The Romanian insurance companies will adopt on January 1, 2016 the European set of directives Solvency II aiming to increase the protection of the insured through the regulation and supervision of the sector, with the purpose of increasing the contribution to the economic development, announced the Financial Supervisory Authority (ASF) in a release. “After the public consultation and once the approvals were obtained from the ministries of Finance, Foreign Affairs and Justice, the project will be sent to the Government to be approved and then it will be sent to the Parliament in order to be debated and adopted. The law will have to be adopted by May 31, 2015,” reads the quoted document. Solvency II aims to create a united set of rules on the entire continent to be adopted by all insurance companies and supervisors on the European market. The regime’s main target is to increase the protection of insured through a better regulation and supervision of the sector, with the purpose to increase the contribution to economic growth.
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