The Financial Supervisory Authority (ASF)’s Board decided to close the plan-based financial recovery procedure of the Euroins Romania Asigurare-Reasigurare S.A., as a result of restoring the financial situation of the company, a press release informs.
Following the analysis of the implementation of the measures established in the plan, it was found that all the qualitative and quantitative requirements have been met, the company increasing the capital with the amount of RON 300 million.
The main elements of the recovery plan targeted capitalization measures, reviewing the reinsurance program and a series of operational measures consisting of changing the financial auditor, reviewing the internal policies/procedures, quarterly inventory of claim files, auditing the IT system and elements of nature conducive to restoring the company’s financial situation.
“Following the fulfillment of the measures established in the recovery plan, the company indicators were restored, so that on December 31, 2016, Euroins recorded a ratio between the available margin and the minimum margin of 1.8, a ratio between the available margin and the safety fund of 5.4 and a coverage of technical reserves with admitted assets of 120.5 percent, respectively a liquidity ratio of 1.4,” the release reads.
Also, at the end of last year, coverage of Solvency Capital Requirements (SCR) with eligible own funds was 106.7 percent and coverage of Minimum Capital Requirement (MCR) with eligible basic own funds was 205.7 percent.
ASF decision to open the plan-based recovery procedure of Euroins, in October 2015, will be revoked in accordance with the legal provisions.