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_ ASF proposes increasing contribution rate of FGA for general insurance companies
ASF proposes increasing contribution rate of FGA for general insurance companies
The Financial Supervisory Authority (ASF) proposes increasing contribution rate to the Policyholders Guarantee Fund (FGA) for general insurance companies, by 1.5 percentage points from the current level, according to a draft standard regarding contribution rates owed by FGA insurers, published on Wednesday.
"For the year 2022, the contribution rate for general insurance is 2.5%; the share is applied on volumes of gross premiums received starting with February 2022 from the direct insurance activity related to general insurance", the document mentions.
According to the draft's presentation notes, "given the ASF objective regarding defending the rights of policyholders, according to the legal provisions or organization and functioning, as well as the exceptional context generated by the Citu Insurance situation, a legislative intervention is proposed regarding provisions of Norm nr. 17/2015 regarding contribution rates owed by insurers of FGA in order to permanently ensure the necessary resources for making payments towards insurance creditors".
According to the law, the percentage contribution quota to FGA is established by ASF regulations, at the proposal of the FGA board of directors, apart for the two insurance categories (life and general insurance) and cannot exceed 10% of gross premiums received by insurers from the direct insurance activity.
Thus, for maintaining a cautious approach, based on analysis and estimates made regarding the insurance market evolution in Romania, as well as regarding the value and evolution of payment requests addressed to FGA, a proposal is made for the component regarding the activity of general insurance, for 2022, the contribution rate to the FGA to be increased by 1.5 percentage points from the current level.
"It is important to mention that for the life insurance activity, the contribution rate to FGA does not increase, remaining at the level of 0.4%. At the same time, contribution rates to the FGA for resolution for insurers remains the same, whose resources are used according to the resolution's objectives, and contribution payments to them are still halted, as a measure of supporting the insurance market", the draft also specifies.
FGA, as a guarantee scheme in the area of insurance, protects insurance creditors (policyholders, beneficiaries, compensations) from the consequences of the insolvency of an insurer, in accordance with provisions of Law nr. 213/2015 regarding FGA, with its amendments.
The Fund protects insurance creditors through the payment of claims, resulted from optional and mandatory insurance contracts, in the event of ASF finding an insolvency of an insurer, after the insurance creditor completes the administrative procedure regulated by Law nr. 213/2015 and in the limit of available financial resources at the moment of payment.
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