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Signal Iduna Insurance Reinsurance meets the requirements of Solvency II

Bucharest, the 26th of November, 2015

For 2016, Signal Iduna Insurance Reinsurance meets the requirements of Solvency II. Currently, the company's solvency ratio exceeds 112%, fulfilling the requirements of Solvency II before January 1, 2016, date on which it comes into operation.

Based on the results of the BSRE exercise for 2014, Signal Iduna Romania was integrated into the 5th group  of insurers along with 16 other companies that meet the requirements of Solvency I (available solvency margin higher than the minimum solvency margin and the safety fund) taking into account the legal provisions for the safety fund..

In the ASF press release about the results of the evaluation of assets and liabilities and the stress test (BSRE) performed on the data used in the balance sheet at the reference date 31.12.2014, it is indicated which insurance companies must take measures so that on the 1st January 2016 they should align to Solvency II. Signal Iduna took the necessary steps in order to fulfill the conditions before this year’s BSRE was performed based on the projections made by the company in 2014 with the objective of meeting the requirements of Solvency II which are to be introduced since January 2016.

The shareholders of Signal Iduna Insurance Reinsurance have increased the capital of the company through an initial capital contribution totaling 6,745,804.80 Lei which was approved through ASF Decision no. 433/13.03.2015, followed by an additional contribution totaling 11,988,516.05 lei, for which ASF approval was requested through registered address under the number RG/89202/15.10.2015.

Starting with the 30th of September 2015, Signal Iduna has a coverage level of the Minimum Capital Requirement (MCR) of 112.3% and the solvency capital requirement (SCR) of 160.9%, thus fulfilling the requirements of Solvency II before January 1, 2016, the date on which it comes into operation.