New regulations were recently adopted concerning the contributions to be paid to the Romanian Guarantee Fund (Fondul de Garantare a Asiguraților).
Prior to this, contributions to the Romanian NGF (now known as the NGF contribution) were only payable by domestic insurers that were authorized by the Romanian Financial Supervisory Authority (ASF), including the activity of their branches operating on the territory of another European Union Member State. With the current amendments, the scope of the insurers liable to this payment has expanded to include “European insurers, for insurance activity carried out on Romanian territory through branches established in Romania.”
Two new ASF Norms were also published in correspondence with the amendment of the Law of 213/2015 on the Guarantee Fund for insured persons and the amendment of other normative acts.
ASF Norm 25/2023 modified the contribution rates. The so-called ‘normal’ rates, according to this Norm, are:
For 2023:
2% for general insurance (previously 4%)
0.4% for life insurance
For 2024
4% for general insurance
0.4% for life insurance
A separate contribution, the so-called ‘special’ contribution was also introduced for non-life insurance premium amounts. The rate of the special contribution is 5% in 2023 and 3% in 2024.
The settlement date was also moved from the end of the month to the 15th of the month following the reporting period.
Finally, new return templates have been developed and were included in the ASF Norm 24/2023.
