Reporting requirements

The legal framework governing the reporting requirements of insurance companies/branches/financial auditors for the purposes of prudential supervision:

  • Rule No 21/2016 on reporting on insurance and/or reinsurance activity, as amended and supplemented (A.S.F. Rule No 21/2016);
  • Delegated Regulation (EU) 2015/35 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), as amended (RD (EU) 2015/35);
  • Rule No 9/2020 on the financial year-end for insurance entities (A.S.F. Rule 9/2020);
  • Rule no. 34/2020 for the implementation of the Half-Yearly Accounting Reporting System applicable to insurance entities (A.S.F. Rule no. 34/2020);
  • Rule No 13/2019 on the unitary framework for the conduct of the statutory audit of entities authorised, regulated and supervised by the Financial Supervisory Authority, as amended and supplemented (A.S.F. Rule No 13/2019);
  • Rule No 4/2018 on the management of operational risks generated by IT systems used by entities authorised/approved/registered, regulated and/or supervised by the Financial Supervisory Authority, as amended (A.S.F. Rule No 4/2018);
  • Rule no. 20/2017 on motor insurance in Romania, as amended (A.S.F. Rule no. 20/2017);
  • Rule No 28/2015 on the operation of supervised insurers under the national regime, as amended and supplemented (A.S.F. Rule No 28/2015)

 

Reports shall be submitted to the A.S.F. both electronically and on paper, as appropriate.

Paper reports shall be submitted directly to the A.S.F. Registrar's Office or scanned to the A.S.F. e-mail address: eregistratura@asfromania.ro.

The ASF-EWS and e-HUB applications are used for electronic reporting. Information on registration in the applications can be found in section 1.3 Electronic reporting.

 

The main periodic reports submitted by insurance/reinsurance companies/branches/financial auditors managed for the purpose of prudential supervision of financial indicators:

 

NR. CRT.

TYPE OF REPORTING

REPORTING DEADLINE

RECEPTION CHANNEL

LEGAL FRAMEWORK

I. ENTITY TYPE - Individual insurance - reinsurance companies referred to in Part I of Law No 237/2015

I.1 PERIODICITY - YEARLY

I.1.1

Solvency II annual quantitative models

Max. 14 weeks after the end of the financial year

 

e-hub

Norma A.S.F.  nr. 21/2016 + RD (UE) 2015/35 -art. 300-304 și art. 312

I.1.2

Audit report of the Solvency II annual templates

e-hub + suport hârtie

I.1.3

Solvency and Financial Condition Report (SFCR)

e-hub

I.1.4

Regular Surveillance Report (RSR)*

* at least every 3 years

e-hub

I.1.5

ORSA Report**

** annually and whenever the risk profile changes significantly

2 weeks after completion of the company evaluation

e-hub

RD (UE) 2015/35

I.1.6

Annual supplementary reports

Annual financial statements

120 days after the end of the financial year

EWS – parțial +  suport hârtie +CD

Norma A.S.F.  nr. 21/2016 +Norma A.S.F. nr. 9/2020

I.1.7

Annual supplementary reports

- Questionnaire on gross benefits paid by categories of health services and health care providers (Annex No 23); 

- reporting on employees and persons with a mandate (Annex No 24).

 

EWS

Norma A.S.F.  nr. 21/2016 

I.1.8

Supplementary half-yearly reports - Accounting reports for the first half of the financial year

16 August of the reporting year

EWS – parțial +  suport hârtie + CD

Norma A.S.F. nr. 34/2020 +  Norma A.S.F. nr. 21/2016

I.1.9

Action plan on the recommendations in the statutory auditor's management letter

Max. 30 days after the financial auditor or audit firm issues the recommendations contained in the letter to management

suport hârtie

Norma A.S.F. nr. 13/2019 – art.27

I.1.10

Audit Committee Annual Report

max. 6 months after the end of the financial year

suport hârtie

Norma A.S.F.  nr. 13/2019 – art.35

I.1.11

Annual report on internal operational risk assessment

 

31 March this year.

suport hârtie

Norma A.S.F. nr. 4/2018

I.1.12

IT audit report drawn up for the period audited for the IT audit accompanied by a copy of the IT auditor's certificate signed for conformity with the original valid at the time of drawing up the audit report; + where appropriate the action plan showing how to remedy the deficiencies/vulnerabilities identified by the IT auditor.

2 years -30 June this year after the last year of the period audited

 

Suport hârtie

Norma A.S.F. nr. 4/2018

I.1.13

Annual electronic reporting with the indicators mentioned in Annex 4, if these indicators are applicable and relate to important IT systems

31 March

EWS

Norma A.S.F. nr. 4/2018

I.2 PERIODICITY - HALF-YEARLY

I.2.1

Supplementary half-yearly reports:

- the technical result determined for each class of general insurance (Annex 3)

- natural catastrophe cover for general insurance (Annex 4)

- reporting on intra-group transactions as set out in Annex 41

45 days from the reference date

EWS

Norma A.S.F nr. 21/2016

I.3 PERIODICITY - Quarterly

I.3.1

Solvency II quarterly quantitative models

Max. cinci săptămâni de la încheierea fiecărui trimestru.

e-hub

Norma A.S.F nr. 21/2016 +

RD (UE) 2015/35

I.3.2

Supplementary quarterly reports:

- Transactions relating to general insurance business (Annex 5)

- transactions concerning life insurance business (Annex 6)

- transactions concerning life insurance business with an exclusive protection component (all-cause death insurance): (Annex 61)

- liabilities for general insurance business (Annex 7); 

- liabilities for life insurance business (Annex 8); 

- liabilities for life insurance business with an exclusive protection component (all-cause death insurance); (Annex No 81)

- breakdown of gross premiums written, net of cancellations, by county for non-life and life insurance business (Annex 9); 

- breakdown of gross claims paid by county for non-life and life insurance (Annex 10); 

- the ownership structure of the insurer (Annex 12); 

- the situation of the business carried out in the territory of other States by companies authorised under Law No 237/2015 (Annex No 13); 

- statement of gross premiums written for general and life insurance business by category of policyholders, i.e. natural and legal persons (Annex No 14); 

- the situation and indicators for agricultural insurance business (Annex No 15); 

- the situation and indicators relating to optional dwelling insurance business (Annex 16); 

- loans granted by credit institutions and non-bank financial institutions and insured by insurance and/or reinsurance enterprises (Annex No 17); 

- special asset registers covering the gross technical provisions established for general and life insurance in accordance with the provisions of Rule No 38/2015; 

- reporting of reinsurance cessions for general and life insurance business (in the form set out in Annex 171

- reporting of reinsurance receipts for general and life insurance business (Annex 172

-the last calendar day of the month following the end of the reporting quarter

EWS

Norma A.S.F nr. 21/2016

I.3.3

Reports on MTPL activity (Annexes 1-4)

the last calendar day of the month following the month for which the report is made

EWS +  suport hârtie

Norma nr. 20/2017

I.4 PERIODICITY - Monthly

I.4.1

Supplementary liquidity reporting (Annexes 21 and 22); 

 

-the last calendar day of the month following the month for which the report is made

EWS +  suport hârtie

Norma A.S.F nr. 21/2016

I.4.2

Monthly supplementary reports:

- statement of changes in own capital for general insurance business, life assurance business and voluntary pension fund management business, (Annex No 20); 

- the state of litigation pending before the courts, (Annex No 21)

EWS   

Norma A.S.F nr. 21/2016

II. ENTITY TYPE - branches established in Romania by companies authorised in other Member States.

II.1 PERIODICITY - YEARLY

II.1.1

Annual supplementary reports

Simplified annual financial statements

120 days after the end of the financial year

 

EWS - partial + paper

Norma A.S.F. nr. 21/2016 + Norma A.S.F. nr. 9/2020

II.1.2

Supplementary branch reporting: reporting on the state of branch activity (Annex 22)

EWS

Norma A.S.F. nr. 21/2016

II.1.3

Supplementary half-yearly reports - Accounting reports as at 30.06

16 August of the reporting year

EWS - partial + paper

Norma A.S.F. nr. 34/2020 +  Norma A.S.F. nr. 21/2016

III. Obligations of auditors of insurance undertakings

III.1 PERIODICITY - YEARLY

III.1.1

Additional report to the audit committee of the audited entity

30 June of the year following the year for which the statutory audit was carried out

Paper support

Norma A.S.F. nr. 13/2019  – art. 25

III.1.2

Letter to the management of the audited entity, referred to as a management letter. 

not later than six months after the end of the financial year

Paper support

Norma A.S.F nr. 13/2019 – art. 27

IV. TYPE OF ENTITY - Insurance - reinsurance companies referred to in Part II of Law 237/2015

VI.1 PERIODICITY - ANUALY

VI.1.1

Annual financial statements

120 days after the end of the financial year

EWS - partial + paper

Norma A.S.F. nr. 9/2020 + Norma A.S.F. nr. 28/2015

VI.1.2

Accounting reports at 30.06

16 August of the reporting year

EWS – parțial +  suport hârtie

Norma A.S.F. nr. 34/2020 + Norma A.S.F. nr. 28/2015

VI.1.3

Budgetary revenue and expenditure*

*its amendments shall be sent to the A.S.F. within 10 calendar days from the date of its approval

 

each year within 10 calendar days from the date of its approval,

EWS  +  paper suport

Art. 7 alin. (3) lit. c) -Norma A.S.F. nr. 28/2015

VI.1.4

Business plan drawn up in accordance with the rules on the authorisation and monitoring of the operation of insurance and/or reinsurance companies (to be updated annually and submitted to the A.S.F..

by 31 October of the year preceding the reference period

Paper suport

Art. 7 alin. (7)  -Norma A.S.F. nr. 28/2015

VI.1.5

Annual quantitative periodic reports:

- calculation of the available solvency margin, the minimum solvency margin and the safety fund relating to life and non-life insurance business (Annex 3 and Annex 4 respectively); 

- income from financial investments of assets eligible for the gross technical provisions for life and non-life insurance business (Annex 6) 

- the number of employees and authorised agents (Annex 7); 

- the technical result determined for each class of general insurance (Annex 8); 

- the situation of claims paid and claims reserves endorsed for each class of general insurance according to the year in which the insured event occurred, (Annex No 9); 

- the development and structure of the share capital (Annex 10); 

- intra-group transactions (Annex 11).

the last working day of March of the year following the end of the financial year

EWS  +  Paper suport

Art. 43 Norma A.S.F. nr. 28/2015

VI.1.6

Documents relating to title deeds/valuations of land/buildings reported as eligible assets to cover technical reserves 

see Art. 24 para. (5) - (7) of A.S.F. Rule no. 28/2015

Paper support

Art. 24 - Norma A.S.F. nr. 28/2015

VI.1.7

Annual Public Report (Annex 40)

90 calendar days from the date of submission of the annual financial statements to the A.S.F.

in a national daily newspaper and on the insurers' website

Art. 42 Norma A.S.F. nr. 28/2015

VI.1.8

Report on the internal control system

60 calendar days after the end of the financial year

Paper support

Art. 44 Norma A.S.F. nr. 28/2015

VI.1.9

Report on the risk management function

60 calendar days after the end of the financial year

Paper support

Art. 45 Norma A.S.F. nr. 28/2015

VI.1.10

Report on the internal audit function

60 calendar days after the end of the financial year

Paper support

Art. 46 Norma A.S.F. nr. 28/2015

VI.1.11

Report on the reinsurance programme

30 calendar days after the end of the financial year

Paper support

Art. 47 Norma A.S.F. nr. 28/2015

VI.1.12

Report on the actuarial function

30 calendar days after the end of the financial year

Paper support

Art. 48 Norma A.S.F. nr. 28/2015

IV.2 PERIODICITY - HALF-YEARLY

IV.2.1

Half-yearly quantitative reports:

- calculation of the available solvency margin, the minimum solvency margin and the safety fund relating to life and non-life insurance business (Annex 3 and Annex 4 respectively); 

- the development and structure of the share capital (Appendix 10); 

- intra-group transactions (Appendix 11).

45 days from the reporting reference date

EWS 

Art. 43 Norma A.S.F. nr. 28/2015

IV.3 PERIODICITY - Quarterly

IV.3.1

Quarterly quantitative reports:

- intra-group transactions (Annex 11); 

- transactions relating to general insurance business (Annex 12); 

- transactions concerning life insurance business (Annex No 13); 

- liabilities for general insurance business (Annex 14); 

- liabilities for life insurance business (Annex No 15); 

- assets accepted and explanations of the coverage of gross technical provisions for general insurance business (Annex 16); 

- acceptable assets and explanations regarding the coverage of gross technical provisions for life insurance business (Appendix 17); 

- the special registers of assets accepted to cover the gross technical provisions established for general and life insurance business, in accordance with the provisions of Rule No 38/2015; 

- statement of gross premiums written for general and life insurance business by category of policyholders, i.e. natural and legal persons (Annex No 18); 

- indicators on agricultural insurance business (Annex No 19); 

- financial assets held by companies (Annex 20); 

- reinsurance acceptances for general and life insurance business (Annex No 21); 

- reinsurance cessions for general and life insurance business (Annex 22); 

- natural catastrophe cover for general insurance business (Annex No 23); 

- breakdown of gross premiums written by county for life and non-life insurance business (Annex 24); 

- the situation and indicators for voluntary home insurance business (Annex 25); 

- breakdown of gross claims paid by county for non-life and life insurance business (Annex 26); 

- investments (Annex 27); 

- statement of balance sheet assets and liabilities held by the insurer (Annex 28); 

- the shareholding structure of the insurer (Annex 29); 

- statement of gross intermediary gross written premiums (Annex 30).

the last calendar day of the month following the end of the reporting quarter

EWS 

Art. 43 Norma A.S.F. nr. 28/2015

IV.3.2

Documents relating to title deeds/valuations of land/buildings reported as eligible assets to cover technical reserves 

see Art. 24 para. (5) - (7) of A.S.F. Rule no. 28/2015

Paper suport

Art. 24 - Norma A.S.F. nr. 28/2015

IV.4 PERIODICITY - MONTHLY

IV.4.1

Monthly quantitative reporting

- determination of the liquidity ratio for general insurance business (Annex No 31); 

- determination of the liquidity ratio for life insurance business (Annex No 32); 

- statement of changes in own capital for general insurance business, life insurance business and voluntary pension fund management business (Annex No 33); 

- surrenders for life insurance business (Annex No 34); 

- the transfer of the contribution to the Guarantee Fund is carried out in accordance with the Law No 213/2015 on the Guarantee Fund and the rules issued in application thereof (Annex No 35); 

- government securities (Annex No 37);

- the state of disputes pending before the courts (Annex No 38). 

the last calendar day of the month following the month for which the report is made

EWS 

Norma A.S.F. nr. 28/2015

* pentru cerințele de raportare legate de supravegherea conduitei a se vedea secțiunea 3.Monitorizare conduită