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The Board of Financial Supervisory Authority (ASF) decided during last week’s meeting to reduce the applied rate on income earned by insurance brokers by 50 percent by amending the provisions on the revenue of ASF, as a press release informs.
“The decision is in support of the development and rehabilitation of the insurance sector, as we already see the first positive effects of the legislative package, which introduced new principles on this market,” said the President of ASF, Leonardo Badea.
The rate will be reduced from 0.2 percent to 0.1 percent of the revenue, with the measure coming into effect from October 1, 2017.
“We consider that this decision obviously contributes to strengthening the role of intermediation in the insurance market in Romania. The adopted measure is a proactive one which is related to the ASF’s strategy of supporting and strengthening the insurance market and creating the premises for increasing the degree of satisfaction of the insured persons, including by reducing the intermediation costs,” Cornel Coca Constantinescu, Vice-President of ASF, responsible for the insurance and reinsurance sector said.
The amendment will be published in the Official Gazette.
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