ASF: Forte, ABC, Asito Kapital, Certasig and Lig Insurance do not meet minimum solvency requirements

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Five insurers – Forte, ABC, Asito Kapital, Certasig and Lig Insurance – do not meet minimum solvency requirements in force, under the supervision of Solvency I regulatory framework, out of the 21 insurance companies participating in the BSRE exercise, which assesses the financial strength and the solvency of the participating insurance companies.
The Financial Supervisory Authority (ASF) has announced on Monday the finalizing of the assets and liabilities evaluation (Balance Sheet Review Extended – BSRE) for another 21 insurance companies holding an aggregate share of approximately 20% of the market. “The main purpose of this exercise was to assess the preparedness of the participating companies in order to fully meet the requirements of Solvency II regulatory framework, which will be applied from January 1, 2016,” the release reads.
According to ASF, the 21 companies involved in the exercise are: ABC (ABC Asigurari — Reasigurări SA), Asito (Asito Kapital SA), Asimed (Asigurare Reasigurare Asimed SA), ATE (ATE Insurance Romania SA), BCR Viata (BCR Asigurari de Viata Viena Insurance Group SA), BRD Viata (BRD Asigurari de Viata SA), Certasig (Certasig — Societate de Asigurare și Reasigurare SA), City (Societatea de Asigurare — Reasigurare City Insurance SA), Credit Europe (Credit Europe Asigurari — Reasigurari SA.), Ergo (Ergo Asigurari de Viata SA), Eurolife ERB Generale (Eurolife ERB Asigurari Generale SA), Eurolife ERB Viata (Eurolife ERB Asigurari de Viata SA), Fata (Fata Asigurări SA), Forte (Forte Asigurari Reasigurari SA), Garanta (Garanta Asigurari SA), Gothaer (Gothaer Asigurari — Reasigurari SA), Grawe (Grawe Romania Asigurare SA), LIG (Societatea de Asigurare — Reasigurare LIG Insurance SA), Onix (Onix Asigurari SA), Signal Iduna (Signal Iduna Asigurare Reasigurare SA), Uniqa Viata (Uniqa Asigurari de Viata SA).
Regarding the provisions related to the Solvency I regulatory framework, out of the 21 insurance companies participating in the BSRE exercise, five companies (Forte, ABC, Asito Kapital, Certasig and Lig), which underwrite risks only in general insurance, do not comply, after the adjustments made by the auditors, to the legal provisions regarding solvency, of which three (Forte, Certasig and Lig) “do not observe the provisions on covering technical reserves on allowed assets”.
The remaining of 16 insurance companies meet the solvency requirements, namely: Asimed, BRD Viata, Gothaer, Grawe, Uniqa Viata, BCR Viata, Onix, Ate, Garanta, Erb Generale, Erb Viata, Ergo, Signal Iduna, Fata, Credit Europe, City. “City does not meet the minimum liquidity requirements,” the release further reads.
As regards the provisions of Solvency II, out of the total number of 21 insurance companies participating, four companies dio not comply with the Minimum Capital Requirement (MCR), but observe the Solvency Capital Requirement (SCR), 3 companies do not comply with SCR but observe the MCR, 4 companies do not comply with MCR and SCR requirements, and the remaining 10 companies comply with the Solvency II regulatory framework.
Companies that do not meet the requirements of Solvency II on minimum capital requirement (MCR) are Signal Iduna, Forte, Gothaer, Fata, ABC, Ate and Asito Kapital. Also, the insurance companies which do not meet the provisions of the Solvency Capital Requirement (SCR) are Signal Iduna, Forte, Gothaer, Certasig, Credit Europe and the City.
On the other hand, insurers that meet the Solvency II requirements on MCR and SCR are: Onyx, BRD Viata, Asimed, Erb General, Erb Viata, Uniqa Viata, Grawe, Garanta, BCR Viata and Ergo.

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