,128
387,023
2,280,919
3,624,695
128,913
2,457,189
533,162
486,562
6,640,674
2,783,692
434,233
622,545
384,821
2,280,919
33,897,973
3,603,663,044
3,115,073,506
33,845,425
3,506,051,610
3,034,249,425
56,484
0
0
0
0
0
0
0
0
0
0
0
0
43,848
9,673
10,353
3,650
47,831
14,951
0
0
0
74,290
0
0
0
0
0
0
0
0
0
0
0
44,288
2,693
248,583
2,202
52,548
97,611,434
80,824,080
0
58,436,799
47,977,172
**Insurance and/or reinsurance brokers who filed late or incomplete Q4/2012 reports and 2012 annual financial statements
****Insurance and/or reinsurance brokers who reported no insurance mediation business as of authorisation/resumption of business and filed Q4/2012
107
Annex 16
Premiums generated from business written by insurance brokers
by development regions as of 31.12.2012
NORTH - EAST
1.74%
NORTH - WEST
9.18%
CENTER
6.08%
WEST
2.26%
SOUTH - EAST
6.28%
SOUTH
7.34%
SOUTH - WEST
1.68%
Bucharest
(including Ilfov)
65.44%
WEST
2.26%
SOUTH- WEST
1.68%
NORTH - EAST
1.74%
SOUTH - EAST
6.28%
SOUTH
7.34%
NORTH -WEST
9.18%
CentEr
6.08%
108
Bucharest
(including Ilfov)
65.44%
www.csa - isc.ro
Annual Report 2012
ANNEX 17
Brokerage revenues as of 31.12.2012 (RON124)
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
AON ROMANIA BROKER DE ASIGURARE - REASIGURARE SRL.L
Total of
which:
439,908
420,888
843,599
12,287
139,235
217,689
902,763
Revenues
Revenues
from writing Revenues Revenues
from
insurance and from risk from claims
damage
reinsurance assessment adjustment
inspection
contracts
438,504
0
1,404
0
404,729
0
16,159
0
843,599
0
0
0
12,287
0
0
0
139,235
0
0
0
217,689
0
0
0
902,763
0
0
0
Other
revenues
0
0
0
0
0
0
0
246,986
431,431
222,802
323,710
221,075
4,285,635
95,491
289,771
49,507
246,986
431,431
222,802
323,710
221,075
4,285,635
95,491
289,771
40,507
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,000
159,855
393,732
30,221
560,085
1,697,058
157,734
223,629
16,317,065
0
393,732
22,570
560,085
1,697,058
157,734
223,629
16,317,065
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
159,855
0
7,651
0
0
0
0
0
555,822
555,822
0
0
0
0
81,101
192,648
81,101
167,153
0
0
0
25,495
0
0
0
0
27,669
27,669
0
0
0
0
1,387,534
29,044
1,387,534
0
0
0
0
0
0
0
0
29,044
734,269
734,269
0
0
0
0
7,328,749
256,301
326,958
7,327,657
256,301
326,958
0
0
0
0
0
0
0
0
0
1,092
0
0
117,553
117,553
0
0
0
0
411,921
559,980
8,549,671
67,935
110,975
12,790,020
168,785
411,921
559,980
8,549,671
67,935
110,975
10,985,664
168,785
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,804,356
0
109
No.
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
ARGESIM ASIG BROKER DE ASIGURARE - REASIGURARE SRL.L
ASIBROK BROKER DE ASIGURARE SRL.L**
ASIPROF CONSULTANTA ASIGURARI BROKER DE ASIGURAREREASIGURARE SRL
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
110
Total of
which:
142,209
163,136
1,243,014
509,264
392,334
37,336
Revenues
Revenues
from
damage
inspection
contracts
142,209
0
0
0
163,136
0
0
0
1,243,014
0
0
0
509,264
0
0
0
392,334
0
0
0
37,336
0
0
0
Other
revenues
0
0
0
0
0
0
12,596
125,461
12,596
109,374
0
0
0
0
0
0
0
16,087
6,220
312,263
6,220
312,263
0
0
0
0
0
0
0
0
5,859,250
280,713
227,366
243,363
1,661,204
10,307
144,300
898,099
449,295
4,391,795
17,752
5,747,593
280,713
227,366
243,363
1,661,204
10,307
144,300
832,685
449,295
4,357,795
17,752
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
111,657
0
0
0
0
0
0
65,414
0
34,000
0
128,457
1,403,299
246,642
128,457
1,403,299
246,642
0
0
0
0
0
0
0
0
0
0
0
0
255,247
255,247
0
0
0
0
1,390,105
78,009
105,413
137,523
863,938
2,558,892
1,390,105
78,009
105,413
109,306
863,938
2,558,892
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
28,217
0
0
87,103
132,146
2,662,881
33,847
87,103
131,754
2,662,881
33,847
0
0
0
0
0
392
0
0
0
0
0
0
0
0
0
0
2,448,156
53,938
143,413
532,792
1,022,783
467,431
724,395
2,448,156
53,938
143,413
532,792
1,022,783
467,431
724,395
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,443,198
83,646
3,792,327
154,058
0
71,003
3,792,327
154,058
0
0
0
0
7,443,198
0
0
0
0
0
0
0
0
12,643
0
0
www.csa - isc.ro
Annual Report 2012
No.
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
BECHERU INSURANCE UNION - BROKER DE ASIGURARE SRL.L
BRAIN INSURANCE GROUP - BROKER DE ASIGURARE SI
REASIGURARE SRL*
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
Revenues
Revenues
from
damage
inspection
contracts
75,317
75,317
0
0
0
172,801
172,801
0
0
0
Total of
which:
Other
revenues
0
0
1,134,029
117,856
69,587
14,636
289,405
1,115,254
0
69,587
14,636
289,405
0
117,856
0
0
0
0
0
0
0
0
0
0
0
0
0
18,775
0
0
0
0
275,848
314,405
1,757,967
275,848
314,405
1,757,967
0
0
0
0
0
0
0
0
0
0
0
0
296,439
296,439
0
0
0
0
100,096
100,096
0
0
0
0
116,687
116,687
0
0
0
0
39,170
0
39,170
0
0
0
279,926
86,677
45,890
330,205
198,602
61,320
279,926
86,677
45,890
330,205
198,602
61,320
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
775,386
131,450
775,386
131,450
0
0
0
0
0
0
0
0
1,480,674
1,036,934
1,475,814
1,036,934
0
0
0
0
0
0
4,860
0
126,796
2,262,200
127,470
1,612
13,094,920
126,796
2,262,200
127,470
1,612
13,094,920
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
401,932
1,045,080
401,932
1,045,080
0
0
0
0
0
0
0
0
316,973
316,973
0
0
0
0
385,490
25,589
288,627
385,490
25,589
225,915
0
0
56,573
0
0
0
0
0
0
0
0
6,139
570,511
562,461
0
0
8,050
0
1,437,289
978,809
145,539
104,105
1,400,391
975,528
145,539
0
0
0
0
104,105
0
3,281
0
0
0
0
0
0
36,898
0
0
0
111
No.
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
112
CONECTASIG EXPERT - BROKER DE ASIGURARE SI REASIGURARE
SRL
CORPORATE INSURANCE SERVICES - BROKER DE ASIGURAREREASIGURARE SRL**
DEAASIG - CONSULTANTA, ASISTENTA SI BROKERAJ IN ASIGURARI
SRL
DELTA SRL.S. BROKER DE ASIGURARE - REASIGURARE SRL
DIANA CLAIMS ADJUSTER S BUREAU REGULARIZARI DE DAUNE
SRL
Revenues
Revenues
from
damage
inspection
contracts
286,032
286,032
0
0
0
256,146
256,146
0
0
0
Total of
which:
Other
revenues
0
0
435,258
435,258
0
0
0
0
261,204
258,625
0
0
0
2,579
453,365
879,196
602,455
29,058
1,384,081
244,981
695,889
1,023,378
767,759
40,618
3,399,585
453,365
879,196
602,455
29,058
1,384,081
244,981
695,889
1,023,378
767,759
40,618
72,262
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,923,316
0
0
0
0
0
0
0
0
0
0
223,277
0
0
0
0
0
0
0
0
0
0
180,730
360,489
324,121
1,095,062
797,669
360,489
324,121
1,095,062
797,669
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
81,967
13,064,820
168,035
81,967
13,039,264
168,035
0
0
0
0
0
0
0
0
0
0
25,556
0
357,557
3,917,891
357,557
3,917,891
0
0
0
0
0
0
0
0
830,522
669,475
0
0
0
161,047
385,523
84,022
159,315
239,105
25,998,405
2,848,144
385,523
84,022
159,315
239,105
25,998,405
2,844,169
0
0
0
0
0
0
0
0
0
0
0
3,975
0
0
0
0
0
0
0
0
0
0
0
0
250,301
0
0
250,301
0
0
120,763
476,676
314,082
120,763
476,676
314,082
0
0
0
0
0
0
0
0
0
0
0
0
495,604
75,484
42,983
1,443
10,678,087
317,087
14,488
4,283,408
0
495,604
75,484
42,983
1,443
10,678,087
317,087
14,488
1,727,974
0
0
0
0
0
0
0
0
2,555,434
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
386,182
386,182
0
0
0
0
79,081
79,081
0
0
0
0
www.csa - isc.ro
Annual Report 2012
No.
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
GENERAL INSURANCE & CONSULTING BROKER DE ASIGURAREREASIGURARE SRL
Total of
which:
416,471
55,309
43,693
139,754
1,587,915
Revenues
Revenues
from
damage
inspection
contracts
416,471
0
0
0
55,309
0
0
0
43,693
0
0
0
139,754
0
0
0
1,587,915
0
0
0
Other
revenues
0
0
0
0
0
136,737
3,793,403
190,017
136,737
3,793,403
190,017
0
0
0
0
0
0
0
0
0
0
0
0
1,422,005
431,197
1,422,005
431,197
0
0
0
0
0
0
0
0
14,464
17,291
278,928
98,720
1,824,378
11,488
214,812
2,732,730
7,620
385,514
24,641
1,145,619
222,070
2,266,830
604,500
328,417
72,160
149,016
14,464
17,291
278,159
98,720
1,824,378
11,488
214,812
2,732,730
7,620
385,514
24,641
1,145,619
219,637
2,266,830
604,500
328,417
72,160
149,016
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
769
0
0
0
0
0
0
0
0
0
2,433
0
0
0
0
0
997,260
1,561,729
924,870
1,561,729
0
0
0
0
0
0
72,390
0
579,048
575,798
0
0
0
3,250
257,084
23,913
237,120
900,330
2,291,579
2,986,600
198,812
0
23,913
230,320
898,122
2,291,579
2,986,600
198,812
257,084
0
6,800
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,208
0
0
0
1,848,570
1,755,815
0
0
0
92,755
390,602
490,422
678,077
203,031
68,012
287,535
390,602
490,422
678,077
203,031
68,012
287,535
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
218,526
218,526
0
0
0
0
39,958
81,679
1,257,926
39,878
117
1,257,926
0
81,562
0
0
0
0
0
0
0
80
0
0
1,943,741
1,943,741
0
0
0
0
113
No.
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
114
GRAS SAVOYE ROMANIA BROKER DE ASIGURARE-REASIGURARE
SRL
IDEEA INTERMED INSURANCE BROKER DE ASIGURARE SRL.L
INSURANCE REINSURANCE INTERNATIONAL BROKER DE ASIGURARE SA **
Total of
which:
2,711,640
40,762
1,024,529
1,847,113
Revenues
Revenues
from
damage
inspection
contracts
2,711,640
0
0
0
40,762
0
0
0
1,024,529
0
0
0
1,847,113
0
0
0
Other
revenues
0
0
0
0
10,138,586
10,138,586
0
0
0
0
2,302
549,148
1,568,727
2,302
517,996
1,568,727
0
0
0
0
31,152
0
0
0
0
0
0
0
1,624,262
1,624,112
150
0
0
0
1,343,366
533,174
27,736
1,337,366
511,810
27,736
0
0
0
0
0
0
0
0
0
6,000
21,364
0
172,474
23,798
467,117
3,308,634
172,474
23,798
467,117
3,179,041
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
129,593
91,681
91,681
0
0
0
0
1,277,465
100,752
575,852
0
159,326
932,064
6,541,279
1,277,465
100,752
575,852
0
159,326
932,064
6,541,279
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
24,307
24,307
0
0
0
0
679,838
82,075
679,838
82,075
0
0
0
0
0
0
0
0
1,314,902
3,241,139
1,314,902
3,241,139
0
0
0
0
0
0
0
0
831,349
0
0
782,339
0
49,010
241,337
1,395,321
135,036
4,779
241,337
1,073,762
135,036
4,779
0
0
0
0
0
321,559
0
0
0
0
0
0
0
0
0
0
363,570
4,269,525
573,761
363,570
4,269,525
573,761
0
0
0
0
0
0
0
0
0
0
0
0
262,112
1,136,843
3,579,109
873,156
262,112
1,136,843
3,579,109
873,156
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
www.csa - isc.ro
Annual Report 2012
No.
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
MARINS INTERNATIONAL INSURANCE AND REINSURANCE BROKER
SRL ***
MCI INTERNATIONAL BROKER DE
ASIGURARE-REASIGURARE SRL**
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
Revenues
Revenues
from
damage
inspection
contracts
6,236,155
6,236,155
0
0
0
178,105
178,105
0
0
0
Total of
which:
Other
revenues
0
0
58,726
1,211,105
6,126
466,692
58,726
1,211,105
6,126
466,692
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,202,617
93,436
2,655,340
241,465
25,338
2,197,617
93,436
2,569,715
241,465
25,338
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5,000
0
85,625
0
0
757,131
730,661
0
0
0
26,470
1,607,928
166,018
1,129,635
159,245
0
0
478,293
6,773
0
0
0
0
0
0
0
0
0
0
517,767
43,487
28,206,330
517,767
43,487
27,953,734
0
0
0
0
0
6,625
0
0
0
0
0
245,971
496,136
496,136
0
0
0
0
298,102
9,030,343
1,830,982
1,916,760
298,102
9,030,343
1,830,982
1,916,760
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
205,481
670,891
559,739
1,020,500
89,658
247,609
10,849
3,804,112
35,734
205,481
670,891
520,594
1,020,500
86,854
246,848
10,849
3,804,112
35,734
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
39,145
0
2,804
761
0
0
0
12,007,609
168,143
21,206
1,047,697
12,007,609
168,143
21,206
1,047,697
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
901,812
628,885
222,573
15,061
533,435
145,525
46,872
440,573
451,345
901,812
628,885
222,573
15,061
506,847
145,525
46,872
440,573
451,345
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
26,588
0
0
0
0
0
0
0
0
0
0
0
0
0
115
No.
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
NOVA GRUP ASIGURARI BROKER DE ASIGURARE-REASIGURARE
SRL*
NOVOFINANCE GROUPE - BROKER DE ASIGURARE SI REASIGURARE
SRL **
PORTAL BROKER DE ASIGURARE SRL.L
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
116
Total of
which:
Revenues
Revenues
from
damage
inspection
contracts
Other
revenues
66,197
82,648
1,743,998
70,408
20,699
66,197
82,648
1,743,998
70,408
20,699
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
24,952
201,009
176,316
2,576,219
24,952
201,009
176,316
2,576,219
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
214,893
29,627
214,893
29,627
0
0
0
0
0
0
0
0
346,410
346,410
0
0
0
0
66,993
66,993
0
0
0
0
875,534
791,164
875,534
791,164
0
0
0
0
0
0
0
0
1,531,910
261,975
1,467,689
261,975
0
0
0
0
0
0
64,221
0
143,053
3,344,144
9,649,100
1,957,092
1,322,133
93,120
143,053
3,344,144
9,647,750
1,957,092
1,322,133
93,120
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,350
0
0
0
172,079
18,791
62,079
18,791
0
0
0
0
0
0
110,000
0
2,509,215
224,952
1,217,749
11,971
2,509,215
224,952
1,217,749
11,971
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
33,740
5,817,441
15,678,081
116,176
298,971
27,690,721
10,080
7,605,266
246,897
667,592
647,014
33,740
5,817,441
15,678,081
116,176
298,971
25,364,541
10,080
7,605,266
246,897
667,592
647,014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,326,180
0
0
0
0
0
64,556
362,327
64,556
344,534
0
0
0
0
0
17,793
0
0
www.csa - isc.ro
Annual Report 2012
No.
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
501
502
503
504
505
506
507
508
509
510
511
Total of
which:
561,412
585,218
1,309,654
258,680
4,549,736
32,164
Revenues
Revenues
from
damage
inspection
contracts
561,412
0
0
0
585,218
0
0
0
1,309,654
0
0
0
258,680
0
0
0
4,543,736
0
0
0
32,164
0
0
0
Other
revenues
0
0
0
0
6,000
0
3,178,354
50,154
951,563
341,089
56,456
7,047,182
131,194
197,097
17,184,231
478,892
3,173,699
50,154
950,477
341,089
56,456
7,047,182
131,194
197,097
17,184,231
478,892
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,655
0
1,086
0
0
0
0
0
0
0
217,753
439,593
417,999
1,586,696
216,753
439,593
417,999
1,561,509
0
0
0
0
0
0
0
0
0
0
0
0
1,000
0
0
25,187
24,591
518,673
200,126
24,591
518,673
200,126
0
0
0
0
0
0
0
0
0
0
0
0
434,262
650,018
3,069,033
612,917
544,714
354,312
1,251,418
9,351
67,830
431,412
650,018
3,069,033
612,917
544,714
354,312
1,251,418
9,351
67,830
0
0
0
0
0
0
0
0
0
2,850
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
95,608
95,608
0
0
0
0
204,824
2,768,784
74,388
32,072,570
698,130
20,588
204,824
2,768,784
74,388
32,063,764
698,130
18,232
0
0
0
8,806
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,356
269,406
50,931
15,019
205,692
340,088
54,802
183,777
269,406
50,931
15,019
205,692
339,804
54,802
182,440
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
284
0
1,337
20,431
20,431
0
0
0
0
117
No.
512
513
514
515
516
517
518
519
520
521
522
523
524
525
526
527
528
529
530
531
532
533
534
535
536
537
538
539
540
541
542
543
544
545
546
547
548
549
550
551
552
553
554
555
556
557
558
559
560
561
562
563
564
565
566
567
568
569
118
SOCIETATEA COMERCIALA DE PRESTARI SERVICII IN DOMENIUL
ASIGURARILOR CAROM - BROKER DE ASIGURARE SA
TOP INSURANCE CONSULTING BROKER DE
Total of
which:
312,054
186,152
1,657
114,644
372,901
176,105
670,973
783,478
Revenues
Revenues
from
damage
inspection
contracts
312,054
0
0
0
186,152
0
0
0
1,657
0
0
0
114,644
0
0
0
372,901
0
0
0
176,105
0
0
0
670,973
0
0
0
783,478
0
0
0
Other
revenues
0
0
0
0
0
0
0
0
126,114
59,320
142,381
126,114
59,320
142,381
0
0
0
0
0
0
0
0
0
0
0
0
864,234
3,188
0
0
34,036
827,010
75,211
934,782
75,211
934,782
0
0
0
0
0
0
0
0
719,994
719,994
0
0
0
0
328,640
397,658
328,640
397,658
0
0
0
0
0
0
0
0
8,298,568
8,298,568
0
0
0
0
253,132
75,935
6,239,143
253,132
75,935
6,239,143
0
0
0
0
0
0
0
0
0
0
0
0
76,499
877,918
1,440,815
0
3,021
76,499
706,708
1,440,815
0
3,021
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
171,210
0
0
0
156,374
1,923,121
156,374
1,923,121
0
0
0
0
0
0
0
0
73,830
32,686
192,780
695,348
92,036
73,830
32,686
192,780
695,348
92,036
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15,550
15,550
0
0
0
0
1,787,624
583,057
102,568
1,787,624
583,057
102,568
0
0
0
0
0
0
0
0
0
0
0
0
347,444
347,444
0
0
0
0
131,930
572,150
131,930
572,150
0
0
0
0
0
0
0
0
24,272,492
213,451
118,574
316,954
24,272,492
213,451
118,574
316,954
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
www.csa - isc.ro
Annual Report 2012
No.
570
571
572
573
574
575
576
577
UNIBROKER DOBROGEA - BROKER DE ASIGURARE SI REASIGURARE
SRL**
UNITED INSURANCE BROKERS - BROKER DE ASIGURARE REASIGURARE SRL**
Total 2012
Total 2011
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592
593
594
595
596
597
598
599
600
601
602
603
604
605
606
607
608
609
610
Total of
which:
399,823
194,718
1,090,018
266,157
188,225
364,447
Revenues
Revenues
from
damage
inspection
contracts
399,823
0
0
0
194,718
0
0
0
1,090,018
0
0
0
266,157
0
0
0
188,225
0
0
0
264,447
0
0
0
Other
revenues
0
0
0
0
0
100,000
255,383
253,883
0
0
0
1,500
30,869,220
393,576
30,869,165
393,576
0
0
0
0
0
0
55
0
824,696
824,696
0
0
0
0
30,064,398
75,688
482,948
30,064,398
75,688
382,689
0
0
0
0
0
0
0
0
0
0
0
100,259
549,029
8,283,204
4,069,785
1,722,176
354,540
549,029
8,283,204
4,069,785
1,722,176
354,540
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
503,134
0
503,134
0
0
0
0
0
0
0
0
0
732,887
15,744
454,509
115,463
732,887
15,744
454,509
115,463
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,318,502
494,192
80,151
186,573
60,635
523,039
1,318,502
494,192
80,151
186,573
60,635
523,039
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12,085,696
713,274,641
604,802,393
12,085,696
690,195,327
582,707,636
0
3,227,540
2,378,991
0
12,297,112
9,577,096
0
309,744
2,663,540
0
7,244,918
7,475,130
119
ANNEX 18
Financial results of insurance brokers as per 31.12.2012
balance sheet (RON)
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
ADELPHIA BROKER DE ASIGURARE SRL**
120
Profit
Loss
237,270
25,046
7,288
0
0
0
483,556
0
0
0
18,351
2,140
10,445
0
16,128
190,014
8,867
13,831
5,355
387,536
11,848
1,681
558
0
0
0
0
0
0
0
0
0
54,147
1,717
0
103,914
0
29,784
6,701
25,681
0
0
18,541
0
12,177
0
0
0
0
100,272
299
0
0
122,474
2,357
0
472,069
0
235,942
5,553
7,713
8,310
2,055
0
0
5,874,561
17,613
23,148
2,014,190
0
0
177,495
0
0
0
0
0
6,975
66,852
0
0
0
0
153,115
www.csa - isc.ro
Annual Report 2012
No.
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
ASIPROF CONSULTANTA ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL
Profit
Loss
6,183
20,863
35,975
54,472
8,178
10,058
0
0
0
0
0
0
2,157
37,873
0
0
0
31,360
24,515
0
23,380
18,190
0
35,071
47,420
2,589
0
211,318
994
87,336
450
0
0
2,609
0
0
0
9,869
0
0
0
0
15,096
109,928
71,943
0
0
0
20,785
0
941,637
331
6,930
0
425,775
1,040,549
0
0
0
27,470
0
0
0
0
103,147
668
10,197
29,364
0
0
47,756
0
33,957
714
0
23,463
4,509
0
5,029
0
0
25,726
0
0
2,194,547
16,803
32,171
1,791
0
0
0
0
121
No.
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
BRAIN INSURANCE GROUP - BROKER DE ASIGURARE SI REASIGURARE SRL*
122
Profit
Loss
1,464
59,476
0
0
255,813
4,970
1,170
0
37,623
0
0
0
16,883
0
21,487
0
425,996
0
3,352
0
29,784
0
172
0
3,859
0
6,841
0
104,151
2,240
4,816
44,747
0
0
0
0
0
0
26,349
6,308
0
12,574
72,401
0
140,119
0
0
199,332
0
176,518
0
0
376,472
4,116
0
13,301
2,509
0
268,834
174,922
0
0
49,217
0
0
0
4,306
18,926
1,071
0
0
117,550
105,091
123,963
0
0
www.csa - isc.ro
Annual Report 2012
No.
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
CONECTASIG EXPERT - BROKER DE ASIGURARE SI REASIGURARE SRL
CORPORATE INSURANCE SERVICES - BROKER DE ASIGURARE-REASIGURARE SRL**
DEAASIG - CONSULTANTA, ASISTENTA SI BROKERAJ IN ASIGURARI SRL
DELTA SRL.S. BROKER DE ASIGURARE - REASIGURARE SRL
DIANA CLAIMS ADJUSTER S BUREAU REGULARIZARI DE DAUNE SRL
Profit
Loss
27,747
48,885
22,340
23,019
0
0
0
0
6,374
91,805
22,745
8,380
3,907
0
162,250
97,902
152,291
39,957
28,758
601
382,928
0
0
0
0
0
33,921
0
0
0
0
0
0
0
222,886
170,409
523,789
38,165
0
0
0
0
0
4,719,489
0
42,033
0
509,477
18,399
6,087
168,652
132,341
47,341
3,517
2,115
1,046,076
63,506
0
1,710
129,292
8,756
0
0
0
0
0
0
0
0
0
242,888
0
0
0
82,126
0
0
0
224,766
26,682
0
0
0
0
2,766
58,367
33,265
0
0
6,500
28,818
1,675
42,744
0
0
22,468
123
No.
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
GENERAL INSURANCE & CONSULTING BROKER DE ASIGURARE-REASIGURARE SRL
124
Profit
Loss
0
39,979
31,414
84,029
0
254,185
0
0
0
172,664
37,442
936,302
0
0
0
24,986
0
56,869
8,170
0
0
0
19,646
19,784
0
0
107,608
71,452
0
166,684
0
647,850
20,576
57,823
0
8,564
2,935
0
88,638
4,078
0
0
35,829
12,577
0
0
24,030
0
5,597
0
0
0
71,992
0
0
218,166
88,635
6,755
47,640
59,793
0
45,543
20,207
337,636
5,350
132,844
0
87,382
40,097
25,000
34,042
3,081
0
0
2,300
0
58,207
0
0
0
0
32,011
0
0
0
0
0
200,305
0
0
0
0
0
50,139
9,574
0
34,020
0
104,301
350,907
0
0
www.csa - isc.ro
Annual Report 2012
No.
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
GRAS SAVOYE ROMANIA BROKER DE ASIGURARE-REASIGURARE SRL
INSURANCE REINSURANCE INTERNATIONAL BROKER DE ASIGURARE SA **
Profit
Loss
3,216
119,150
54,162
0
0
0
2,254,953
0
4,807
13,896
0
13,716
0
0
91,010
0
165,602
0
2,876
0
48,977
0
24,746
0
254
417,738
0
7,595
0
0
25,986
0
3,320
19,503
34,702
0
53,449
365,187
37,828
0
0
0
7,498
0
0
0
0
9,933
0
8,171
46,496
0
159,843
4,536
0
0
130,173
0
50,853
178,986
19,791
0
0
0
0
33,828
1,392
3,182,401
2,760
0
0
0
9,021
152,059
0
30,050
37,490
0
0
856,977
0
0
125
No.
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
MARINS INTERNATIONAL INSURANCE AND REINSURANCE BROKER SRL ***
126
Profit
Loss
3,265
0
0
28,683
0
87,148
30,495
0
14,332
0
0
8,914
324,767
4,520
0
61,798
0
0
0
56,334
10,618
0
153,337
8,295
0
0
1,993
3,741,648
0
0
25,734
35,860
0
0
0
303,863
40,583
36,797
0
0
0
0
9,066
419,628
96,274
34,873
79,132
0
0
3,434
0
2,436,903
3,372
0
0
0
495,377
77,133
0
10,197
0
0
409,565
0
0
105,737
0
39,073
19,047
0
38,179
143,672
4,232
0
262,212
107,813
4,909
7,101
77,010
0
0
0
3,824
0
0
0
0
0
www.csa - isc.ro
Annual Report 2012
No.
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
NOVA GRUP ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL*
NOVOFINANCE GROUPE - BROKER DE ASIGURARE SI REASIGURARE SRL **
Profit
Loss
0
0
10,266
0
0
3,805
5,761
0
37,134
87,020
3,374
0
6,677
0
0
62,711
0
2,359,942
0
0
24,729
43,844
51,582
0
0
25,746
81,734
56,835
0
0
56,853
36,461
0
0
17,765
139,497
75,647
0
96,445
8,268
0
0
0
664,184
0
0
78,189
0
0
30,905
211,574
0
402,433
0
0
98,690
0
58,911
0
20,123
345,362
0
88,839
21,960,329
0
0
21,792
19,088
18,188
1,893
0
0
3,099
0
0
65,356
268,354
0
0
0
29,769
23,481
79,209
0
0
0
127
No.
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
501
502
503
504
505
506
507
508
509
510
511
128
Profit
Loss
61,737
173,492
98,527
13,894
0
0
0
0
0
41,696
656,687
4,594
130,488
213,827
7,387
3,789,526
0
55,415
12,018,473
33,892
0
0
0
0
0
0
2,713
0
0
0
11,628
9,650
76,610
79,770
0
0
0
0
0
0
97,595
41,197
11,763
0
17,377
12,454
9,170
894
9,229
0
229,082
80
0
0
0
0
0
0
33,495
0
0
26,555
0
13,009
62,290
565,791
0
1,035,587
0
0
0
0
21,701
0
12,887
23,490
36,577
5,208
0
10,879
63,421
0
0
0
0
18,323
0
0
28,461
83,960
236
0
www.csa - isc.ro
Annual Report 2012
No.
512
513
514
515
516
517
518
519
520
521
522
523
SOCIETATEA COMERCIALA DE PRESTARI SERVICII IN DOMENIUL ASIGURARILOR CAROM - BROKER
DE ASIGURARE SA
TOP INSURANCE CONSULTING BROKER DE ASIGURARE - REASIGURARE SRL
524
525
526
527
528
529
530
531
532
533
534
535
536
537
538
539
540
541
542
543
544
545
546
547
548
549
550
551
552
553
554
555
556
557
558
559
560
561
562
563
564
565
566
567
568
Profit
Loss
21,891
82,114
0
0
25,636
7,104
0
165,073
0
0
2,486
2,442
0
0
162,781
0
0
0
74,888
35,119
1,786
0
0
120,130
5,246
25,309
0
0
64,095
0
27,458
0
0
144,516
882,352
0
94,972
0
180,861
0
33,560
0
0
0
279,174
0
0
18,497
442,865
0
39,089
4,050
5,257
4,928
0
0
32,898
0
0
70,093
9,084
0
70,542
14,738
0
0
0
3,844
190,753
32,487
46,426
15,754
17,291
66,100
0
0
0
0
0
0
1,613,246
65,116
7,095
0
0
0
129
No.
569
570
571
572
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592
593
594
595
596
597
598
599
600
601
602
603
604
605
606
607
608
609
610
UNIBROKER DOBROGEA - BROKER DE ASIGURARE SI REASIGURARE SRL**
UNITED INSURANCE BROKERS - BROKER DE ASIGURARE - REASIGURARE SRL**
Total 2012
Total 2011
Profit
Loss
16,088
42,292
0
455,932
0
44,587
0
0
0
37,667
0
1,056
0
710,295
0
157,648
25,278,421
0
0
4,210
102,599
0
18,804,177
0
4,321
0
9,895
0
0
6,038,753
0
136,022
0
3,625
0
162,132
0
2,717
1,480
0
0
364
109,014
0
169,826
76,121
0
3,834
0
0
281,849
95,260
31,699
5,736
19,889
47,365
0
0
0
0
0
0
194,328
146,519,742
141,133,347
0
12,552,856
13,525,007
130
www.csa - isc.ro
Annual Report 2012
ANNEX 19
Decisions of the Insurance Supervisory Commission
published in the Official Gazette in 2012*
* In accordance with the provisions laid down in art. 9, para. (2), in conjunction with the provisions laid down in art. 8, para.
(2) of Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented, the ISC
publishes only the decisions which: enforce prohibitions, grant, suspend or withdraw authorisations; approve spin-offs or
mergers of insurance undertakings/reinsurance undertakings/insurance and/or reinsurance brokers; approve portfolio
transfers; update the authorisation fee payable by insurance and reinsurance undertakings.
Decision no.
Content
Decision no. 30
of 13/01/2012
Decision no. 47
of 20/01/2012
Decision no. 60
of 27/01/2012
Decision no. 74
of 07/02/2012
Decision no. 77
of 09/02/2012
Decision no. 78
of 09/02/2012
Decision no. 96
of 22/02/2012
Decision no. 97
of 22/02/2012
Decision no. 123
of 29/02/2012
Decision no. 129
of 05/03/2012
Decision no.130
of 05/03/2012
Decision no. 132
of 05/03/2012
Decision no. 133
of 05/03/2012
concerning the authorisation of KARUSSELL INSURANCE BROKER DE ASIGURARE SRL as
insurance broker
concerning the authorisation of ALO ASIGURĂRI BROKER DE ASIGURARE ȘI REASIGURARE SRL as
insurance broker
concerning the voluntary closing down of the business of ERSTE BROKERS - BROKER DE
ASIGURARE SRL
concerning the authorisation of SURE INVEST COMPANY - BROKER DE ASIGURARE SRL as
insurance broker
concerning the voluntary suspension of the insurance brokerage business of EXPRES BROKER DE
ASIGURARE SRL
concerning the closing down of the insurance brokerage business of SPOT INSURANCE-BROKER
DE ASIGURARE SRL
Decision no. 159
of 15/03/2012
Decision no. 160
of 15/03/2012
Decision no. 185
of 29/03/2012
Decision no. 190
of 30/03/2012
Decision no. 200
of 06/04/2012
Decision no. 207
of 09/04/2012
Decision no. 211
of 11/04/2012
Decision no. 218
of 20/04/2012
Decision no. 220
of 20/04/2012
Decision no. 221
of 20/04/2012
Official Gazette of
Romania, Part I
no. 51 of 23/01/2012
no. 78 of 31/01/2012
no. 94 of 06/02/2012
no. 129 of 22/02/2012
no. 119 of 16/02/2012
no. 119 of 16/02/2012
concerning the temporary suspension of the business of NEMES BROKER DE ASIGURARE SRL
no. 135 of 27/02/2012
concerning the withdrawal of the approval granted to Ms. Simona Daniela Nemeș as chief
executive officer/director of NEMES BROKER DE ASIGURARE SRL
no. 135 of 27/02/2012
concerning the authorisation of UNITED BROKER DE ASIGURARE SRL as insurance broker
no. 161 of 12/03/2012
concerning the approval of the request for withdrawal of the authorisation of Oltenia Broker de
Asigurare-Reasigurare SRL
concerning the sanctioning of Risk Expert Insurance Broker SRL by temporary prohibition of
business
concerning the approval of the request for withdrawal of authorisation and closing down of the
business of Terano Asig - Broker de Asigurare SRL
concerning the authorisation of GEORGIA SIG 2000 BROKER DE ASIGURARI SRL as insurance
broker
concerning the approval of the portfolio transfer from Chartis România SA to the Bucharest
Branch of Chartis Europe Limited London and the approval of the request for the withdrawal of
the authorisation of Chartis Romania SA
no. 162 of 12/03/2012
no. 164 of 13/03/2012
no. 165 of 13/03/2012
no. 165 of 13/03/2012
no. 192 of 23/03/2012
concerning the sanctioning of LIG INSURANCE SA by temporary prohibition of business
no. 211 of 29/03/2012
concerning the withdrawal of the authorisation of STRATEGIC INSURANCE BROKER SRL
no. 241 of 10/04/2012
concerning the authorisation of ADECAR BROKER DE ASIGURARE-REASIGURARE SRL as
insurance broker
concerning the authorisation of UNITED INSURANCE BROKERS - BROKER DE ASIGURAREREASIGURARE SRL as insurance broker
concerning the approval of the request for the suspension of the business of TERRA - BROKER DE
ASIGURARE SRL
concerning the approval of the portfolio transfer from Omniasig Vienna Insurance Group SA,
as transferee to BCR Asigurări Vienna Insurance Group SA, as transferor, and of the merger by
absorbtion between BCR Asigurări Vienna Insurance Group SA, as acquirer and Omniasig Vienna
Insurance Group SA, as acquired entity
concerning the authorisation of SIN INSURANCE BROKER SRL as insurance broker
concerning the authorisation of CONSENS ASIG BROKER DE ASIGURARE-REASIGURARE SRL as
insurance broker
concerning the authorisation of BEST TEAM ASIG BROKER DE ASIGURARE SRL as insurance
broker
Annexes - CSA Decisions issued in 2012
no. 240 of 10/04/2012
no. 261 of 20/04/2012
no. 273 of 25/04/2012
no. 272 of 24/04/2012
no. 295 of 04/05/2012
no. 295 of 04/05/2012
no. 295 of 04/05/2012
131
Decision no.
Decision no. 233
of 27/04/2012
Decision no. 238
of 27/04/2012
Decision no. 243
of 03/05/2012
Decision no. 244
of 03/05/2012
Decision no. 245
of 03/05/2012
Decision no. 246
of 03/05/2012
Decision no. 248
of 07/05/2012
Decision no. 250
of 07/05/2012
Decision no. 254
of 08/05/2012
Decision no. 258
of 11/05/2012
Decision no. 263
of 14/05/2012
Decision no. 264
of 14/05/2012
Decision no. 276
of 18/05/2012
Decision no. 278
of 18/05/2012
Decision no. 281
of 18/05/2012
Decision no. 282
of 18/05/2012
Decision no. 289
of 21/05/2012
Decision no. 294
of 22/05/2012
Decision no. 295
of 22/05/2012
Decision no. 302
of 28/05/2012
Decision no. 341
of 13/06/2012
Decision no. 347
of 13/06/2012
Decision no. 352
of 14/06/2012
Decision no. 355
of 19/06/2012
Decision no. 356
of 19/06/2012
Decision no. 357
of 19/06/2012
Decision no. 358
of 19/06/2012
Decision no. 374
of 21/06/2012
Decision no. 400
of 04/07/2012
Decision no. 415
of 09/07/2012
Decision no. 416
of 09/07/2012
Decision no. 429
of 18/07/2012
Decision no. 432
of 20/07/2012
132
Content
concerning the authorisation of AQUA INVESTMENT BROKER DE ASIGURARE SRL as insurance
broker
concerning the authorisation of CONTRACT ASIG BROKER DE ASIGURARE SRL as insurance
broker
concerning the approval of the request for closing down the business of Direct Automotive
Broker de Asigurare SRL
concerning the sanctioning of Asiral Broker de Asigurare SRL by withdrawal of authorisation
concerning the sanctioning of Ms. Nicoară (former Anghel) Vanesa by withdrawal of approval as
significant person/chief executive officer of Asiral Broker de Asigurare SRL
concerning the sanctioning of King of Brokers in Romania Broker de Asigurare SRL by
withdrawal of authorisation
concerning the authorisation of IMOSIG BROKER DE ASIGURARE SRL as insurance broker
concerning the authorisation of LOWE ASISGROUP BROKER DE ASIGURARE SRL as insurance
broker
concerning the approval of the request for withdrawal of the authorisation of INTERAS BROKER
DE ASIGURARE SRL
concerning the sanctioning of Businesswide Broker de Asigurare SRL by temporary prohibition
of business
concerning the sanctioning of Mr. Lupa Leonard Ionuț by withdrawal of approval as significant
person/chief executive officer of Centrum Asig Broker de Asigurare SRL
concerning the sanctioning of Centrum Asig - Broker de Asigurare SRL by withdrawal of
authorisation
Official Gazette of
Romania, Part I
no. 346 of 22/05/2012
no. 346 of 22/05/2012
no. 322 of 11/05/2012
no. 322 of 11/05/2012
no. 322 of 11/05/2012
no. 312 of 10/05/2012
no. 346 of 22/05/2012
no. 346 of 22/05/2012
no. 346 of 22/05/2012
no. 358 of 28/05/2012
no. 372 of 31/05/2012
no. 364 of 30/05/2012
concerning the authorisation of SFINX BROKER DE ASIGURARE SRL as insurance broker
no. 373 of 01/06/2012
concerning the authorisation of PARTENER A&S BROKER DE ASIGURARE SRL as insurance broker
no. 373 of 01/06/2012
concerning the sanctioning of USC ALL FINANCE BROKER DE ASIGURARE SRL by withdrawal of
authorisation
concerning the sanctioning of Ms. Elena Popescu by withdrawal of approval as chief executive
officer of USC ALL FINANCE BROKER DE ASIGURARE SRL
no. 358 of 28/05/2012
no. 372 of 31/05/2012
concerning the authorisation of NELBA BROKER DE ASIGURARE SRL as insurance broker
no. 373 of 01/06/2012
concerning the sanctioning of Kall Broker de Asigurare SRL by temporary prohibition of business
no. 385 of 08/06/2012
concerning the sanctioning of Mr. Păcurar Florin Ioan, by withdrawal of approval as significant
person/chief executive officer of Kall Broker de Asigurare SRL
concerning the sanctioning of Neutro Risk - Broker de Asigurare SRL by withdrawal of
authorisation
no. 385 of 08/06/2012
no. 378 of 06/06/2012
concerning the approval of the resumption of the business of LIG INSURANCE - SA
no. 416 of 22/06/2012
concerning the authorisation of VERGLASER BROKER DE ASIGURARE SRL as insurance broker
no. 416 of 22/06/2012
concerning the updating of the authorisation fee payable by insurance and reinsurance
undertakings
no. 408 of 19/06/2012
concerning the sanctioning of CONCRET Broker de Asigurare SRL by withdrawal of authorisation
no. 421 of 25/06/2012
concerning the sanctioning of Irecson Broker de Asigurare-Reasigurare SRL by withdrawal of
authorisation
concerning the sanctioning of NEWBROKER ASIG MC Broker de Asigurare SRL by withdrawal of
authorisation
concerning the sanctioning of Ms. Camelia Bucur by withdrawal of approval as chief executive
officer of NEWBROKER ASIG MC Broker de Asigurare SRL
concerning the voluntary closing down of the business of STAR EXPRESS BROKER DE ASIGURARE
SRL and the withdrawal of authorisation
concerning insurance training fees and other related legal provisions
concerning the voluntary closing down of the business of ATP Exodus - Broker de asigurare SRL
and the withdrawal of authorisation
concerning some measures imposed on the insurance undertakings authorised to pursue
voluntary home insurance
concerning the authorisation of TANDEM LEARNING SRL as education services provider in the
field of insurance
concerning the authorisation of DECON INSURANCE BROKER DE ASIGURARE SRL as insurance
broker
no. 421 of 25/06/2012
no. 421 of 25/06/2012
no. 421 of 25/06/2012
no. 427 of 27/06/2012
no. 499 of 20/07/2012
no. 499 of 20/07/2012
no. 486 of 16/07/2012
no. 562 of 08/08/2012
no. 567 of 09/08/2012
www.csa - isc.ro
Annual Report 2012
Decision no.
Decision no. 452
of 07/08/2012
Decision no. 466
of 10/08/2012
Decision no. 469
of 16/08/2012
Decision no. 470
of 16/08/2012
Decision no. 474
of 16/08/2012
Decision no. 494
of 27/08/2012
Decision no. 547
of 25/09/2012
Decision no. 550
of 28/09/2012
Decision no. 617
of 23/10/2012
Decision no. 618
of 23/10/2012
Decision no. 644
of 02/11/2012
Decision no. 645
of 02/11/2012
Decision no. 647
of 02/11/2012
Decision no. 665
of 08/11/2012
Decision no. 675
of 12/11/2012
Decision no. 695
of 23/11/2012
Decision no. 712
of 28/11/2012
Decision no. 713
of 28/11/2012
Decision no. 714
of 28/11/2012
Decision no. 720
of 03/12/2012
Decision no. 721
of 03/12/2012
Decision no. 765
of 28/12/2012
Content
concerning the closing of the turnaround procedure of Forte Asigurări Reasigurări SA
concerning the voluntary closing down of the business of PALLADIUM INSURANCE BROKER SRL
and the withdrawal of authorisation
concerning the approval of the request for withdrawal of the authorisation of ASIBROK BROKER
DE ASIGURARE SRL
Official Gazette of
Romania, Part I
no. 607 of 23/08/2012
no. 590 of 17/08/2012
no. 614 of 27/08/2012
concerning the authorisation of ASIBBE BROKER DE ASIGURARE SRL as insurance broker
no. 622 of 30/08/2012
concerning the authorisation of EXECUTIV BROKER DE ASIGURARE SRL as insurance broker
no. 622 of 30/08/2012
concerning the approval of the request for withdrawal of authorisation and of the closing down
of the business of GIO GROUP - Broker de Asigurare SRL
concerning the approval of the request for the suspension of business of Eficient Asig Broker de
Asigurare SRL
no. 626 of 31/08/2012
no. 682 of 02/10/2012
concerning the authorisation of STEMMA BROKER DE ASIGURARE SRL as insurance broker
no. 695 of 10/10/2012
concerning the authorisation of DOIO ASIG BROKER DE ASIGURARE SRL as insurance broker
no. 784 of 21/11/2012
concerning the authorisation of ACTIV SOFT LEARNING SRL as education services provider in the
field of insurance
concerning the approval of the request for witdrawal of authorisation and closing down of the
business of MK SAFEZON INSURANCE BROKER SRL
concerning the approval of the voluntary suspension of the business of ASIG CONSULT BROKER
DE ASIGURARE SRL
concerning the sanctioning of Bucovina Asig - Broker de Asigurare SA by withdrawal of
authorisation
concerning the approval of UNIC SPORTS SRL-D as education services provider in the field of
insurance
concerning the sanctioning of AKG Broker de Asigurare SRL by temporary prohibition of
business
business of B&P COMPANY Broker de Asigurare-Reasigurare SRL
concerning the authorisation of INTEGRITY GECAST BROKER DE ASIGURARE SRL as insurance
broker
concerning the authorisation of STABILITY INSURANCE TRAINING SRL as education services
provider in the field of insurance
concerning the authorisation of ASTRA TRAINING SRL as education services provider in the field
of insurance
business of AMEX Broker de Asigurare SRL
concerning the sanctioning of PAN GABRIEL - Broker de Asigurare SRL by withdrawal of
authorisation
concerning the authorisation of LOYAL BROKER DE ASIGURARE SRL as insurance broker
Annexes - CSA Decisions issued in 2012
no. 784 of 21/11/2012
no. 757 of 12/11/2012
no. 757 of 12/11/2012
no. 757 of 12/11/2012
no. 782 of 21/11/2012
no. 803 of 29/11/2012
no. 804 of 29/11/2012
no. 838 of 12/12/2012
no. 838 of 12/12/2012
no. 838 of 12/12/2012
no. 836 of 12/12/2012
no. 836 of 12/12/2012
no. 64 of 30/01/2013
133
ANNEX 20
Orders of the Insurance Supervisory Commission in 2012
In 2012, authorisation and regulatory activities were carried out pursuant to the provisions laid down in Law no. 32/2000
on insurance undertakings and insurance supervision, as amended and supplemented, and the corresponding implementing norms.
In 2012, the legal framework applicable to insurance undertakings and insurance brokers has been amended and supplemented by:
Order no.
Implementing norm
Official Gazette of Romania,
Part I
Order no. 1
of 09/01/2012
amending and supplementing the Norms concerning the information which shall be disclosed
by insurance undertakings and intermediaries as well as other features of insurance contracts,
implemented by Order no. 23/2009 of the President of the Insurance Supervisory Commission
no. 26 of 12/01/2012
Order no. 2
concerning the appointment of the members of the Insurance Surveillance Commission
of 08/02/2012
Order no. 3
implementing the Norms concerning the closing of the financial year 2011 by insurance undertakings
of 01/03/2012
Order no. 4
amending the Norms concerning insurance portfolio transfers, implemented by Order no.
113.108/2006 of the President of the Insurance Supervisory Commission
of 06/03/2012
Order no. 5
concerning the contribution of insurance undertakings to the Street Victims Protection Fund
of 23/03/2012
Order no.6
amending some normative acts regarding the deadline for depositing premiums generated from
business written by insurance intermediaries to the accounts of insurance undertakings
of 28/03/2012
amending
and supplementing the Norms concerning disclosure and reporting requirements
Order no. 7
applicable to the statutory audit of the financial statements of insurance/reinsurance undertakings,
of 26/04/2012
approved by Order no. 22/2008 of the President of the Insurance Supervisory Commission
Order no. 8
implementing the Norms concerning education services providers and the certification of insurance
trainers
of 03/05/2012
Order no. 9 implementing the Norms concerning the professional qualification and ongoing training of insurance
intermediaries
of 03/05/2012
Order no. 10 implementing the Norms concerning the conditions and means for the electronic communication of
some information regarding insurance contracts
of 11/05/2012
Order no. 11
implementing the Norms concerning the handling of complaints lodged against insurance
undertakings and insurance intermediaries
of 23/05/2012
Order no. 12
implementing the Norms concerning the authorisation and pursuit of catastrophe risk underwriting
and reinsurance
of 28/06/2012
amending
and
supplementing
the
Norms
concerning the authorization of insurance and/or
Order no. 13
reinsurance brokers, as well as the requirements concerning the maintenance of such authorization,
of 29/06/2012
implemented by Order no. 15/2010 of the President of the Insurance Supervisory Commission
Order no. 14
implementing the insurance undertakings’ Accounting Reporting System as of 30 June 2012
of 29/06/2012
Order no. 15 implementing the Norms concerning the format and content of the contract for compulsory insurance
against earthquakes, landslides and floods
of 16/08/2012
Order no. 16
implementing the Norms concerning the authorisation and pursuit of insurance by insurance
undertakings
of 24/08/2012
Order no. 17 amending the Norms concerning the use of the Amicable accident report, implemented by Order no.
21/2008 of the President of the Insurance Supervisory Commission
of 25/09/2012
amending
some
normative acts concerning the calculation of the available solvency margin of
Order no. 18
insurance/reinsurance undertakings, the minimum solvency margin and the safety margin, with a
of 28/09/2012
view to adjust some euro-denominated sums
amending and supplementing the Norms concerning the calculation and recording of minimum
Order no. 19
technical reserves for non-life insurance, implemented by Order no. 3.109/2003 of the President of the
of 04/10/2012
supplementing the Norms concerning the authorisation and pursuit of insurance by insurance
Order no. 20
undertakings, implemented by Order no. 16/2012 of the President of the Insurance Supervisory
of 10/10/2012
Commission
amending and supplementing the Norms concerning the format and content of the contract for
Order no. 21
compulsory insurance against earthquakes, landslides and floods, implemented by Order no. 15/2012
of 02/11/2012
of the President of the Insurance Supervisory Commission
amending and supplementing the Norms concerning compulsory motor third party liability
Order no. 22
insurance, implemented by Order no. 14/2011 of the President of the Insurance Supervisory
of 06/12/2012
Commission
amending and supplementing the Norms concerning the professional qualification and ongoing
Order no. 23
training of insurance intermediaries, implemented by Order no. 9/2012 of the President of the
of 20/12/2012
134
no. 115 of 14/02/2012
no. 146 of 05/03/2012
no. 160 of 09/03/2012
no. 203 of 27/03/2012
no. 225 of 04/04/2012
no. 297 of 05/05/2012
no. 329 of 16/05/2012
no. 329 of 16/05/2012
no. 336 of 18/05/2012
no. 367 of 30/05/2012
no. 499 of 05/07/2012
no. 501 of 20/07/2012
no. 451 of 05/07/2012
no. 603 of 22/08/2012
no. 631 of 03/09/2012
no. 693 of 09/10/2012
no. 689 of 05/10/2012
no. 696 of 10/10/2012
no. 706 of 16/10/2012
no. 748 of 07/11/2012
no. 840 of 13/12/2012
no. 898 of 28/12/2012
www.csa - isc.ro
Annexes - Organization
Legislative Unit
Legal representation Unit
Legal representation, legal
documentation and relationship with Parliament
Directorate
Actuarial Directorate
International relations Directorate
Legal approval Unit
Autorization Unit
Insurance mediation
Autorization Unit
Insurance and reinsurance
activity
Authorisations and
Approvals Directorate
Human Resources Unit
IT systems Unit
Network administration Unit
Information technology
Directorate
Representative offices
Public relations Unit
Voluntary insurance Unit
Market analyses Unit
Anti-money laundering Unit
Compulsory insurance Unit
Consumer protection
and Public Relations
Directorate
Health insurance Unit
Home insurance Unit
Motor insurance Unit
Compulsory Insurance Directorate
Vice-President
lance Unit
Reinsurance cessions surveil-
Insurance surveillance Unit
vision and oversight Unit
Insurance mediation super-
and Oversight
Market Stability, Supervision
Market Stability,
Supervision and
Oversight
Financial, accounting
and logistics Directorate
Members of
CSA Council
President
Guarantee
Fund
Communication and Media
D irectorate
Internal
compliance Unit
Internal audit
SECRETARY GENERAL
ANNEX 21
Support Division
Accounting Methodology
Directorate
Solvency II Unit
Solvency I and Insurance
Regulations
Directorate
Vice-President
CSA Council
Annual Report 2012
CSA Organisation Chart
135
18th, Amiral Constantin Bălescu St., Bucharest 1, Romania
Phone: +4.021.316.78.80, +4.021.316.78.81, +4.021.316.85.87
Public Relations and mass-media -ext.-136 or phone: +4.021.316.78.62
Fax: +4.021.316.78.64 · E-mail: office@csa-isc.ro · website: www.csa-isc.ro
Comisia de Supraveghere a Asigurarilor
REPORT ON THE ROMANIAN INSURANCE MARKET AND THE INSURANCE SUPERVISION IN 2012

report on the romanian insurance market and the insurance

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