ASF cuts to half the revenues quota of insurance brokers

Georgiana Bendre 01/09/2017 | 12:38

The Council of the Financial Surveillance Authority (ASF) decided in its August 30 meeting to cut the revenues quota for insurance brokers by 50 percent, through the change of the law 16/2014 on ASF revenues, according to a Thursday release.

„The decision supports the development and re-arrangement of the agricultural sector, in the context of the positive effects of the legislative package that introduced new principles on this market,” said the president of ASF, Leonardo Badea.

The quota will be reduced from 0.2 percent to 0.1 percent and will come into force on October 1.

ASF  vice-president Cornel Coca Constantinescu, responsible for insurance-reinsurance sector, says that the decision of the Council contributes to the consolidation of the role of intermediating the activity on the insurance market from Romania.

„We think that this decision contributes obviously, to the consolidation of the role that the intermediation activity has on the insurance market from Romania. The adopted measure is a proactive one, part of the ASF strategy to support and consolidate the insurance market and to create premises for satisfaction level growth of the insured persons, including through the reduction of intermediation costs,” said Constantinescu.

The change of the law 16/2014 will be published in the Official Monitor, according to the ASF’ representatives.

The insurance brokers active on the Romanian market intermediated gross premiums of RON 6.2 billion in 2016 and had total revenues of over RON 1 billion.

 

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