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The decisions adopted by the Board of the Financial Supervisory Authority - 01.04.2020

Bucharest, April 1, 2020 - At today's meeting, the Board of the Financial Supervisory Authority (A.S.F.) approved measures regarding the functioning of the supervised non-bank financial markets - insurance, capital market and private pensions, including:

A)  Regulations

Norm regarding the extension of certain terms regarding the reports, the publication of public information and the transmission of other documents to the Financial Supervisory Authority in the insurance field, as a result of the situation generated by Covid-19 and the establishment of the state of emergency in Romania (the norm will be transmitted, for publication, to the Monitor Official of Romania);

Norm regarding the temporary modification of the maximum limit applicable to investments of private pension funds in state securities (the norm will be transmitted, for publication, to the Official Monitor of Romania);

Norm regarding the use of the personal assets of the participant in an occupational pension fund (the norm will be transmitted, for publication, to the Official Monitor of Romania);

Norm regarding the accession and the record of the participants to the occupational pension funds (the norm will be transmitted, for publication, to the Official Monitor of Romania).

B) Surveillance

The results of the periodic control performed at the Insurance Company - Reinsurance City Insurance S.A.

The A.S.F. decided to sanction City Insurance company with a fine of 100,000 lei. As a result of the control carried out, a series of violations of Law 237/2015 regarding the methodology of calculating the technical reserves were found. At the same time, the A.S.F. established to the insurer the obligation to implement measures of an operational and prudential nature to remedy the deficiencies found in the periodic control action, on how to liquidate the damage files and to reduce the level of identified risks, measures that must be implemented until the end of 2020.

Termination of the mandate of the Insurance Guarantee Fund, as a temporary administrator at Euroins Romania Asigurare Reasigurare S.A.

C) Authorization

Appointment of the members of the Board of Directors of the company Eurolife ERB Asigurări Generale S.A., for a new term - Mr. Alexandros Sarrigeorgiou, President, Mr. Vyron Sofos, Vice-President, Mrs. Anita-Laura Nițulescu and Mr. Georgios Kefalas and Nikolaos Delendas, members;

Appointment of the members of the Board of Directors of Eurolife company ERB Asigurări de Viaţă S.A., for a new term - Mr. Alexandros Sarrigeorgiou, President, Mr. Vyron Sofos, Vice-President, Mrs. Anita-Laura Nițulescu and Mr. Georgios Kefalas, members;

Appointment of Mr. Ionel Mirea as executive director of Trust Asig Broker de Asigurare S.R.L .;

Modification of the Articles of Incorporation of Gothaer Asigurări Reasigurazioni S.A. as a result of the reduction of the share capital with the amount of 25,000,160 lei, from the value of 84,789,230 lei to the value of 59,789,070 lei;

Amendment of the Articles of Incorporation of Sigura Broker de Asigurare S.R.L. (transfer of shares, significant associate, new administrator);

Amendments to the Articles of Incorporation of Condor - Insurance Broker S.R.L. (acquisition of social parts by succession, structure of associates, appointment of administrator);

Equivalence of the names of the insurance classes for which the Insurance - Reinsurance Company Exim Romania (CARE - Romania) S.A. has been authorized. and solving the notification of its intention to carry out insurance activity on the basis of the freedom to provide services in Italy;

Granting the opinion of the company Marsh Insurance Broker - Reinsigurare S.R.L. for carrying out the activity of creating insurance products in association with insurers;

Changes to FDI Raiffeisen Global Equity FDI documents administered by S.A.I. Raiffeisen Asset Management S.A.;

Extension by 2 years of the maximum auditing period of 5 consecutive years by the current financial auditor JPA & Audit and Consulting S.R.L. of the financial statements of S.I.F. Oltenia S.A. for the years 2020 and 2021;

Issuance of the Certificate of registration of bonds issued by Vivre Deco S.A. Bucharest for admission to trading on the Multilateral Trading System administered by B.V.B .;

Issuance of Certificates of registration of structured products issued by S.S.I.F. BRK Financial Group S.A.;

Issuance of the Certificate of registration of the new characteristics of the Electroconstructia Elco Alba Iulia S.A. as a result of the diminution of the share capital;

Withdrawal from the shares issued by the company Legmas S.A. Năvodari and the deletion of the records of A.S.F., considering the completion of the procedure provided by art. 115 of Regulation A.S.F. no. 5/2018;

Modification of the Prospectus of the optional pension scheme for the NN Optional Pension Fund Active administered by NN Asigurări de Viață S.A .;

Modification of the Declaration on the investment policy for the NN Optional Pension Fund Active administered by NN Asigurări de Viață S.A .;

Modification of the Articles of Association of Certinvest Pensions Management Company of the Pension Funds Facultative S.A .;

Modification of the Prospectus of the optional pension scheme for the Optional Aegon Pension Fund Essentially administered by Aegon Pensii - Private Pension Fund Management Company S.A.

D)  Miscellaneous

Report on the evolution of the insurance market in 2019.

 

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About ASF

ASF is the national authority set up in 2013 through OUG 93/2012 approved by Law 113/2013, for the regulation and supervision of insurance markets, private pensions and the capital market. ASF contributes to strengthening the integrated operating framework of the three sectors, which amounts over 10 million participants. More information can be found at www.asfromania.ro.