Solvency II - in Romania, starting January 1, 2013
 According to the latest statements of Paul MITROI, General Manager, General Direction of Solvency Reglementations and Implementation, ISC, Solvency II system will be implemented in Romania starting January 1, 2013. In this context, Romanian insurance companies have to rethink their strategies and risk management models. This was also the theme of the recent conference "A Practical Approach on Risk Management", organized on June 14, 2010, by IRES - Romanian Institute for Assessment and Strategy, in partnership with ISC - Insurance Supervisory Commission and supported by Media XPRIMM.
"Solvency II is not necessarily a novelty for the Romanian insurance companies. The system will bring, however, organizational changes and it will help increase the confidence of customers in the profile companies, also bringing the Romanian insurance market closer to the European one", has also stated Paul MITROI for XPRIMM.TV.
"Solvency II will make companies address different risks by different management models. Companies that are willing to take high risks will need to also be aware of the need to increase their capital. After all, risk management represents a change of strategy that must be understood by all the decision factors in a company", also pointed out Martin HASCHKA, Member of the Board, ASIROM.
Solvency II Directive gives the insured a bigger "umbrella", because the capital that insurance companies are obliged to hold is linked more closely to the risks they cover. Promoting an optimal alignment of capital and of risk of insurance companies will affect their products, stimulating the emergence of more innovative and more competitive services.
Moreover, the Directive requires greater transparency for insurance companies, which by default will increase the competitiveness, which will be seen in the relationship with customers, as they will benefit of better services in future, at more competitive prices.
Author: Oana RADU
on 16.06.2010
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