Romania’s financial regulator ASF announced Monday that it completed the evaluation program (Balance Sheet Review Extended – BSRE) for 21 more insurers, accounting for approximately 20% of the local insurance market.
According to the results, Gothaer is among the companies that don’t meet minimum capital requirements (MCR) and solvency capital requirements (SCR) under Solvency II standards, which become mandatory as of January 1, 2016.
The 21 participants were ABC (ABC Asigurari – Reasigurari), Asito (Asito Kapital), Asimed (Asigurare Reasigurare Asimed), ATE (ATE Insurance Romania), BCR Viata (BCR Asigurari de Viata Viena Insurance Group), BRD Viata (BRD Asigurari de Viata), Certasig (Certasig – Societate de Asigurare și Reasigurare), City (Societatea de Asigurare – Reasigurare City Insurance), Credit Europe (Credit Europe Asigurari – Reasigurari), Ergo (Ergo Asigurari de Viata), Eurolife ERB Generale (Eurolife ERB Asigurari Generale), Eurolife ERB Viata (Eurolife ERB Asigurari de Viata), FATA (FATA Asigurari), Forte (Forte Asigurari Reasigurari), Garanta (Garanta Asigurari), Gothaer (Gothaer Asigurari – Reasigurari), Grawe (Grawe Romania Asigurare), LIG (Societatea de Asigurare – Reasigurare LIG Insurance), Onix (Onix Asigurari), Signal Iduna (Signal Iduna Asigurare Reasigurare) and Uniqa Viata (Uniqa Asigurari de Viata).
The insurers’ evaluation was carried out by seven independent auditors, namely BDO Audit SRL, Deloitte Audit SRL, Mazars Romania SRL, PwC Romania SRL, Grant Thorton SA Greece, KPMG Audit SRL and MZF Financial Advisory SRL.
In February, ASF selected Deloitte, Ernst&Young, KPMG, PwC, Mazars and Milliman to evaluate the assets and liabilities of 13 insurance companies (85% of the insurance market), by June 30.