EIOPA/Romanian Supervisory Authority postpone balance sheet review

Written by Adam Cadle

01/04/2020

The Romanian Supervisory Authority and EIOPA have decided to postpone the start of the balance sheet review of the Romanian insurance sector.

The exercise was originally expected to be performed in the second semester of the year 2020.

An assessment of the assets and liabilities of insurance undertakings, including the level of technical provisions, governance issues and prudential parameters are part of the exercise. Insurance undertakings will be selected based on their market share and business model, ensuring representativeness of around 90% of the Romanian market.

"Insurers should concentrate efforts on monitoring and assessing the impact of the COVID-19 pandemic and maintain business continuity, considering they may face increasing difficulties in the immediate future as a result of the challenging market conditions," EIOPA said.

"Nevertheless, the balance sheet review independent assessment remains a priority in order to enhance transparency of the Romanian insurance undertakings' solvency and financial position. The new cut-off date for the balance sheet data and the amended exercise timeline will be communicated in due time."

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