Romania: Mandatory contributions to the Insurance Guarantee Fund remain at the same level


The newly published norm does not modify the contributions Romanian insurance undertakings and their branches operating in other EU member states are required to contribute to the IGF. The contribution amounts remain:

i. 1% of the gross cashed-in premiums for general insurance; and
ii. 0.4% of the gross cashed-in premiums for life insurance.

The main role of the IGF is to guarantee the payment of indemnities and damages derived from voluntary and mandatory insurance policies if an insurance undertaking becomes bankrupt. Please click here for a recent article detailing the changes brought by the FSA to the IGF’s activities.