Solvency II - strategic project for ISC
As the implementation of Solvency II, during 2007-2011, represents a strategic objective for the Insurance Supervisory Commission, the Romanian authority hosted last week the first regional seminar dedicated to the application of this important European project.
"It is a great honor for the insurance supervising authority in Romania to host this very important event", the President of ISC, Angela TONCESCU, has stated.
"Switching to the new supervisory regime is the main objective of the ISC strategy for 2007-2011. A particularly important role is held by the cooperation between insurance companies and the supervisory authority. They must complete the QIS4 study together in order to facilitate the implementation of Solvency II, as the European market is now confronted with a series of difficulties for setting up the framework", Angela TONCESCU stated.
Given the changes that the new solvency system will require on the legislative, organizational and professional plans, it will be applied only through a very good cooperation between ISC and insurers, by setting a timetable of actions for understanding and correctly and unitary assimilating all necessary modifications.
Applying Solvency II will influence the insurance industry, and will affect particularly the most important companies on the market.
"Most affected by this system will be large insurance companies because small firms have already made their own portfolio and will not be facing major changes", ISC President specified.
"The implementation of Solvency II will also facilitate the cooperation between CSA and supervisory authorities that regulate the activity of the foreign companies present on the Romanian market", Angela TONCESCU added.
The seminar organized by CSA in Bucharest represented a good opportunity for uniting efforts of all parties interested in Solvency II project, renowned personalities in the field answering the invitation of supervisory authority.
Author: Mihaela CIRCU
on 13.06.2008
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