New players on the Romanian MTPL insurance market

9 March 2017 — Daniela GHETU
The Irish Euro Insurance DAC (commercial name LeasePlan Insurance) has received the Romanian Financial Supervisory Authority's positive answer for providing MTPL insurance in Romania, based on the EU FOS rights.

Euro Insurance DAC may provide MTPL insurance services starting March 3rd, 2017, provided it will comply with the Romanian legislation provision on the matter: Law 237/2015, OUG 54/2016 and Norm 39/2016.

Euro Insurance Company (DAC LeasePlan Insurance) was established in 1994 as a subsidiary of LeasePlan Irish group. Insurance LeasePlan is active in 23 countries and provides mandatory auto liability insurance (MTPL) for the LeasePlan fleet, an operational leasing company member of the Irish group, but also for other large fleets. LeasePlan Insurance subjects to the regulations of the Central Bank of Ireland.

Moreover, the financial recovery procedure for the EUROINS Insurance company, member of the Bulgarian group EUROHOLD, was terminated, the Romanian FSA noting the complete fullfilment of the measures included in the recovery plan. As of 31 December2016 the Euroins recorded a ratio between the available margin and minimum margin of 1.8, a ratio between the available margin and the safety fund of 5.4, a coverage of technical reserves with admitted assets of 120.5 % and a liquidity ratio of 1.4. At the same time, the coverage of solvency capital requirements (SCR) with eligible own funds was of 106.7%, while the coverage of the minimum capital requirements (MCR) by the own basic eligible funds was of 205.7%, being thus respected the requirements of the provisions of article 72 para. (1) and art. 95 para. (1) and. (3) of Law 237/2015.

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