Only 289 out of a total number of 552 insurance brokers that are active in the local market meet the new rules that require them to have a minimum share capital of RON 150,000 (EUR 33,000).

Some 85 companies that didn’t comply with this norm have had their activity suspended or banned, according to the Financial Supervisory Authority.

Another 36 firms have asked the ASF to withdraw their authorization as they didn’t comply with the minimum capital requirements, 19 were under insolvency, and 48 companies have submitted files on increasing their capital.

The remaining 75 companies have been notified by the ASF that they didn’t meet the requirements and may also be suspended if they don’t increase their share capital.

editor@romania-insider.com