REPORT ON THE ROMANIAN INSURANCE MARKET AND THE INSURANCE SUPERVISION IN 2012

Transcription

1 REPORT ON THE ROMANIAN INSURANCE MARKET AND THE INSURANCE SUPERVISION IN 2012 Bucharest, June 2013

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3 REPORT ON THE ROMANIAN INSURANCE MARKET AND INSURANCE SUPERVISION IN 2012 Bucharest, June 2013

4 Insurance Supervisory Commission Insurance Supervisory Commission, 18 Amiral Constantin Bălescu St., district 1, , Bucharest Telephone: 021/ , 021/ , 021/ Fax: 021/ Website: Note: The 2012 Annual Report was approved on 25 June 2013 and submitted to the Parliament of Romania in accordance with the provisions laid down in Law no. 32/2000 on insurance undertakings and insurance supervision. The Insurance Supervisory Commission is the source of all the statistical data presented in the charts and tables. Further reproduction of this publication is prohibited, and the use of data in various works is permitted only by reference to the source. ISSN (printed version) Design & DTP - Media XPRIMM - isc.ro

5 Annual Report 2012 Abbreviations ANPC BAAR ECB NBR CAFR CCPFI CEDAM CEIOPS NCFS ISC PPSSC DCDLRP DRPCIV DGRC DSPSC EBA EIOPA EIOPC ESMA ESRB IMF FPVS IAIS IMI NIS IORP OG ONPCSB QIS5 GDP GWP SOP PRIPs MTPL UNSAR UNSICAR VIG National Authority for Consumer Protection Romanian Motor Insurers Bureau European Central Bank National Bank of Romania Chamber of Financial Auditors of Romania Committee on Consumer Protection and Financial Innovation Database of MTPL policies issued in Romania Committee of European Insurance and Occupational Pensions Supervisors National Committee for Financial Stability Insurance Supervisory Commission Private Pension System Supervisory Commission Litigation, Legal Documentation and Parliament Liaison Directorate Driver Licenses and Vehicle Registration Division Accounting Regulations Directorate General Market Stability, Supervision and Inspection Directorate European Banking Authority European Insurance and Occupational Pensions Authority European Insurance and Occupational Pensions Committee European Securities and Markets Authority European Systemic Risk Board International Monetary Fund Street Victims Protection Fund International Association of Insurance Supervisors Insurance Management Institute National Institute of Statistics Directive on the activities and supervision of institutions for occupational retirement provision Official Gazette National Office for the Prevention and Control of Money Laundering 5th Quantitative Impact Study Gross Domestic Product Gross Written Premiums HRD Sectoral Operational Programme for Human Resources Development Packaged Retail Investment Products Compulsory Motor Third Party Liability Insurance National Association of Insurance and Reinsurance Undertakings in Romania National Association of Insurance Intermediaries and Consulting Companies in Romania Vienna Insurance Group 3

6 TABLE OF CONTENTS Part I THE INSURANCE MARKET IN 2012 Methodological approach THE SHARE CAPITAL OF INSURANCE UNDERTAKINGS GROSS WRITTEN PREMIUMS Gross written premiums for non-life insurance Gross written premiums for life insurance GROSS INDEMNITY PAYMENTS Gross indemnity payments in non-life insurance Gross indemnity payments in life insurance HOME INSURANCE TECHNICAL RESERVES Technical reserves for non-life insurance Technical reserves for life insurance THE ASSETS OF INSURANCE UNDERTAKINGS Total assets Assets admitted to cover gross technical reserves for non-life insurance Assets admitted to cover gross technical reserves for life insurance Foreign assets held by insurance undertakings REINSURANCE Non-life insurance Life insurance Capital requirements for catastrophe risks ACQUISITION AND ADMINISTRATIVE COSTS THE SOLVENCY OF INSURANCE UNDERTAKINGS FINANCIAL AND TECHNICAL RESULTS OF INSURANCE UNDERTAKINGS MOTOR THIRD PARTY LIABILITY INSURANCE Minimum amounts covered by compulsory insurance MTPL key indicators Gross written premiums Gross indemnity payments Technical reserves INSURANCE BROKERS Assets and share capital Insurance premiums generated from business written by insurance and/or reinsurance brokers Brokerage revenues Financial results Voluntary pension plans written by insurance brokers 38 4 Contents

7 Part II INSURANCE SUPERVISORY COMMISSION Annual Report PRESENTATION, ROLE AND DUTIES Presentation Duties, organisational structure, funding and budget execution THE ACTIVITY OF THE INSURANCE SUPERVISORY COMMISSION Regulatory activities Authorisation activities Off-site supervision and on-site inspection activities On-site inspections of insurance undertakings On-site inspections of insurance brokers Legal activities International activities Relations with European Union institutions and other international bodies EU legal and supervisory process Relations with similar supervisory authorities in European Union Member States Public communication. Supervisory disclosure IT activities CONSUMER PROTECTION IN THE INSURANCE MARKET Complaints handling The Guarantee Fund. Protection of creditors in bankrupt insurance undertakings The revenues of the Guarantee Fund The activity of the Guarantee Fund Street Victims Protection Fund Activity and public disclosure FPVS budget execution The international activity of the FPVS Managing Committee FPVS activity as claims settlement body FPVS activity as Romanian Information Centre FPVS activity as Compensation Body PROFESSIONAL INSURANCE TRAINING Insurance Management Institute IMI Coordinated professional insurance training National EU-financed professional training programmes 69 Part III ANNEXES Annex 1 Gross written premiums by classes of non-life insurance 72 Annex 2 Gross written premiums by classes of life insurance 74 Annex 3 Market shares of insurance undertakings by gross written premiums 75 Annex 4 Gross written premiums by policyholder category natural and legal persons 76 Annex 5 Gross indemnity payments by classes of non-life insurance 78 Annex 6 Gross indemnity and maturity payments by classes of life insurance 80 Annex 7 Gross written premiums for non-life and life insurance by development regions as of Annex 8 Technical reserves for non-life insurance 82 Annex 9 Technical reserves of life insurance 83 Annex 10 Gross written premiums and gross premiums ceded to reinsurance in non-life insurance 84 Annex 11 Gross written premiums and gross premiums ceded to reinsurance in life insurance 85 Annex 12 Assets of insurance undertakings as per balance sheet 86 Annex 13 Financial and technical results of insurance undertakings as per balance sheet 88 Annex 14 Assets and share capital of insurance brokers as per balance sheet 89 Annex 15 Premiums generated from business written by insurance and/or reinsurance brokers and claims adjustment as of Annex 16 Premiums generated from business written by insurance and/or reinsurance brokers by development region as of Annex 17 Brokerage revenues as of Annex 18 Financial results of insurance brokers as per balance sheet 120 Annex 19 Decisions of the Insurance Supervisory Commission published in the Official Gazette in Annex 20 Orders of the Insurance Supervisory Commission in Annex 21 Insurance Supervisory Commission organisation chart 135 Contents 5

8 LIST OF TABLES 1. Evolution of subscribed share capital in the period Evolution of gross written premiums for non-life and life insurance in the period Evolution of the insurance penetration rate and insurance density in the period Structure of gross written premiums in the period Insurance undertakings with the highest volumes of gross written premiums and their corresponding shares in total (non-life and life insurance) market Evolution of gross written premiums for non-life insurance in the period Insurance undertakings with the highest volumes of gross written premiums for non-life insurance in Evolution of gross written premiums for life insurance in the period Insurance undertakings with the highest volumes of gross written premiums for life insurance in Evolution of gross indemnity payments in non-life and life insurance in the period Structure of gross indemnity payments for non-life and life insurance in the period Evolution of gross indemnity payments in non-life insurance in the period Insurance undertakings with the highest volumes of gross indemnity payments in non-life insurance in Evolution of gross indemnity payments in life insurance in the period Insurance undertakings with the highest volumes of gross indemnity payments in life insurance in Evolution of gross written premiums and gross indemnity payments for voluntary and compulsory home insurance Evolution of key indicators for voluntary home insurance ( ) Indicators for compulsory home insurance ( ) Evolution of gross technical reserves for non-life insurance in the period Evolution of gross technical reserves for life insurance in the period Balance sheet assets and investments of insurance undertakings in the period Key reinsurance indicators in Acquisition and administrative costs by insurance category Claims ratios for main non-life insurance classes in the period Evolution of the available solvency margin for non-life and life insurance in the period Evolution of the average solvency ratio for non-life and life insurance in the period Net profit/loss in the period Technical results for non-life insurance in the period Technical results for life insurance in the period Minimum amounts covered by compulsory insurance Evolution of MTPL key indicators in the period isc.ro

9 Annual Report Budget execution as of Sanctions enforced against insurance brokers following inspections conducted in Substantiated complaints lodged with ISC in Structure of complaints by classes of insurance Insurance undertakings with the highest number of substantiated complaints The Guarantee Fund budget execution in Number of claims reported by FPVS in the period Claims reserves set up by FPVS Examination sessions organised by IMI in Certificates awarded by IMI in LIST OF CHARTS 1. Evolution of subscribed share capital in the period The share capital of insurance undertakings in Romania by contributing countries Evolution of gross written premiums in the period Evolution of the insurance penetration rate and insurance density in the period Evolution of gross written premiums, total and by insurance category, in the period Evolution of gross written premium structure by insurance category in the period Gross written premiums by classes of non-life insurance Gross written premiums by classes of life insurance Evolution of gross indemnity payments, total and by insurance category, in the period Evolution of gross indemnity payments structure by insurance category in the period Gross indemnity payments by classes of non-life insurance Gross indemnity payments by classes of life insurance Assets of insurance undertakings as of Evolution of total assets and financial investments in the period Evolution of total assets and financial investments in the period Evolution of assets admitted to cover gross technical reserves for non-life insurance in the period Evolution of assets admitted to cover gross technical reserves for life insurance in the period Evolution of gross written premiums and gross premiums ceded to reinsurance in the period

10 19. Evolution of revenues from reinsurance recoveries in the period Evolution of gross written premiums and gross premiums ceded to reinsurance in non-life insurance in the period Evolution of gross written premiums and gross premiums ceded to reinsurance in life insurance in the period Evolution of acquisition and administrative costs in non-life insurance Evolution of acquisition and administrative costs in life insurance Evolution of gross written premiums for compulsory MTPL and the number of MTPL policies issued in the period Structure of gross written premiums for MTPL by natural and legal persons in Structure of MTPL policies by natural and legal persons in Evolution of gross indemnity payments for personal injury and damage to property in the period Evolution of outstanding claims reserves and incurred but not reported claims reserves for compulsory MTPL insurance in the period Evolution of balance sheet assets and subscribed and paid-up share capital in the period Evolution of premiums generated from business written by insurance and/or reinsurance brokers and claims adjustment in the period Brokerage revenues as of Evolution of financial results reported by insurance brokers in the period Structure of complaints by region Claims paid out by FPVS by type of loss in the period Average compensation paid out by FPVS in the period isc.ro

11 Part I THE INSURANCE MARKET IN 2012

12 Methodological approach The Annexes to this Report and the review of aggregate key indicators are based on 41 insurance undertakings which conducted insurance/reinsurance business in 2012, of which: 22 non-life insurance undertakings; 11 life insurance undertakings; 8 composite insurance undertakings. This 2012 Report includes a number of amendments by comparison with the 2011 Report as regards the following insurance/reinsurance undertakings: Chartis Romania has transferred its portfolio to Chartis Europe LTD London (ISC Decision no. 159/ ) and had its authorisation withdrawn upon request; AEGON Asigurări de Viață SA has transferred its portfolio and merged with AEGON Towarzystwo Ubezpieczen na zycie SA Poland as of , and had its authorisation withdrawn upon request by way of ISC Decision no. 41/ ; by way of Decision no. 211/ , ISC has approved a portfolio transfer from Omniasig VIG to BCR VIG, as well as the merger by absorption of Omniasig VIG by BCR VIG and the withdrawal of the authorisation of the acquired entity. in the first part of 2012, ONIX Asigurări SA has obtained approval to waive the management of voluntary pension funds (PPSSC Decision no. 19/ , ISC Decision no. 153/ ), while ISC Decision no. 327/ approved the transfer of corresponding own funds and assets to the non-life segment. ISC has also approved by way of Decision no. 460/ the request filed by ONIX Asigurări SA which sought to waive the pursuit of life insurance, as well as the transfer of corresponding own funds and assets to the non-life segment. A number of 10 branches authorised in other EU Member States - France, Germany, Belgium, Great Britain, Hungary, Austria and Sweden conducted business in Romania by way of the freedom of establishment and reported gross written premiums in Romania of RON 216,631, % up in nominal terms (76.85% up in real terms) versus The structure of the gross written premiums reported by the 10 branches in Romania by insurance category showed as follows: RON 180,027,417, i.e % of total for non-life insurance; RON 36,604,566, i.e % of total for life insurance. The structure of the gross written premiums reported by the 10 branches in Romania by non-life insurance classes showed as follows: 25.55% class III Insurance of land vehicles other than railway rolling stock; 23.90% class XIV Credit insurance; 12.41% class XVI Insurance against financial loss; 10.88% class IX Other insurance against damage to property; 27.26% other classes. The branches of insurance undertakings authorised in other EU Member States reported gross written premiums only for life insurance class AI Life insurance, annuities and supplemental life insurance and class AIII Unit-linked life insurance and annuities. As in the previous year, the insurance-specific indicators presented in this Report gross written premiums, insurance penetration rate, insurance density, gross indemnity payments are exclusive of the data reported by the branches of insurance undertakings authorised in other EU Member States, which conduct insurance business in Romania by way of the freedom of establishment. In accordance with the European regulations in force, such branches are subject to the supervision of the competent authorities in their home Member States, and consequently, the insurancespecific indicators reported by them are included in the financial and technical results submitted to the said authorities. The real growth rates of the insurance and brokerage indicators reviewed in this Report have been determined in consideration of the (December 2011 December 2012) inflation rate of 4.95% published by the National Institute of Statistics (NIS). NIS also published for 2012 a gross domestic product (GDP) of RON 587,499.4 m. The real growth rate considering the GDP deflator was 0.7%. The number of Romanian inhabitants considered in the calculation of various industry-specific indicators was 21,316,420 persons (interim data to be adjusted following publication of the final data of the Population and Households Census of October 2011). For euro denominations, we have used the exchange rate published by the National Bank of Romania as of RON/EUR isc.ro

13 Annual Report 2012 Chapter 1 The share capital of insurance undertakings According to the audited annual financial statements submitted to the Insurance Supervisory Commission, the aggregate subscribed share capital of insurance undertakings as of was RON 2,985,886,114, while the aggregate subscribed and paid-up share capital amounted to RON 2,982,981,252. The RON 2,904,862 difference between subscribed share capital and subscribed and paid-up share capital was due to the subscribed but not paid-up capital of EUROINS RO- MÂNIA ASIGURARE REASIGURARE SA and ABC ASIGURĂRI REASIGURĂRI SA. The aggregate subscribed share capital as of was down RON 1,052,353, % in nominal terms versus the aggregate subscribed share capital as of , i.e. RON 4,038,239,446. The value of aggregate subscribed share capital has gone up 3.70% in the past five years, from RON 2,879,242,354 as of 2008 year-end to RON 2,985,886,114 as of 2012 year-end. As of , subscribed and paid-up share capital reached RON 2,982,981,252, 26.02% down versus 2011 RON 4,032,415,034. In 2012, insurance undertakings reported: a) Share capital increases amounting to a total of RON 689,871,416, of which: RON 207,072,835 new share issuances by the former BCR ASIGURĂRI SA in the process of merger by absorption of OMNIASIG VIG SA; RON 482,798,581 in new share capital contributions. b) Share capital decreases amounting to a total of RON 1,739,305,198 and reported by 10 insurance undertakings, as follows: AEGON ASIGURĂRI DE VIAȚĂ SA has merged with AE- GON Towarzystwo Ubezpieczen na zycie SA Poland, and OMNIASIG VIG SA has merged with BCR VIG, a process whereby the aggregate share capital of the aforementioned undertakings, amounting to RON 277,656,520, has been deleted; CARDIF ASIGURĂRI SA, with a share capital of RON 18,020,000 has closed down its business as of ; The RON 1,443,628,678 difference is accounted for by share capital decreases in accordance with the provisions laid down in art of Law no. 31/1990 on companies, as amended and supplemented. As of , foreign contributions accounted for 78.08% of subscribed and paid-up share capital, while Romanian contributions accounted for the remaining 21.92%. The structure of foreign share capital by contributors country of origin showed as follows: Table 1.Evolution of subscribed share capital in the period Year Subscribed share capital (lei) Nominal growth rate versus 2011 (%) Inflation rate (%) Real growth rate versus 2011 (%) ,879,242, ,970,678, ,175,309, ,038,239, ,985,886, Austria %; France %; The Netherlands %; The Czech Republic %; Bulgaria %; Germany %; Italy %; Greece %; USA %; Cyprus %; Luxembourg %; Switzerland %; The Republic of Moldova %; Great Britain %; Israel %. Chart 1.Evolution of subscribed share capital in the period millions lei Chart 2. The share capital of insurance undertakings in Romania by contributing countries Luxembourg % Cyprus % Switzerland % USA % The Republic of Moldova % Greece % Great Britain % Israel % Italy % Germany % Bulgaria % The Czech Republic % Austria % The Netherlands % France % Part I Insurance Market in

14 Chapter 2 Gross written premiums In 2012, gross written premiums for both non-life and life insurance amounted to an aggregated total of RON 8,256,914,950 RON 434,604,998 more than in 2011, i.e. 5.56% up in nominal terms and 0.58% up in real terms. The Romanian insurance market still relies heavily on the motor insurance segment, given that 62.81% of gross written premiums for non-life insurance are generated in this particular insurance class. Gross written premiums for Class III Insurance of land vehicles, other than railway rolling stock have followed the trend of the leasing market and dropped 3.73% versus Gross written premiums for Class X Motor third party liability insurance have gone up 8.45% versus 2011, due to the Table 2. Evolution of gross written premiums for non-life and life insurance in the period Year Gross written premiums (RON) Nominal growth rate versus 2011 (%) Inflation rate (%) Real growth rate versus 2011 (%) ,936,286, ,869,746, ,305,402, ,822,309, ,256,914, Chart 3. Evolution of gross written premiums in the period (millions RON) increasing number of insurance contracts. The regional breakdown of gross written premiums shows as follows: Bucharest (including Ilfov county) 48.49%; the North-West region (counties: Bihor, Bistrița Nasăud, Cluj, Maramureş, Sălaj and Satu-Mare) 8.35%; the Central region (Alba, Braşov, Covasna, Harghita, Mureş, Sibiu) 7.02%; the Southern region (Argeş, Călaraşi, Dâmboviţa, Giur- giu, Ialomiţa, Prahova, Teleorman) -7.46%; the South-East region (Brăila, Buzău, Constanţa, Galaţi, Tulcea, Vrancea) 7.44%; the North-East region (Bacău, Botoșani, Iași, Neamț, Suceava, Vaslui) 6.81%; the Western region (Arad, Caraș - Severin, Hunedoara, Timiș) 5.66%; the South West region (Dolj, Gorj, Mehedinți, Olt, Vâlcea) 4.68%. In 2012, seven insurance undertakings based in Romania reported gross premiums written in other EU Member States (Italy, Belgium, Bulgaria, Estonia, Latvia, Lithuania, Finland, France, Poland, the Czech Republic, Slovakia and Hungary). The said gross written premiums amounted to a total of RON 337,860,606 and accounted for 4.09% of all the gross written premiums reported on the Romanian insurance market. The insurance penetration rate, determined as the ratio between gross written premiums for non-life&life insurance and GDP, was 1.40% percentage points more than in The non-life insurance penetration rate was 1.10%, percentage points more than in 2011, while the life insurance penetration rate was 0.30% - the same as in Insurance density, determined as the ratio between gross written premiums and the number of inhabitants was at RON /inhabitant RON 23.42/inhabitant less than in 2011 (RON /inhabitant). The fall in insurance density was due to the rising number of inhabitants reported for 2012 (21,316,420), compared with the number of inhabitants reported by NIS for 2011 (19,042,936). Non-life insurance density was at RON /inhabitant, RON 16.70/inhabitant less than in Life insurance density was at RON 84.56/inhabitant, RON 6.73/inhabitant less than in The structure of gross written premiums by insurance category as of showed as follows: RON 6,454,395,818 gross written premiums for non-life insurance 78.17% of total gross written premiums on the market; RON 1,802,519,132 gross written premiums for life insurance 21.83% of total gross written premiums on the market. The Romanian insurance market is highly concentrated. In 2012, almost 80% of total gross written premiums was generated by 10 insurance undertakings of the 41 undertakings Table 3. Evolution of the insurance penetration rate and insurance density in the period Indicator Insurance penetration rate (%) Insurance density (RON/inhabitant) isc.ro

15 Annual Report 2012 Chart 4. Evolution of the insurance penetration rate and insurance density in the period Insurance penetration rate (right axis) Insurance density (left axis) Chart 5. Evolution of gross written premiums, total and by insurance category, in the period ,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, non-life insurance life insurance total gross written premiums (RON) Chart 6. Evolution of gross written premium structure by insurance category in the period life insurance (%) non-life insurance (%) active in the insurance/reinsurance sector. According to the data compiled by ISC, insurance undertakings reported as of a total of 15,379,627 in force insurance contracts. By comparison with the data reported for ,361,480 in force insurance contracts there were 18,147 more contracts in Insurance undertakings reported 11,827,799 in force non-life insurance contracts 76.91% of total. There were 64,207 non-life insurance contracts more than in Insurance undertakings also reported 3,551,828 in force life insurance contracts 23.09% of total. There were 46,060 life insurance contracts less than in According to the data reported by NIS, the number of employees in Romania as of was 6,230,000, of which 0.19% were employed in the insurance sector Gross written premiums for non-life insurance Total gross written premiums for non-life insurance in 2012 reached RON 6,454,395, % up in nominal terms and 1.09% up in real terms. Table 5. Insurance undertakings with the highest volumes of gross written premiums and their corresponding shares in total (non-life and life insurance) market No. Insurance undertaking Total gross written premiums (non-life and life insurance) Aggregate market share (RON) (%) 1 ASTRA SA 1,131,544, ALLIANZ ȚIRIAC 2 ASIGURĂRI SA 900,180, GROUPAMA ASIGURĂRI 3 SA 807,086, OMNIASIG VIG (fosta BCR 4 ASIGURĂRI VIG) 794,993, ASIROM VIENNA 5 INSURANCE GROUP SA 596,449, ING ASIGURĂRI DE VIAȚĂ 6 SA 544,539, UNIQA ASIGURĂRI SA 504,925, EUROINS ROMÂNIA 8 ASIGURARE REASIGURARE 444,732, SA GENERALI ROMÂNIA 9 (fosta ARDAF) 432,001, BCR ASIGURĂRI DE VIAȚĂ 10 VIENNA INSURANCE 425,194, GROUP SA TOTAL (1-10) 6,581,649, TOTAL 8,256,914, Table 4. Structure of gross written premiums in the period Gross written premiums Life insurance Total (RON) 1,868,112,985 1,628,162,635 1,665,668,554 1,738,366,854 1,802,519,132 Share in total GWP (%) Non-life insurance Total (RON) 7,068,173,520 7,241,584,322 6,639,733,598 6,083,943,098 6,454,395,818 Share in total GWP (%) Total GWP (NL+L) (RON) 8,936,286,505 8,869,746,957 8,305,402,152 7,822,309,952 8,256,914,950 Part I Insurance Market in

16 As of , the breakdown of gross written premiums by policyholder category showed as follows: 42.14% gross premiums written by natural persons amounting to RON 2,719,923,089; 57.86% gross premiums written by legal persons amounting to RON 3,734,472,729. The value of gross premiums written in non-life contracts concluded by natural persons has gone up by 9.65% in nominal terms. The value of gross premiums written in non-life contracts by legal persons was up by 3.64% in nominal terms. The data reported by the 30 insurance undertakings which wrote non-life insurance business showed that 10 insurance undertakings accounted for gross written premiums of RON 5,791,117, % of total non-life insurance category % of total gross written premiums for non-life insurance were accounted for by class III Insurance for land vehicles, other than railway rolling stock, class X Motor third party liability insurance and class VIII Insurance against fire and other natural sources. Class X Motor third party liability insurance accounted for the highest percentage of gross written premiums in non-life insurance (33.11%), followed by class III Insurance of land Table 6. Evolution of gross written premiums for non-life insurance in the period Year Gross written premiums for non-life insurance (RON) Nominal growth rate versus 2011 (%) Inflation rate (%) Real growth rate versus 2011 (%) ,068,173, ,241,584, ,639,733, ,083,943, ,454,395, Table 7. Insurance undertakings with the highest volumes of gross written premiums for non-life insurance in 2012 No. Insurance undertaking Gross written premiums for non-life insurance (RON) Share in total non-life insurance market (%) 1 ASTRA SA 1,107,387, ALLIANZ - ȚIRIAC 2 ASIGURĂRI SA 806,647, OMNIASIG VIG (former 3 BCR ASIGURĂRI VIG) 794,993, GROUPAMA ASIGURĂRI 4 SA 760,602, ASIROM VIENNA 5 INSURANCE GROUP SA 512,366, UNIQA ASIGURĂRI SA 504,925, EUROINS ROMÂNIA 7 ASIGURARE 444,732, REASIGURARE SA GENERALI ROMÂNIA 8 (former ARDAF) 348,372, CITY INSURANCE SA 263,789, CARPATICA ASIG SA 247,299, TOTAL (1-10) 5,791,117, Other insurance undertakings 663,278, TOTAL non-life GWP 6,454,395, Chart 7. Gross written premiums by classes of non-life insurance other classes % class VIII % class III % class X % vehicles, other than railway rolling stock (29.70%) and class VIII Insurance against fire and other natural forces (16.75%). In 2012, the following data has been reported for the aforementioned three insurance classes: a) class III Insurance for land vehicles, other than railway rolling stock (Casco) gross written premiums amounted to RON 1,916,682,149 down 3.73% in nominal terms and 8.27% in real terms. Gross written premiums in this insurance class have followed a downward trend ever since the onset of the financial and economic crisis in There was a strong negative impact due to the fall in the auto financing leasing and car loans market, as well as to the fall in the population s purchasing power. b) class VIII Insurance against fire and other natural forces gross written premiums amounted to RON 1,081,228,539 down 8.22% in nominal terms. The negative trend for this insurance class was triggered by the low level of gross premiums written for both voluntary and compulsory home insurance. c) class X Motor third party liability insurance - gross written premiums amounted to RON 2,137,043,377 - up 8.45% in nominal terms. The following insurance undertakings reported significant gross written premiums: a) for class III Insurance of land vehicles, other than railway rolling stock: ALLIANZ - ŢIRIAC ASIGURĂRI SA: RON 401,392, % of total gross written premiums in this insurance class; OMNIASIG VIG (former BCR): RON 356,078, % of total gross written premiums in this insurance class; GROUPAMA ASIGURĂRI SA: RON 331,441, % of total gross written premiums in this insurance class; b) for class VIII Insurance against fire and other natural forces: ASTRA SA: RON 223,630, % of total gross written premiums in this insurance class; ALLIANZ - ȚIRIAC ASIGURĂRI SA: RON 159,133,597 lei 14.72% of total gross written premiums in this insurance class; OMNIASIG VIG (former BCR): RON 156,928, % of total gross written premiums in this insurance class; isc.ro

17 Annual Report 2012 c) for class X Motor third party liability insurance: ASTRA SA: RON 412,474, % of total gross written premiums in this insurance class; EUROINS ROMÂNIA ASIGURARE REASIGURARE SA: RON 390,487, % of total gross written premiums in this insurance class; CARPATICA ASIG SA: RON 238,402, % of total gross written premiums in this insurance class. In 2012, 25 insurance undertakings reported gross written premiums for non-life insurance, including catastrophe risks, amounting to RON 6,205,476,096. Gross written premiums for catastrophe risks amounted to RON 2,689,265,356 and accounted for 43.34% of total. 2.2 Gross written premiums for life insurance Total gross written premiums for life insurance in 2012 reached RON 1,802,519, % up in nominal terms and 1.20% down in real terms. Gross written premiums for life insurance accounted for 21.83% of total gross written premiums for non-life and life insurance. The data compiled by ISC shows that, in the period , gross written premiums for life insurance have been on an upward trend in nominal terms. Nevertheless, gross written premiums for life insurance have not managed to reach the record levels reported in 2008, before the onset of the financial crisis. Two life insurance classes, namely class AI - Life insurance, annuities and supplemental life insurance and class AIII - Unit-linked life insurance and annuities reported RON 1,732,875,930 in gross written premiums, which accounts for 96.14% of total gross written premiums for life insurance. a) class AI Life insurance, annuities and supplemental life insurance - gross written premiums amounted to RON 1,106,597, % of total gross written premiums for life insurance 3.39% up in nominal terms and 1.49% down in real terms; b) class AIII Unit-linked life insurance and annuities Table 8. Evolution of gross written premiums for life insurance in the period Year Gross written premiums for life insurance (RON) Nominal growth rate versus 2011 (%) Inflation rate (%) Real growth rate versus 2011 (%) ,868,112, ,628,162, ,665,668, ,738,366, ,802,519, gross written premiums amounted to RON 626,278, % of total gross written premiums for life insurance 2.21% up in nominal terms and 2.61% down in real terms. In 2012, gross written premiums for class B2 Health insurance have gone up 47.68% in nominal terms (40.71% in real terms) versus This insurance class accounts for 1.95% of total gross written premiums for life insurance. In 2012, the life insurance segment was also heavily concentrated, and 10 insurance undertakings accounted for 91.91% of total gross written premiums in this insurance category, amounting to RON 1,656,671,114. The market share of the first 10 insurance undertakings was up 2.05 percentage points in 2012, from 89.86% to 91.91%. Chart 8. Gross written premiums by classes of life insurance Class BII % Class AIII % Other classes % Clasa AI % Table 9. Insurance undertakings with the highest volumes of gross written premiums for life insurance in 2012 No. Insurance undertaking Gross written premiums for life insurance (RON) Market share (%) 1 ING ASIGURĂRI DE VIAȚĂ SA 544,539, BCR ASIGURĂRI DE VIAȚĂ VIENNA INSURANCE GROUP SA 425,194, ALICO ASIGURĂRI ROMÂNIA SA 197,868, ALLIANZ - ȚIRIAC ASIGURĂRI SA 93,532, ASIROM VIENNA INSURANCE GROUP SA 84,082, GENERALI ROMÂNIA (fosta ARDAF) 83,629, METROPOLITAN ASIGURĂRI SA (former AVIVA) 65,904, BRD ASIGURĂRI DE VIAȚĂ SA 61,978, GRAWE ROMÂNIA ASIGURARE SA 53,455, GROUPAMA ASIGURĂRI SA 46,484, Total (1-10) 1,656,671, Other insurance undertakings 145,848, Total 1,802,519, Part I Insurance Market in

18 Chapter 3 Gross indemnity payments In 2012, insurance undertakings made gross indemnity payments in both non-life and life insurance amounting to RON 4,753,573, % up in nominal terms and 1.03% up in real terms versus The amount of gross indemnity payments in non-life insurance was RON 4,453,717, % up in nominal terms and 1.17% up in real terms. The amount of gross indemnity and maturity payments in life insurance was RON 299,855, % up in nominal terms and 0.93% down in real terms. Table 10. Evolution of gross indemnity payments in nonlife and life insurance in the period Year Gross indemnity payments in non-life and life insurance Nominal growth rate versus 2011 (%) Inflation rate (%) Real growth rate versus 2011 (%) ,363,559, ,435,503, ,069,483, ,483,069, ,753,573, Chart 9. Evolution of gross indemnity payments, total and by insurance category, in the period ,000 5,000 Chart 10. Evolution of gross indemnity payments structure by insurance category in the period millions RON non-life insurance (%) life insurance (%) As of , gross indemnity payments in non-life and life insurance accounted for 57.57% of total gross written premiums for both non-life and life insurance Gross indemnity payments in non-life insurance In 2012, gross indemnity payments in non-life insurance amounted to RON 4,453,717, % up in nominal terms and 1.17% up in real terms. Claims arising in the previous years accounted for gross indemnity payments amounting to RON 1,989,477,083, i.e % of total gross indemnity payments in non-life insurance. 4,000 3,000 2,000 1, life insurance non-life insurance total gross indemnity payments (mil. RON) Table 12. Evolution of gross indemnity payments in nonlife insurance in the period Year Gross indemnity payments (RON) Nominal growth rate versus 2011 (%) Inflation rate (%) Real growth rate versus 2011 (%) ,143,703, ,187,480, ,797,561, ,194,672, ,453,717, Table 11. Structure of gross indemnity payments for non-life and life insurance in the period Insurance category Life insurance Total (RON) 219,856, ,023, ,922, ,396, ,855,424 Share in total indemnity payments (%) Non-life insurance Total (RON) 4,143,703,694 5,187,480,620 4,797,561,000 4,194,672,389 4,453,717,618 Share in total indemnity payments (%) Total gross indemnity payments (RON) 4,363,559,718 5,435,503,756 5,069,483,669 4,483,069,265 4,753,573, isc.ro

19 Annual Report 2012 Reinsurance recoveries amounted to RON 937,128,746 and accounted for 21.04% of total gross indemnity payments in non-life insurance. The gross indemnity payments made by 10 insurance undertakings accounted for 94.82% of total indemnity payments in the non-life insurance category. The following classes of non-life insurance: class III Insurance of land vehicles, other than railway rolling stock, class X Motor third party liability insurance, class VIII insurance against fire and other natural forces and class XIV Credit insurance accounted for most gross indemnity payments in Table 13. Insurance undertakings with the highest volumes of gross indemnity payments in non-life insurance in 2012 No. In 2012, gross indemnity payments for the main non-life insurance classes showed as follows: a) class III - Insurance of land vehicles, other than railway rolling stock gross indemnity payments of RON Chart 11. Gross indemnity payments by classes of non-life insurance Other classes % class X % Insurance undertaking Gross indemnity payments in non-life insurance (RON) Share in total (%) 1 OMNIASIG VIG (former BCR ASIGURĂRI VIG) 781,359, ASTRA SA 603,349, GROUPAMA ASIGURĂRI SA 569,333, ALLIANZ - ȚIRIAC ASIGURĂRI SA 555,584, ASIROM VIENNA INSURANCE GROUP SA 389,620, UNIQA ASIGURĂRI SA 321,269, GENERALI ROMÂNIA (fosta ARDAF) 282,174, EUROINS ROMÂNIA ASIGURARE REASIGURARE SA 277,602, OMNIASIG VIENNA INSURANCE GROUP SA* 251,268, CARPATICA ASIG SA 191,666, Total (1 10) 4,223,227, Other insurance undertakings 230,490, Total GIP (RON) 4,453,717, *gross indemnity payments in the first 4 months of 2012 class III % class VIII % 1,947,134, % of total gross indemnity payments in non-life insurance, 1.96% down in nominal terms and 6.58% down in real terms versus Three of the 21 insurance undertakings which made gross indemnity payments in this non-life insurance class reported gross indemnity payments in the amount of RON 1.108,014,464, i.e % of total, as follows: OMNIASIG VIG (former BCR): RON 464,421,617; ALLIANZ - ȚIRIAC ASIGURĂRI SA: RON 358,152,681; GROUPAMA ASIGURĂRI SA: RON 285,440,166. b) class VIII - Insurance against fire and other natural forces - 26 insurance undertakings made gross indemnity payments of RON 218,520,305, i.e. 4.91% of total, 8.33% down in nominal terms and 12.65% down in real terms versus Gross indemnity payments for voluntary home insurance amounted to RON 76,678,178, i.e % of total gross indemnity payments in non-insurance class VIII, 63.10% up in real terms versus Three insurance undertakings made gross indemnity payments of RON 116,536,824, i.e % of total gross indemnity payments in non-insurance class VIII, as follows: ALLIANZ - ȚIRIAC ASIGURĂRI SA: RON 41,282,835; OMNIASIG VIG (former BCR ASIGURĂRI VIG): RON 40,457,940; GROUPAMA ASIGURĂRI SA: RON 34,796,049. c) class X Motor third party liability insurance gross indemnity payments amounted to RON 1,862, , i.e % of total gross indemnity payments in non-life insurance, 12.40% up in nominal terms and 7.10% up in real terms versus Four insurance undertakings made gross indemnity payments amounting to RON 1,088,368,442, i.e % of total gross indemnity payments in non-insurance class X, as follows: ASTRA SA: RON 374,810,422; EUROINS ROMÂNIA SA: RON 254,412,054; ASIROM VIENNA INSURANCE GROUP SA: RON 245,627,907; OMNIASIG VIG (former BCR): RON 213,518,059. Gross indemnity payments in motor insurance (insurance for land vehicles and motor third party liability insurance, i.e. class III and class X) accounted for 85.54% of total gross indemnity payments in non-life insurance, 4.57% up in nominal terms and 0.36% down in real terms versus d) class XIV Credit insurance gross indemnity payments amounted to RON 151,679,719, 28.07% up in nominal terms and 22.03% in real terms versus Two insurance undertakings - GROUPAMA ASIGURĂRI SA and GARANTA ASIGURĂRI SA made gross indemnity payments of RON 144,496,910, which accounted for 95.26% of total gross indemnity payments in this non-life insurance class. Part I Insurance Market in

20 3.2. Gross indemnity payments in life insurance In 2012, gross indemnity payments in life insurance amounted to RON 299,855, % up in nominal terms and 0.93% down in real terms versus The aforementioned amount also includes maturity payments, which accounted for 54.94% of total. The following classes of life insurance: class AI Life insurance, annuities and supplemental life insurance and class AIII Unit-linked life insurance and annuities accounted for most gross indemnity payments in Surrender values paid in life insurance In 2012, (total and partial) surrender values have gone up 8.69% in nominal terms (3.56% in real terms), from RON 395,429,051 in 2011 to RON 429,798,249. Total surrenders accounted for 71.83% of total 7.65% up in nominal terms and 2.57% up in real terms versus Partial surrenders amounted to RON 121,067,444 and accounted for 28.17% of total surrender value 11.45% up in nominal terms and 6.19% up in real terms versus Table 14. Evolution of gross indemnity payments in life insurance in the period Year Gross indemnity payments (RON) Nominal growth rate versus 2011 (%) Inflation rate (%) Real growth rate versus 2011 (%) ,856, ,023, ,922, ,396, ,855, Chart 12. Gross indemnity payments by classes of life insurance class AIII % Other classes % class AI % Table 15. Insurance undertakings with the highest volumes of gross indemnity payments in life insurance in 2012 No. Insurance undertakings Gross indemnity payments (RON) Share in total (%) 1 ING ASIGURĂRI DE VIAȚĂ SA 95,205, ASIROM VIENNA INSURANCE GROUP SA 50,767, BCR ASIGURĂRI DE VIAȚĂ VIENNA INSURANCE GROUP SA 28,723, ALICO ASIGURĂRI ROMÂNIA SA 25,900, GROUPAMA ASIGURĂRI SA 19,263, GENERALI ROMÂNIA (former ARDAF) 18,272, AXA LIFE INSURANCE SA 13,001, ALLIANZ - ȚIRIAC ASIGURĂRI SA 12,581, METROPOLITAN LIFE ASIGURĂRI SA 10,259, EUREKO ASIGURĂRI SA 7,173, Total (1-10) 281,148, Other insurance undertakings 18,706, Total GIP (RON) 299,855, isc.ro

21 Annual Report 2012 Chapter 4 Home insurance Gross written premiums for voluntary and compulsory home insurance amounted to a total of RON 589,974,059, which accounted for 54.57% of gross written premiums for Class VIII Insurance against fire and other natural forces. Voluntary home insurance generated gross written premiums of RON 565,773,166, which accounted for 52.33% of total class VIII. Compulsory home insurance generated RON 24,200,893, which accounted for 2.24% of total class VIII. As of 2012 year-end, there were 3,324,910 in force voluntary home insurance contracts (versus 4,392,647 in 2011), which accounted for 79.23% of the 4,196,660 in force insurance contracts in class VIII. The number of in force compulsory home insurance contracts was 331,131, which accounted for 7.89% of total. As of , Romania s building stock insurance coverage, determined as the ratio between the number of voluntary and compulsory home insurance contracts and the total number of homes (approximately 8.5 million, according to NIS) was 43.01%. Table 16. Evolution of gross written premiums and gross indemnity payments for voluntary and compulsory home insurance Year Indicator Total gross written premiums and gross indemnity payments for class VIII Insurance against fire and other natural forces Insurance against fire and other natural forces (class VIII), of which: Voluntary home insurance Compulsory home insurance Gross written premiums 967,376, ,111,856 29,556,829 Gross indemnity payments 249,625,902 62,427,424 10,369 Gross written premiums 1,178,020, ,532,825 35,310,758 Gross indemnity payments 238,387,105 47,013, ,310 Gross written premiums 1,081,228, ,773,166 24,200,893 Gross indemnity payments 218,520,305 76,678, ,689 Table 17. Evolution of key indicators for voluntary home insurance ( ) Absolute Indicator change 2012/2011 Number of in force contracts as of year-end 1,714,393 4,392,647 3,324,910-1,067,737 Gross written premiums (RON) 376,111, ,532, ,773,166-72,759,659 Gross premiums ceded to reinsurance (RON) 98,716, ,750, ,127,843 23,377,061 Share of gross premiums ceded to reinsurance in total gross written premiums (%) Gross indemnity payments 62,427,424 (RON) 47,013,398 76,678,178 29,664,780 Table 18. Indicators for compulsory * home insurance ( ) Indicator Number of in force contracts as of year-end Gross written premiums (RON) Gross premiums ceded to reinsurance (RON) Share of gross premiums ceded to reinsurance in total gross written premiums (%) Gross indemnity payments (RON) Absolute deviation 2012/ , , , ,098 29,556,829 35,310,758 24,200,893-11,109,865 19,066,609 25,883,655 14,424,191-11,459, , , ,689-50,621 *Catastrophe Insurance Pool (PAID) Part I Insurance Market in

22 Chapter 5 Technical reserves The data reported in the financial statements submitted to the Insurance Supervisory Commission shows that, as of , insurance undertakings have set up gross technical reserves for non-life and life insurance in the amount of RON 12,449,018, % up in nominal terms and 0.57% up in real terms versus Gross technical reserves for non-life insurance amounted to RON 6,971,815,101 and accounted for 56.00% of total. Gross technical reserves for life insurance amounted to RON 5,477,203,711 and accounted for 44.00% of total. As of , gross technical reserves ceded to reinsurance amounted to RON 2,165,656,703, which accounted for 17.40% of total gross technical reserves. By comparison with the data reported as of , total gross technical reserves ceded to reinsurance went up 18.71% in nominal terms and 13.11% in real terms Technical reserves for non-life insurance As of , insurance undertakings reported gross technical reserves for non-life insurance in the amount of RON 6,971,815, % down in nominal terms and 5.40% down in real terms versus Gross technical reserves ceded to reinsurance amounted to RON 2,072,131, % up in nominal terms (14.21% up in real terms) versus The share of gross technical reserves ceded to reinsurance was 29.72% of total gross technical reserves for non-life insurance, up from 24.62% in the previous year. As of , the structure of gross technical reserves for non-life insurance showed as follows: a) Gross unearned premiums reserves RON 3,114,890,480 i.e % of total gross technical reserves for non-life insurance. By comparison with the data reported as of 2011 year-end, unearned premiums reserves were up 3.23% in nominal terms (down 1.64% in real terms). Rising unearned premium reserves were due to rising gross written premiums for non-life insurance (+6.09% in nominal terms versus 2011). Gross unearned premium reserves ceded to reinsurance amounted to RON 593,858,081, which accounted for 19.07% of gross unearned premium reserves. b) Gross outstanding claims reserves and incurred but not reported claims reserves RON 3,416,959,206 i.e % of total gross technical reserves for non-life insurance, 3.57% down in nominal terms and 8.12% down in real terms versus Gross outstanding claims reserves and incurred but not reported claims reserves ceded to reinsurance amounted to RON 1,342,985,959, which accounted for 39.30% of gross outstanding claims reserves and incurred but not reported claims reserves, 23.09% up in nominal terms and 17.28% up in real terms versus Table 19. Evolution of gross technical reserves for non-life insurance in the period Year Gross technical reserves (RON) UPR (RON) OCR and IBNR (RON) ,412,103,943 3,487,573,601 2,588,488, ,931,624,256 3,576,537,375 3,003,255, ,782,629,538 3,230,521,900 3,128,617, ,022,466,930 3,017,386,502 3,543,612, ,971,815,101 3,114,890,480 3,416,959,206 As of , significant gross technical reserves have been reported for the following non-life insurance classes: a) class III Insurance of land vehicles, other than railway rolling stock RON 1,961,767,071, i.e. 8.08% down in nominal terms and 12.42% down in real terms. The fall in gross technical reserves for this non-life insurance class was due to the drop by 3.73% of gross written premiums in the same insurance class. Gross technical reserves for class III accounted for 28.14% of total gross technical reserves for non-life insurance versus 30.39% as of ; b) class VIII Insurance against fire and other natural forces RON 947,055,892, i.e % of total gross technical reserves for non-life insurance 0.41% up in nominal terms and 4.33% down in real terms, due to the fall in gross written premiums in the same insurance class; c) class X Motor third party liability insurance RON 2,933,992,109, i.e. 2.84% down in nominal terms and 7.42% down in real terms. Gross technical reserves for class X accounted for 42.08% of total gross technical reserves for non-life insurance, down 0.92 percentage points versus Gross technical reserves for life insurance As of , insurance undertakings reported gross technical reserves for life insurance in the amount of RON 5,477,203, % up in nominal terms and 9.37% up in real terms versus Gross technical reserves ceded to reinsurance amounted to RON 93,525,341 and accounted for 1.71% of total gross technical reserves for life insurance, 2.02% down isc.ro

23 Annual Report 2012 in nominal terms and 6.64% down in real terms versus Gross mathematical reserves amounted to RON 4,563,022,452 and accounted for 83.31% of total gross technical reserves for life insurance 16.60% up in nominal terms and 11.10% up in real terms versus Significant mathematical reserves have been reported for the following life insurance classes: class AI Life insurance, annuities and supplemental life insurance (42.45%) and class AIII Unit-linked life insurance and annuities (57.42%). Table 20. Evolution of gross technical reserves for life insurance in the period Year Gross technical reserves (RON) Gross mathematical reserves (RON) Share of mathematical reserves in total gross technical reserves (%) ,423,586,592 2,544,842, ,889,930,756 3,015,904, ,383,572,919 3,535,862, ,772,055,357 3,913,498, ,477,203,711 4,563,022, Part I Insurance Market in

24 Chapter 6 The assets of insurance undertakings 6.1. Total assets As of , the balance sheet assets reported in the financial statements submitted by insurance undertakings amounted to an aggregate RON 18,960,424, % up in nominal terms and 4.47% up in real terms. The balance sheet assets reported in the financial statements of the first 10 insurance undertakings by market share accounted for 81.31% of total. The assets/gdp ratio was 3.23% versus 2.99% in Investments accounted for 55.51% of total assets and amounted to RON 10,525,710, % up in nominal terms and 3.47% down in real terms. Other asset items, such as receivables, the share of technical reserves ceded to reinsurance, deferred acquisition costs, etc. amounted to RON 7,309,249,445 and accounted for 38.55% of total assets percentage points more than in As of , investments in bonds and other fixedincome securities amounted to RON 4,925,977, % down in nominal terms and 8.20% down in real Chart 14. Evolution of total assets and financial investments in the period total assets (RON bn.) financial investments (RON bn.) terms versus 2011 and accounted for a significant 46.80% of total investments 2.41 percentage points less than in Deposits with credit institutions amounted to RON 911,115, % down in nominal terms and Chart 13. Assets of insurance undertakings as of Chart 15. Evolution of total assets and financial investments in the period other assets % bank accounts and cash on hand % intangible assets % investments % Total balance sheet assets (RON bn.) Financial investments (RON bn.) Table 21. Balance sheet assets and investments of insurance undertakings in the period Date Total balance sheet assets total, of which Investments Bonds and other fixed-income Unit-linked investments securities Other investments ,982,824,581 7,967,986,255 2,432,467,448 1,040,151,751 4,495,367, ,398,487,279 9,174,286,671 3,557,692,096 1,501,947,164 4,114,647, ,805,591,185 9,857,781,064 4,515,307,549 1,880,392,260 3,462,081, ,293,960,385 10,390,101,581 5,113,381,422 2,122,748,569 3,153,971, ,960,424,182 10,525,710,723 4,925,977,303 2,629,080,446 2,970,652, isc.ro

25 Annual Report % down in real terms versus 2011 and accounted for 8.66% of total investments, following the same downward trend started in 2008, when record high figures were reported 1.43 percentage points more than in Investments in the life insurance segment, where risk is transferred to policyholders, amounted to RON 2,629,080,446 and accounted for 24.98% of total 23.85% up in nominal terms and 18.01% up in real terms versus The upward trend reported for unit-linked investments was supported by the interest shown by policyholders in unit-linked products. As of , unit-linked investments were 2.53 times higher than in Assets admitted to cover gross technical reserves for non-life insurance As of , assets admitted to cover gross technical reserves for non-life insurance amounted to RON 8,137,132, % up versus The coverage ratio was % as of the same date. The structure of assets admitted to cover gross technical reserves for non-life insurance showed as follows: Government securities and Treasury bills issued by Member States reported by 19 insurance undertakings: RON 2,020,084, % down in nominal terms and 13.93% down in real terms versus 2011, accounting for 24.83% of total assets admitted to cover gross technical reserves. The coverage ratio was 28.98%. Securities issued by local public authorities: RON 21,918, % down in nominal terms and 8.72% down in real terms versus 2011, accounting for 0.27% of total assets admitted to cover gross technical reserves. The coverage ratio was 0.31%. Securities admitted to trading on a regulated market and units of open-end investment funds: RON 332,201, % up in nominal terms and 0.59% down in real terms versus 2011, accounting for 4.08% of total assets admitted to cover gross technical reserves. The coverage ratio was 4.76%. The structure of this asset category showed as follows: investments in bonds and other money market and capital market instruments reported by 7 insurance undertakings: RON 210,671,796, accounting for 63.42% of total securities admitted to trading on a regulated market; shares and other variable-income holdings reported by 10 insurance undertakings: RON 83,789,696, accounting for 25.22% of total securities admitted to trading on a regulated market; investments in units of collective investments undertakings and other investment funds reported by 8 insurance undertakings: RON 37,740,272, accounting for 11.36% of total securities admitted to trading on a regulated market. Deposits, current accounts and cash on hand: RON 921,632, % down in nominal terms and 12.09% down in real terms versus 2011, accounting for 11.33% of total assets admitted to cover gross technical reserves. The coverage ratio was 13.22%. Receivables from policyholders and intermediaries: RON 1,670,319,013 up 0.11%, accounting for 20.53% of total assets admitted to cover gross technical reserves. The coverage ratio was 23.96%. Share of gross technical reserves ceded to reinsurance: RON 2,072,089, up in nominal terms and 14.21% up in real terms versus 2011, accounting for 25.46% of total assets admitted to cover gross technical reserves. The coverage ratio was 29.72%. Property and plant: RON 509,649, % down in nominal terms and 21.17% down in real terms versus 2011, accounting for 6.26% of total assets admitted to cover gross technical reserves. The coverage ratio was 7.31%. Interest receivable: RON 75,330, % up in nominal terms and 2.77% up in real terms versus 2011, accounting for 0.93% of total assets admitted to cover gross technical reserves. The coverage ratio was 1.08%. Deferred acquisition costs: RON 513,905, % up in nominal terms and 14.58% up in real terms, accounting for 6.32% of total assets admitted to cover gross technical reserves. The coverage ratio was 7.37% Assets admitted to cover gross technical reserves for life insurance As of , assets admitted to cover gross technical reserves for life insurance amounted to RON 6,122,794, % up versus The coverage ratio was % as of the same date. The structure of assets admitted to cover gross technical reserves for life insurance showed as follows: Government securities and Treasury bills issued by Member States: RON 2,204,114, % up in nominal terms and 2.05% up in real terms versus 2011, accounting for 36.00% of total assets admitted to cover gross technical reserves. The coverage ratio was 40.24%. Securities issued by local public authorities: RON 27,140, % down in nominal terms and 35.18% down in real terms versus 2011, accounting for 0.44% of total assets admitted to cover gross technical reserves. The coverage ratio was 0.50%. Securities admitted to trading on a regulated market and units of open-end investment funds: RON % up in nominal terms and 15.05% down in real terms versus 2011, accounting for 45.51% of total assets admitted to cover gross technical reserves. The coverage ratio was 50.87%. Deposits, current accounts and cash on hand: RON 366,443, % up in nominal terms and 11.98% Part I Insurance Market in

26 Chart 16. Evolution of assets admitted to cover gross technical reserves for non-life insurance in the period % Deferred acquisition costs 90% Interest receivable % Share of gross technical reserves ceded to reinsurance 70% 60% Receivables from policyholders and intermediaries, arising from direct insurance and reinsurance accepted % 7.62 Property and plant 40% , Deposits and current accounts with credit institutions and cash on hand 15, % , , Units of UCITS and other investment funds 20% 10% Shares and other variable income holdings admitted to trading on a regulated market 0% Bonds and other money market and capital market instruments admitted to trading on a regulated market isc.ro

27 Annual Report 2012 Chart 17. Evolution of assets admitted to cover gross technical reserves for life insurance in the period % 90% 80% Deferred acquisition costs Interest receivable Share of gross technical reserves ceded to reinsurance 70% 60% Receivables from policyholders and intermediaries, arising from direct insurance and reinsurance accepted 50% Property and plant % Deposits and current accounts with credit institutions and cash on hand 30% Units of UCITS and other investment funds 20% Shares and other variable income holdings admitted to trading on a regulated market 10% 0% Bonds and other money market and capital market instruments admitted to trading on a regulated market Part I Insurance Market in

28 up in real terms versus 2011, accounting for 5.98% of total assets admitted to cover gross technical reserves. The coverage ratio was 6.69%. Receivables from policyholders and intermediaries: RON 272,668, % down in nominal terms and 20.57% down in real terms, accounting for 4.45% of total assets admitted to cover gross technical reserves. The coverage ratio was 4.98%. Share of gross technical reserves ceded to reinsurance: RON 92,952, down in nominal terms and 6.56% down in real terms versus 2011, accounting for 1.52% of total assets admitted to cover gross technical reserves. The coverage ratio was 1.70%. Property and plant: RON 161,901, % down in nominal terms and 12.55% down in real terms versus 2011, accounting for 2.64% of total assets admitted to cover gross technical reserves. The coverage ratio was 2.96%. Interest receivable: RON 101,573, % down in nominal terms and 9.92% down in real terms versus 2011, accounting for 1.66% of total assets admitted to cover gross technical reserves. The coverage ratio was 1.85%. Deferred acquisition costs: RON 109,683, % down in nominal terms and 12.76% down in real terms, accounting for 1.79% of total assets admitted to cover gross technical reserves. The coverage ratio was 2.00%. 6.4 Foreign assets held by insurance undertakings As of , total foreign assets held by insurance undertakings in Romania amounted to RON 2,287,851,163 (EUR m.) and comprised Government securities and Treasury bills, securities traded on a regulated market and units of investment funds. As of the same date, the foreign assets admitted to cover gross technical reserves in non-life insurance amounted to RON 235,052,065 (EUR m.) and comprised: bonds 67.87%; shares 17.99%; units of investment funds 8.82%; Government securities and Treasury bills 5.32%. Most assets were held in Great Britain (25.17%), Bulgaria (20.63%), USA (11.14%) and Luxembourg (10.77%); shares were held in EU Member States; units of UCITS were held in Austria, and Government securities were purchased in EU Member States. As of , the foreign assets admitted to cover gross technical reserves in life insurance amounted to RON 2,052,799,097 (EUR m.) and comprised: 80.33%, i.e. RON 1,649,046,453 (EUR m.) investments for unit-linked life insurance. Most such investments (92.75%) were made in units of UCITS in EU Member States such as: Luxembourg (88.12%), Germany (6.54%), Austria (5.01%), the Czech Republic, France, Hungary and Ireland. Bonds accounted for 7.25% of total unit-linked investments in countries such as: England (45.26%), Germany (24.71%), Italy (21.68%), Portugal (1.96%), France (1.69%), USA (1.67%) and other countries %, i.e. RON 403,752,644 (EUR m.) - investments for traditional life insurance. Most such investments were made in bonds (78.92%), Government securities and Treasury bills (17.53%), units of UCITS (3.35%) and shares (0.20%). Total investments in corporate bonds amounted to RON 318,623,373, of which 26.49% - RON 84,403,332 - was accounted for by investments in US bonds. Investments in EU bonds reached RON 234,220,041 and accounted for 73.51% of total. Most investments in corporate bonds were made in countries such as: Great Britain RON 95,587,012 (30%); Norway RON 32,053,511 (10.06%) isc.ro

29 Annual Report 2012 Chapter 7 Reinsurance Insurance undertakings conclude reinsurance agreements on the domestic and international market with a view to balance financial statements and write additional or catastrophe risks. In 2012, a number of 28 insurance undertakings concluded reinsurance agreements for non-life insurance, while 19 insurance undertakings concluded reinsurance agreements for life insurance. Total written premiums ceded to reinsurance amounted to RON 1,738,817,232 and accounted for 21.06% Chart 18. Evolution of gross written premiums and gross premiums ceded to reinsurance in the period (RON m.) GWP GWP ceded GWP GWP ceded GWP GWP ceded GWP GWP ceded NL L Chart 19. Evolution of revenues from reinsurance recoveries in the period (RON m.) 2,000 1,800 1,600 1,400 1,200 1, GWP Revenues from reinsurance recoveries of total gross written premiums reported by insurance undertakings in Romania in % up in nominal terms and 19.23% in real terms versus 2011, i.e. RON 349,221,901. RON 1,678,914,213 in gross written premiums were ceded to reinsurance for non-life insurance, i.e % of total gross written premiums for non-life insurance. RON 59,903,019 in gross written premiums were ceded to reinsurance for life insurance 3.13% more than RON 58,083,787 reported in The reinsurance business reported in 2012 was up RON 6,826, % - versus 2011, mostly due to reinsurance accepted for non-life insurance business. Table 22. Key reinsurance indicators in 2012 Indicator Life insurance Non-life insurance Total (non-life+life) Gross written premiums (RON) 1,738,366,854 1,802,519,132 6,083,943,098 6,454,395,818 7,822,309,952 8,256,914,950 Reinsurance accepted (RON) 39,963 39,044 28,428,942 35,255,931 28,468,905 35,294,975 Reinsurance commissions (RON) 0 0 2,834,304 7,657,045 2,834,304 7,657,045 Share of reinsurance commissions in corresponding premiums (%) % 21.72% 9.96% 21.69% Premiums ceded to reinsurance (RON) 58,083,787 59,903,019 1,331,511,544 1,678,914,213 1,389,595,331 1,738,817,232 Share of premiums ceded in total gross written premiums (%) 3.34% 3.32% 21.89% 26.01% 17.76% 21.06% Reinsurance commissions received (RON) 17,814,980 17,127, ,447, ,908, ,262, ,035,853 Share of reinsurance commissions received (%) 30.67% 28.59% 14.98% 16.79% 15.63% 17.20% Reinsurance recoveries (RON) 19,328,477 16,738, ,576, ,128, ,904, ,867,035 Share of reinsurance recoveries in total gross written premiums ceded to reinsurance (%) 33.28% 27.94% 58.85% 55.82% 57.78% 54.86% Part I Insurance Market in

30 The reinsurance programmes reported by insurance undertakings in their 2012 reinsurance strategy reports have the same reinsurers and types of reinsurance agreements as in the previous year. As in the previous years, insurance undertakings opted for proportional treaties, such as quota share or surplus reinsurance, as well as for non-proportional treaties, such as excess of loss per risk/event or stop-loss reinsurance. For the time being, reinsurance is the best solution for insurance undertakings seeking to manage risks, maintain solvency requirements, streamline income and increase underwriting capacity. In 2012, reinsurance recoveries amounted to RON 953,867,035, i.e. RON 150,962,190 more than in % up in nominal terms and 13.20% up in real terms Non-life insurance In 2012, gross premiums written for non-life insurance ceded to reinsurance amounted to RON 1,678,914,213, and accounted for 26.01% of total gross written premiums for non-life insurance versus 21.89% in Consequently, own retentions accounted for 73.99% of gross written premiums for non-life insurance. Chart 20. Evolution of gross written premiums and gross premiums ceded to reinsurance in non-life insurance in the period (RON m.) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, GWP GWP ceded to reinsurance Most gross written premiums ceded to reinsurance were reported in the following non-life insurance categories: a) class VIII Insurance against fire and other natural forces RON 485,901,005, accounting for 44.94% of total gross written premiums in this non-life insurance class and 28.94% of total premiums ceded to reinsurance in non-life insurance, 3. 56% up in nominal terms and 1.32% down in real terms. Reinsurance recoveries amounted to RON 77,487, % down in nominal terms versus b) class X Motor third party liability insurance RON 642,335,895, accounting for 30.06% of gross written premiums in this non-life insurance class and 38.26% of total premiums ceded to reinsurance in non-life insurance, a significant 48.91% up in nominal terms and 41.89% in real terms. The reason behind this significant growth rate was the completion of the process of harmonising local minimum amounts of cover with EU practices. Reinsurance recoveries amounted to RON 551,963, % up in nominal terms and 60.05% up in real terms versus Revenues from reinsurance recoveries accounted for 29.63% of total gross indemnity payments in this non-life insurance class. c) class III Insurance for land vehicles, other than railway rolling stock RON 233,257,371, accounting for 12.17% of gross written premiums in this non-life insurance class and 13.89% of total premiums ceded to reinsurance in non-life insurance, 68.14% up in nominal terms and 60.21% up in real terms, despite the slight fall in gross written premiums. Reinsurance recoveries amounted to RON 153,000, % down in nominal terms and 21.74% down in real terms 7.86% of total gross indemnity payments. Significant change of gross premiums ceded to reinsurance has been also reported for the following non-life insurance classes: class XV- Suretyship insurance - RON 36,661,473, accounting for 24.08% of gross written premiums in this non-life insurance class and 2.18% of total premiums ceded to reinsurance in non-life insurance, % up in nominal terms and % up in real terms. Reinsurance recoveries amounted to RON 260, % down in nominal terms and 59.09% down in real terms. class XIII General liability insurance RON 92,606, % up in nominal terms, while gross written premiums went up by 56.37% versus Reinsurance recoveries amounted to 47,104, % up in nominal terms and 7.22% up in real terms. 7.2 Life insurance In 2012, gross premiums written for life insurance ceded to reinsurance amounted to RON 59,903, % up in nominal terms and 1.73% down in real terms. Chart 21. Evolution of gross written premiums and gross premiums ceded to reinsurance in life insurance in the period (RON m.) 2,000 1,800 1,600 1,400 1,200 1, GWP GWP ceded to reinsurance isc.ro

31 Annual Report 2012 Gross premiums ceded to reinsurance accounted for 3.32% of total gross written premiums for life insurance, approximately the same as in Consequently, own retentions accounted for 96.68% of total, while net premiums amounted to RON 1,742,616,113. The most significant amount of gross premiums ceded to reinsurance was reported for class I Life insurance, annuities and supplemental life insurance RON 56,451, % up in nominal terms and 1.35% down in real terms versus In 2012, gross indemnity payments for life insurance amounted to RON 135,103,794, while reinsurance recoveries amounted to RON 16,738,292 and accounted for 12.39% of total. Insurance undertakings reported no significant changes in the structure of reinsurance programmes and the value of gross written premiums ceded to reinsurance. 7.3 Capital requirements for catastrophe risks The Norms concerning the authorisation of catastrophe risk insurance and reinsurance, as implemented by Order no. 12/2012 comprise the methodology for the calculation of capital requirements for catastrophe (earthquake and flood) risks, based on the probable maximum loss for insurance undertakings. The review of the data submitted by the 26 insurance undertakings authorised to write catastrophe risks as of shows that gross probable maximum loss is around RON bn., of which 90% would be covered by reinsurers. As of , the 26 insurance undertakings reported an equity surplus (including net worth and catastrophe reserves) of approximately RON 1.33 bn. Part I Insurance Market in

32 Chapter 8 Acquisition and administrative costs In 2012, insurance undertakings reported aggregate acquisition and administrative costs in the amount of RON 3,199,619, % down in nominal terms and 6.57% down in real terms versus Acquisition costs amounted to RON 1,749,902,333 and accounted for 54.69% of total, while administrative costs amounted to RON 1,449,717,611 and accounted for 45.31% of total. Total acquisition and administrative costs accounted for 38.75% of gross written premiums in non-life and life insurance 2.97 percentage points less than in There were no major changes in the structure of acquisition and administrative costs versus As of , the structure of acquisition and administrative costs showed as follows: a) Non-life insurance: RON 2,471,009,274 (77.23% of total market) % down in nominal terms and 7.16% down in real terms. The most significant amounts were reported for class X Motor third party liability insurance (RON 842,002,149), class III Insurance for land vehicles, other than railway rolling stock (RON 729,495,204) and class VIII Insurance against fire and other natural forces (RON 418,604,765). The aggregate value of acquisition and administrative costs reported for the two motor insurance classes (III and X) amounted to RON 1,571,497, % of total costs for non-life insurance and 38.77% of gross written premiums in the two non-life insurance classes. By comparison with the figures reported for 2011, acquisition and administrative costs for class III Insurance for land vehicles, other than railway rolling stock have dropped 5.09% in nominal terms and 9.57% in real terms. Acquisition and administrative costs for class X Motor third party liability insurance have dropped 1.39% in nominal terms and 6.04% in real terms versus b) Life insurance: RON 728,610,671 (22.77% of total market) 0.18% up in nominal terms and 4.55% down in real terms. Acquisition and administrative costs for class I life insurance, annuities and supplemental life insurance amounted to RON 527,858,646 (72.45% of total life insurance) 2.59% up in nominal terms and 2.25% down in real terms versus Acquisition and administrative costs for Chart 22. Evolution of acquisition and administrative costs in non-life insurance 1,600 1,400 1,200 1, RON m. 1,430 1,437 acquisition costs 1, ,034 administrative costs class III Unit-linked life insurance and annuities amounted to RON 150,314,244 (20.63% of total life insurance) 11.51% down in nominal terms and 15.68% down in real terms versus Acquisition costs In 2012, insurance undertakings reported acquisition costs in the amount of RON 1,749,902, % down in nominal terms and 4.82% down in real terms versus 2011; the lower amount compared with 2011 was due to the cut down on marketing costs both in non-life and life insurance, as well as to the drop in commissions paid in life insurance. Chart 23. Evolution of acquisition and administrative costs in life insurance 450 RON m acquisition costs administrative costs Table 23. Acquisition and administrative costs by insurance category Life insurance Non-life insurance Total Indicator (RON) (RON) (RON) Acquisition costs 321,345, ,071,708 1,430,465,254 1,436,830,625 1,751,810,389 1,749,902,333 Administrative costs 405,922, ,538,962 1,105,415,889 1,034,178,649 1,511,338,624 1,449,717,611 Total acquisition and administrative costs 727,267, ,610,670 2,535,881,143 2,471,009,274 3,263,149,013 3,199,619, isc.ro

33 Annual Report 2012 The structure of acquisition costs showed as follows: a) Non-life insurance: RON 1,436,830, % up in nominal terms and 4.30% down in real terms versus 2011, accounting for 82.11% of total acquisition costs reported for non-life and life insurance. b) Life insurance: RON 313,071, % down in nominal terms and 7.17% down in real terms versus 2011, accounting for 17.89% of total acquisition costs reported for non-life and life insurance. Administrative costs In 2012, insurance undertakings reported administrative costs in the amount of RON 1,449,717, % down in nominal terms and 8.60% down in real terms versus The structure of administrative costs showed as follows: a) Non-life insurance: RON 1,034,178, % down in nominal terms and 10.85% down in real terms versus 2011, accounting for 71.34% of total administrative costs reported for non-life and life insurance. b) Life insurance: RON 415,538, % up in nominal terms and 2.46% down in real terms versus 2011, accounting for 28.66% of total administrative costs reported for non-life and life insurance. In the non-life insurance sector, the expense ratio determined as the ratio between acquisition costs and gross premiums earned was 38.96%, slightly down from the 40.27% reported in The claims ratio determined as the ratio between gross claims incurred and gross premiums earned was 69.10% versus 73.20% in Table 24. Claims ratios for the main non-life insurance classes in the period Class Expense ratio Claims ratio Combined ratio Expense ratio Claims ratio Combined ratio Total non-life insurance, of 40.27% 73.20% % 38.90% 69.10% % which: III 33.81% 84.18% % 35.19% 92.82% % VIII 46.03% 16.19% 62.22% 37.98% 25.34% 63.32% X 40.58% % % 41.05% 83.68% % The combined ratio reported for the non-life insurance sector determined as the ratio between gross claims incurred, acquisition and administrative costs and gross premiums earned was 108% versus % in The review of the combined ratio reported for non-life insurance shows a drop down by percentage points for class X Motor third party liability insurance, mainly due to reduced gross outstanding claims reserves as a result of amendments to the norms concerning technical reserves for non-life insurance as regards technical reserves for moral damages. The combined ratio for class III Insurance for land vehicles, other than railway rolling stock was higher than 100%, which indicates losses reported in the technical results for this non-life insurance class. Part I Insurance Market in

34 Chapter 9 The solvency of insurance undertakings The review of solvency ratios for both non-life and life insurance, in accordance with the provisions of European Directives, was one of the priorities of prudential supervision in Table 25. Evolution of the available solvency margin for non-life and life insurance in the period Available solvency margin 31/12/08 31/12/09 31/12/10 31/12/11 31/12/12 Non-life insurance 1,856,450,935 2,012,033,024 2,125,511,889 2,038,318,791 1,939,918,788 Life insurance 944,393,619 1,199,193,246 1,219,431,465 1,028,915,044 1,062,053,390 The review of available solvency margins shows an upward trend until The year 2011 marked the beginning of a downward trend for available solvency margins both in non-life and life insurance. In the non-life insurance sector, the trend continued in 2012, while the life insurance sector reported slightly improved figures. Nevertheless, available solvency margins failed to reach the levels reported in As of , the available solvency margin for non-life insurance was down by RON 98,400, % versus 2011, due to the losses reported in the technical results of insurance undertakings in the non-life insurance sector in Table 26. Evolution of the average solvency ratio for non-life and life insurance in the period Average solvency 31/12/08 31/12/09 31/12/10 31/12/11 31/12/12 ratio Non-life insurance Life insurance As of , the available solvency margin for life insurance was up by RON 33,138, % versus As of 2102 year-end, the average solvency margin for nonlife insurance had been on the same slightly downward trend, while the average solvency margin for life insurance had been on the same level as in isc.ro

35 Annual Report 2012 Chapter 10 Financial and technical results of insurance undertakings The review of the financial statements submitted by insurance undertakings in 2012 shows that, as of , 22 insurance undertakings reported profit, while 17 insurance undertakings reported loss. Aggregate profit amounted to RON 201,320, % down in nominal terms and 25.37% down in real terms versus Aggregate loss amounted to RON 522,907, % down in nominal terms and 14.53% down in real terms versus At market level, insurance undertakings reported an aggregate loss of RON 321,586,576. Table 27. Net profit/loss in the period Year Net profit/loss (RON) Absolute change versus 2011 (RON) ,457, ,215, ,241, ,369,241 61,846, ,866, ,497, ,586,576 4,279,978 In the period between , the Romanian insurance market reported aggregate net loss. In 2012, figures show an absolute change of RON 4,279,978 versus As regards the technical results of insurance undertakings in 2012, the breakdown for non-life and life insurance shows as follows: a) Non-life insurance: 11 insurance undertakings reported profit in the amount of RON 106,914, % up versus Other 18 insurance undertakings reported loss in the amount of RON 569,594, % down versus Consequently, in 2012, the technical results submitted for non-life insurance reported an aggregate loss of RON 462,680,908 RON 25,919,191 more than in Table 28. Technical results for non-life insurance in the period Absolute change versus 2011 Net profit/loss (RON) Year (RON) Profit Loss Profit Loss ,485, ,933, ,273, ,143,703-91,211, ,789, ,969, ,052,643-18,303, ,091, ,973, ,573,238 10,003, ,520, ,914, ,594,999 3,940,952-21,978,239 b) Life insurance: 12 insurance undertakings reported profit in the amount of RON 177,302, % up versus Other 6 insurance undertakings reported loss in the amount of RON 100,622, % up versus Consequently, in 2012, the technical results submitted for life insurance reported an aggregate profit of RON 76,679,223 - RON 9,135,662 less than in Table 29. Technical results for life insurance in the period Absolute change versus 2011 Net profit/loss (RON) Year (RON) Profit Loss Profit Loss ,194,724 53,152, ,736,055 92,078, ,541,331 38,926, ,849,007 79,565,673-63,887,048-12,513, ,437,329 81,622,444-17,411,678 2,056, ,302, ,622,888 9,864,782 19,000,444 Part I Insurance Market in

36 Chapter 11 Motor third party liability insurance One of the priority objective of the Insurance Supervisory Commission is the adequate and diligent supervision of the motor insurance sector, considering that compulsory motor third party liability insurance and voluntary CASCO insurance are the most significant lines of business in terms of gross written premiums. In 2012, the two insurance classes accounted for 61.53% of total gross written premiums in non-life insurance. As regards compulsory motor third party liability insurance (MTPL), the Insurance Supervisory Commission has implemented several amendments to applicable regulations, focusing on policyholder interests, but also on market stability. Thus, the Norms concerning motor third party liability insurance, as approved by Order no. 14/2011 published in the Official Gazette, Part I no. 858 of 06/12/2011 have been amended as follows: the provisions laid down in the norms have been harmonised with the provisions laid down in Law no. 136/1995 on insurance and reinsurance in Romania, as amended and supplemented; the introduction of new requirements for insurers, which should request a number of supporting documents when issuing MTPL policies, considering the scope of liability; the provisions concerning the limit applied to MTPL premium discounts have been repealed; the indication of minimum amounts of cover applicable starting 2012, in line with the European Consumer Price Index (ECPI) set pursuant to the provisions laid down in Council Regulation (EC) no /95 of 23 October 1995 concerning harmonized indices of consumer prices; further explanation of provisions concerning minimum amounts of cover. In the financial year 2012, 11 insurance undertakings reported activity in the motor third party liability (MTPL) insurance segment, namely: ABC ASIGURĂRI-REASIGU- RĂRI SA, ALLIANZ-ŢIRIAC ASIGURĂRI SA, ASIGURAREA ROMÂNEASCĂ - ASIROM VIENNA INSURANCE GROUP SA, ASIGURARE REASIGURARE ASTRA SA, CARPATICA ASIG SA, SOCIETATEA DE ASIGURARE - REASIGURARE CITY IN- SURANCE SA, EUROINS ROMÂNIA ASIGURARE - REASIGU- RARE SA, GENERALI ROMÂNIA ASIGURARE REASIGURARE SA, GROUPAMA ASIGURĂRI SA, OMNIASIG VIENNA INSU- RANCE GROUP SA and UNIQA SA. The number of insurance undertakings authorised to issue MTPL policies has changed in the course of 2012 given the merger by absorption between BCR ASIGURĂRI VIENNA INSURANCE GROUP SA and SC OMNIASIG VIEN- NA INSURANCE GROUP SA. The reports of the resulting company - SC OMNIASIG VIENNA INSURANCE GROUP SA - were submitted to the Insurance Supervisory Commission starting May Minimum amounts covered by compulsory insurance In the period , the minimum amount of cover has increased on an annual basis, pursuant to the provisions laid down in the national secondary legislation issued by the Insurance Supervisory Commission for the implementation of the provisions laid down in art. 9 of Directive 2009/103/EC of the European Parliament and of the Council relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability. According to the aforementioned European provisions, EU Member States are required to provide in their national legislation for minimum amounts covered by compulsory insurance of minimum EUR 1,000,000 for damage to property and of minimum EUR 5,000,000 for personal injury or death. Pursuant to the provisions laid down in the aforementioned EU Directive, Romania has opted for a transition period of 5 years and has increased the minimum amount of cover on an annual basis. Table 30. Minimum amounts covered by compulsory insurance Year For damage to property For personal injury and death (EUR) (EUR) , , ,000 1,500, ,000 2,500, ,000 3,500, ,000,000 5,000,000 MTPL insurers are allowed to set an amount of cover above the minimum set out in the national secondary legislation. In 2012, all the insurance undertakings authorised to provide MTPL insurance opted for the minimum amount of cover set out by the Insurance Supervisory Commission, namely: For damage to property arising in one and the same accident, irrespective of the number of injured persons: EUR 1,000,000 in RON equivalent, at the exchange rate published by the National Bank of Romania on the date of the accident; For personal injury or death, including loss other than damage to property arising in one and the same ac isc.ro

37 Annual Report 2012 cident, irrespective of the number of injured persons: EUR 5,000,000 in RON equivalent, at the exchange rate published by the National Bank of Romania on the date of the accident MTPL key indicators The evolution of MTPL key indicators is determined based on the technical results submitted by MTPL insurers in the financial year 2012; the figures considered are those relating to the compulsory motor third party liability insurance of vehicles licensed/registered in Romania. Table 31. Evolution of MTPL key indicators in the period RON thousand Indicator Gross written premium Gross indemnity payments Outstanding claims reserves Incurred but not reported claims reserves 1,397,595 1,794,599 2,159,584 2,464,451 1,874,900 2,054, ,280 1,219,513 1,531,668 1,602,611 1,605,812 1,781, , , ,983 1,125,613 1,509,620 1,357, , , , , , , Gross written premiums In 2012, gross written premiums have gone up by 10% versus 2011, with insurance contracts also going up by 6% versus The average MTPL insurance premium has gone down by 4%, from approximately RON 480 in 2011 to approximately RON 463 in Average premium is determined as the ratio between gross written premiums and the number of 12 month-insurance contracts. MTPL premium rates are set by insurance undertakings and notified to the Insurance Supervisory Commission i.e. the Financial Supervisory Authority, which verifies the calculation method. The legislation in force requires MTPL insurers to set premiums rates based on actuarial calculations, with a view to cover the entire range of liability. There is a European framework concerning compulsory motor insurance which has been updated by way of Directive 2009/103/EC of the European Parliament and of the Council relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability, whose provisions are transposed in the Romanian national legislation. The premium rates determined by insurers on the Romanian market follow the trend set at European level, since the factors considered in the calculation of premium rates, namely the frequency of accidents and the amount of cover, are similar in all European Member States. The minimum amount of cover and risks are also similar. The review of the premium rates notified to the Insurance Supervisory Commission shows that insurance undertakings have diversified their premium rates considering the risk profile of their portfolios. In 2012, gross written premiums for MTPL insurance amounted to RON 2,054,456,000 lei, of which: a) gross premiums written by natural persons amounted to RON 1,158, and accounted for % din total gross written premiums; b) gross premiums written by legal persons amounted to RON 895,792,000 and accounted for % of total gross written premiums. In 2012, the Romanian MTPL market reported 6,776,429 compulsory MTPL insurance policies, of which 4,040,929 insurance policies (i.e % of total) for 6 months, 2,263,356 insurance policies (i.e % of total) for 12 months and 472,144 insurance policies (i.e. 6.97% of total) for one month. 5,235,211 insurance policies were issued to natural persons and 1,541,218 insurance policies were issued to legal persons. One of the 11 insurance undertakings authorised to provide compulsory MTPL insurance, namely SC ASIGURARE REASIGURARE ASTRA SA, carries out insurance activities by way of the freedom of establishment, through a branch based in Hungary which reported 197,037 compulsory MTPL insurance policies and gross written premiums in the amount of RON 62,269,801. Chart 24. Evolution of gross written premiums for compulsory MTPL and the number of MTPL policies issued in the period ,600 2,400 6,555 6,776 6,400 2,200 2,000 1,800 1,600 1,400 1,200 1, millons RON 5,548 6,151 6,086 1,398 1,795 2,160 2, Gross written premiums (RON m.) No. of MTPL policies (thousand) 1, , ,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Chart 25. Structure of gross written premiums for MTPL by natural and legal persons in 2012 natural persons % thousand 0 legal persons % Part I Insurance Market in

38 Chart 26. Structure of MTPL policies by natural and legal persons in 2012 natural persons - 77,26% legal persons - 22,74% As of , the number of in force MTPL insurance policies reached 4,200,565, of which 3,144,819 insurance policies issued to natural persons % of total, and 1,055,746 insurance policies issued to legal persons 25.13% of total Gross indemnity payments In 2012, the insurance undertakings authorised to carry out compulsory MTPL reported 296,291 claim files - 5% less than in 2011, and settled 292,622 claim files - 3% less than in Gross indemnity payments for MTPL insurance amounted to RON 1,781,827,000-11% up in nominal terms versus At market level, the average claim settled for MTPL was up 15%, from RON 5,307 in 2011 to RON 6,089 Chart 27. Evolution of gross indemnity payments for personal injury and damage to property in the period in The rising average claim settled in the context of higher gross indemnity payments and slightly lower number of claim files settled was due to rising claim handling expenses. In 2012, most gross indemnity payments were made for damage to property, namely 81.48%, while gross indemnity payments for personal injury or death accounted for 18.52% of total. Now that compulsory MTPL is valid throughout the European Economic Area, and the amounts of cover have increased, the amount paid for personal injury will go up as well. In 2012, gross indemnity payments for personal injury have gone up by 22.68% in nominal terms versus Technical reserves a) Unearned premium reserves As of , the unearned premium reserve amounted to RON 731,155, % up in nominal terms in b) Outstanding claims reserves As of , the outstanding claims reserve amounted to RON 1,357,877, % down in nominal terms versus 2011, due to the amendments of the legal provisions concerning the setting up of claims reserves for personal injury. c) Incurred but not reported claims reserves As of , the incurred but not reported claims reserve amounted to RON 716,727, % down in nominal terms versus Chart 28. Evolution of outstanding claims reserves and incurred but not reported claims reserves for compulsory MTPL insurance in the period ,600 1,400 1,200 1, RON m personal injury damage to property 1,600 1,400 1,200 1, RON m , , , outstanding claims reserves incurred but not reported claims reserves isc.ro

39 Annual Report 2012 Chapter 12 Insurance brokers As of , 584 insurance and/or reinsurance brokers were authorised by the Insurance Supervisory Commission. The data compiled in the annexes to this Report reflect the figures reported by 610 insurance and/or reinsurance brokers who submitted financial statements and activity reports for 2012; mention should be made that: in the period between 2007 and 2012, ISC has sanctioned insurance and/or reinsurance brokers by temporary prohibiting their activity and has also approved, upon request, authorisation suspensions/withdrawals. The number of sanctioned insurance and/or reinsurance brokers is 93, of which 33 sanctioned in the legal representatives of 2 insurance brokers submitted statements according to which no brokerage activity had been conducted in the period between the date of authorisation/resumption of business (pursuant to ISC decision) and Chart 29. Evolution of balance sheet assets and subscribed and paid-up share capital, in perioad RON m balance sheet assets In the course of 2012, pursuant to the provisions laid down in art. 381 and art. 39 of Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented, the Council of the Insurance Supervisory Commission has sanctioned 7 insurance and/or reinsurance brokers for failure to submit timely, complete or accurate reports, as follows: 3 sanctions by written warning and 4 sanctions by fine amounting to RON 2,500. At the same time, the Council of the Insurance Supervisory Commission decided to send warning letters to the executive officers of 2 insurance brokers for failure to submit timely regular reports Assets and share capital subscribed and paid-up share capital According to the financial statements submitted by 474 insurance and/or reinsurance brokers as of , aggregate balance sheet assets amounted to RON 614,976, % up in nominal terms and 7.37% up in real terms versus 2011 (RON 545,721,569). 50 insurance and/or reinsurance brokers reported assets in excess of RON 1,400,000, whose aggregate value was RON 495,293,819 and accounted for 80.54% of total balance sheet assets reported by insurance and/or reinsurance brokers as of As of the same date, the aggregate subscribed and paid-up share capital reported by insurance and/or reinsurance brokers was RON 22,442, % down in nominal terms and 19.23% down in real terms versus 2011 (RON 26,475,744). 50 insurance and/or reinsurance brokers reported share capitals ranging between RON 1,000,000 and RON 95,000, whose aggregate value was RON 10,289,057 and accounted for 45.85% of total share capitals reported by insurance and/or reinsurance brokers as of Insurance premiums generated from business written by insurance and/or reinsurance brokers Insurance and/or reinsurance brokers, i.e. legal persons authorised pursuant to the provisions laid down in Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented, write insurance and reinsurance contracts on behalf of their clients, namely natural and legal persons policyholders or potential policyholders, provide assistance before the signing of contracts and during the term of contracts or concerning claims adjustment, as appropriate, establishing the circumstances of the insurance event, the size of the claim and make recommendations on the scope of the insurer s liability. As of , the reports submitted by 501 insurance and/or reinsurance brokers show that insurance premiums generated from business written by insurance and/ or reinsurance brokers amounted to RON 3,603,663,044, of which RON 3,506,051,610 non-life insurance premiums and RON 97,611,434 life insurance premiums versus RON 3,115,073,506 in 2011 (15.68% up in nominal terms and 10.22% up in real terms). As a conclusion, the insurance premiums generated from business written by insurance and/or reinsurance brokers accounted for 43.65% of total gross written premiums (RON 8,256,914,950) % of non-life gross written premiums and 5.41% of life insurance premiums, an overall 3.83 percentage points more than in 2011 (39.82%). The review of the reports submitted by insurance and/or reinsurance brokers shows that 50 brokers reported premiums in excess of RON 13,900,000 - i.e % (RON 2,498,233,733) - of all the premiums generated from business written by insurance and/or reinsurance brokers. 12 insurance and/or reinsurance brokers reported claims adjustments in the amount of RON 58,436, % up in nominal terms and 16.06% up in real terms versus 2011 (RON 47,977,172). As a conclusion, insurance and/or reinsurance Part I Insurance Market in

40 Chart 30. Evolution of premiums generated from business written by insurance and/or reinsurance brokers and claims adjustment in the period ,000 3,500 3,000 2,500 2,000 RON m. 3, , reinsurance brokers reported profit and 138 insurance and/ or reinsurance brokers reported loss. Aggregate profit amounted to RON 146,519, % up in nominal terms and 1.08% down in real terms versus 2011 (RON 141,133,347). Chart 31. Brokerage revenues as of Revenues from claims adjustment - 1,72% Revenues from risk assessment % Revenues from damage inspection - 0,04% Revenues from other ancillary business % 1,500 1, premiums from business generated by insurance and/or reinsurance brokers Claims adjustments brokers have adjusted 1.23% of total gross indemnity payments in 2012 (RON 4,453,717,618) Brokerage revenues The insurance and/or reinsurance brokers which carried out business in 2012 and submitted reports as of reported brokerage revenues in the amount of RON 713,274, % up in nominal terms and 12.37% up in real terms versus 2011 (RON 604,802,393). As of , 50 insurance brokers reported brokerage revenues in excess of RON 2,800,000 which totalled RON 506,254,159 and accounted for 70.98% of total brokerage revenues. As of , the structure of brokerage revenues showed as follows: RON 690,195,327 revenues from writing insurance and reinsurance contracts 96.76% of total brokerage revenues 18.45% up in nominal terms and 12.86% up in real terms versus 2011 (RON 582,707,636). 50 insurance and/or reinsurance brokers reported revenues ranging between RON 2,700,000 and RON 32,063,000 with a total of RON 494,631,251, i.e % of all revenues reported in this category. RON 3,227,540 revenues from risk assessment reported by 10 insurance and/or reinsurance brokers % of total brokerage revenues 35.67% up in nominal terms and 29.27% up in real terms versus 2011 (RON 2,378,991); RON 12,297,112 revenues from claims adjustment reported by 16 insurance and/or reinsurance brokers 1.72% of total brokerage revenues 28.40% up in nominal terms and 22.34% up in real terms versus 2011 (RON 9,577,096); RON 309,744 revenues from damage inspection reported by 5 insurance and/or reinsurance brokers 0.04% of total brokerage revenues 88.37% down in nominal terms and 88.92% down in real terms versus 2011 (RON 2,663,540); RON 7,244,918 revenues from other ancillary business reported by 56 insurance and/or reinsurance brokers 1.02% of total brokerage revenues = 3.08% down in nominal terms and 7.65% down in real terms versus 2011 (RON 7,475,130) Financial results According to the 2012 financial statements received by the Insurance Supervisory Commission, 336 insurance and/or Revenues from writing insurance and reinsurance contracts % 18 insurance and/or reinsurance brokers reported profit in excess of RON 1,000,000, totalling RON 119,043,829 and accounting for 81.25% of aggregate profit. Aggregate loss amounted to RON 12,552, % down in nominal terms and 11.57% down in real terms versus 2011 (RON 13,525,007) Voluntary pension plans written by insurance brokers Pursuant to the provisions laid down in art. 35 para. (19) of Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented, as well as in the norms issued by the Insurance Supervisory Commission, insurance and/or reinsurance brokers may write voluntary pension plans, and should submit an annual statement of corresponding commissions earned. Chart 32. Evolution of financial results reported by insurance brokers in the period RON m Profit As of , 12 insurance and/or reinsurance brokers reported revenues from voluntary pension plans in the amount of RON 579, % down in nominal terms and 14.70% down in real terms versus 2011 (RON 646,796). Loss isc.ro

41 Part II INSURANCE SUPERVISORY COMMISSION

42 Chapter 1 Presentation, role and duties 1.1. Presentation The Insurance Supervisory Commission (ISC) (ro. Comisia de Supraveghere a Asigurărilor (CSA)) part of the Financial Supervisory Authority as of 29 April 2013 was the only authority with authorisation, prudential supervision and inspection duties in the Romanian insurance market, with additional powers with regards to the issuance of implementing norms. The organisational structure and duties of the Insurance Supervisory Commission were established pursuant to the provisions laid down in Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented. Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented, also regulates the organisational structure, duties and supervision of insurance and reinsurance undertakings, as well as of insurance and reinsurance brokers. In accordance with the provisions laid down in the law, by 29 April 2013, the only undertakings authorised to carry out insurance activities had been those authorised by the Insurance Supervisory Commission, as well as those authorised in other EU Member States by way of the freedom to provide services or by way of the freedom of establishment. The core objective of the Insurance Supervisory Commission and now of the Financial Supervisory Authority is to protect policyholders and foster stability of the insurance market in Romania. This objective is achieved through the ongoing exercise of the main duties established by law (i.e. authorisation, regulation, prudential supervision and inspection), as well as by resolving the complaints lodged by policyholders and injured parties against insurance undertakings, through professional training programmes and public disclosure. The Insurance Supervisory Commission acted as Romania s representative in international organisations in the insurance sector and contributed to the preparation and amendment of insurance-specific European regulations. Thus, the Insurance Supervisory Commission was a full member of the European Insurance and Occupational Pensions Authority (EIOPA), and institution which had replaced the Committee of European Insurance and Occupation Pensions Supervisors (CEIOPS) as of 1 January Before the establishment of EIOPA, the Insurance Supervisory Commission was also a full member of CEIOPS. ISC was also a member of the European Insurance and Occupational Pensions Committee (EIOPC), and of the International Association of Insurance Supervisors (IAIS). Moreover, the Insurance Supervisory Commission was a nonvoting member of ESRB (European Systemic Risk Board) an independent body responsible for risk oversight in the EU financial system, established on 1 January 2011, following the recommendations of the Larosière Report. At national level, the President of the Insurance Supervisory Commission was a member of the National Committee for Financial Stability (CNSF) a committee established pursuant to the Memorandum of Understanding for cooperation in the field of financial stability and financial crisis management, signed by the Ministry of Economy and Finance, the National Bank of Romania, the Romanian National Securities Commission, the Insurance Supervisory Commission and the Private Pension System Supervisory Commission on 31 July The key responsibilities of the National Committee for Financial Stability are to promote a steady and efficient information exchange between supervisors in the financial sector and the Ministry of Economy and Finance, as well as to appraise, prevent and, where appropriate, manage financial crises at the level of individual financial institutions, financial groups or the financial market as a whole. Cooperation under the Memorandum is carried out without prejudice to the powers and responsibilities of the signatories, arising from the legislation governing their activity. As far as its organisational structure is concerned, the Insurance Supervisory Commission was an independent administrative authority with legal personality, having its headquarters in Bucharest. ISC s position as an independent authority was strengthened in 2010 through the passing of Law no. 289/2010, whose aim was to ensure that Romania meets the requirements established in the complementary agreement signed by the World Bank and the European Commission within the framework of the loan agreement signed with the International Monetary Fund. According to the law, ISC is funded exclusively by its own sources - mainly the contributions paid by insurance undertakings and insurance intermediaries. The Insurance Supervisory Commission is headed by a Council comprising 7 members appointed by the Parliament: one President, two Vice-Presidents and four members, in accordance with the provisions laid down in Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented. The President of the Council is the rightful representative of the Insurance Supervisory Commission in the relations established with public and private law authorities. According to the law, the members of the Council are prohibited to be Members of the Parliament or of any political party and may not exercise any other profession or hold any public or private office, except for teaching positions in higher-education institutions isc.ro

43 Annual Report 2012 By 23 October 2012, the ISC Council had comprised the following: President Constantin BUZOIANU Vice-President - Tudor BALTĂ Vice-President Gheorghe-Cornel COCA-CONSTANTINESCU Member - Albin BIRO Member - Dan CONSTANTINESCU Member Daniela POPA Member - Doru-Claudian FRUNZULICĂ The year 2012 brought significant changes to the membership of the ISC Council. Thus, by Resolution no. 43/ of the Parliament of Romania, Mr. Daniel George TUDOR was appointed President of the Insurance Supervisory Commission. As of 23 October 2012, the ISC Council had the following members: President - Daniel - George TUDOR Vice-President - Tudor BALTĂ Vice-President - Gheorghe-Cornel COCA-CONSTANTINESCU Member -Dan CONSTANTINESCU Member Daniela POPA Member - Doru-Claudian FRUNZULICĂ With a view to fulfil the duties established by law, the Insurance Supervisory Commission issues opinions, norms, decisions and circulars, following debates within Council meetings held in accordance with the provisions laid down in art. 4 para. (22) - (24), in compliance with the provisions laid down in para. (28) of Law no. 32/2000 on insurance undertakings and insurance supervision as amended and supplemented, which provide that the Insurance Supervisory Commission must engage in consultations with the representatives of the professional associations on the Romanian insurance market. All the decisions concerning the insurance sector were made with a majority of votes Duties, organisational structure, funding and budget execution In accordance with the legal provisions in force, the Insurance Supervisory Commission (ISC) had the following main duties: to prepare and/or approve the draft normative acts applicable in the insurance sector or which have an impact on the same sector, including insurance-specific accounting regulations; to approve all the individual administrative acts issued with respect to insurance; to authorise insurance undertakings, reinsurance undertakings as well as insurance and/or reinsurance brokers in order for all the aforementioned to carry out insurance and reinsurance activities as well as insurance and/or reinsurance mediation activities, as appropriate; to approve any amendment to the documents or conditions pursuant to which authorisations were issued; to approve direct and/or indirect shareholders with a view to grant the prior approval required for the registration of insurance and reinsurance undertakings; to authorise the pursuit of compulsory insurance under the law; Part II The insurance Supervisory Commission to approve and withdraw the approval granted to the significant persons of insurance undertakings, reinsurance undertakings, insurance and/or reinsurance brokers; to approve the spin-off or merger of insurance undertakings/reinsurance undertakings/insurance and/or reinsurance brokers authorised in Romania; to approve portfolio transfers from insurance undertakings, including the branches of insurance undertakings authorised in Romania which are established within the territory of other Member States and the branches in Romania of insurance undertakings based outside the European Union to other Romanian insurance undertakings or to other insurance undertakings or branches established within the European Union; to approve, at the request of insurance undertakings, reinsurance undertakings and insurance and/or reinsurance brokers, the limitation of the scope of business, the suspension or closing down of business, as appropriate, following examination of financial position; to supervise the financial position of insurance undertakings/reinsurance undertakings/insurance and/or reinsurance brokers, as well as the activity of other natural or legal person insurance and/or reinsurance intermediaries, including branches established within the territory of other Member States by way of the freedom of establishment, following consultation with the relevant competent authorities of the respective Member States; to exercise permanent control over the activity of insurance undertakings, reinsurance undertakings and insurance and/or reinsurance brokers, through reviews and assessments of the data comprised in the reports, notes and documents submitted, with a view to implement prudential and risk-based supervisory principles; to carry out regular inspections or surprise inspections at the venues of insurance undertakings and insurance intermediaries, to conduct detailed investigations concerning the manner in which such undertakings and intermediaries pursue business, through data gathering and requests for documents, among others; to approve the curricula and the subjects of the graduation examinations organised by the entities which provide post-graduate, training and professional development courses, including actuarial courses, except for the highereducation institutions accredited by the Ministry of Education and Research, as well as the minimum fit and proper requirements applicable to trainers, with a view to ensure a consistent approach to the professional training of the persons employed in the insurance sector; to request the submission of data and documents, including the data and documents required for statistical purposes, concerning insurance activities, the management of insurance activities and the executive bodies of insurance and reinsurance undertakings and insurance and/or reinsurance intermediaries, as well as any other natural or legal persons who are directly or indirectly linked to activities performed by all the aforementioned; to take all the necessary steps so that insurance activities are managed in compliance with specific prudential norms; 41

44 to implement the actions established by law with respect to the turnaround, reorganisation or bankruptcy of insurance undertakings, reinsurance undertakings as well as of the branches and subsidiaries thereof, as appropriate; to enforce the sanctions established by law; to receive and reply to all the reports and complaints concerning the activities of insurance undertakings, reinsurance undertakings and insurance and/or reinsurance intermediaries; to participate as member in the insurance committees or bodies of the European Commission, in the international associations of insurance supervisors and to represent Romania in international meetings and conferences. to act as manager of the fund established in Romania as compensation body with respect to the claims and sums assured payable to the insurance creditors of insurance companies subject to the bankruptcy procedure. The Guarantee Fund is established in accordance with the provisions laid down in Law no. 136/1995 on insurance and reinsurance in Romania, as amended and supplemented, and is funded by the contributions paid by insurance undertakings. The activities conducted by the Insurance Supervisory Commission also included cooperation with other Romanian authorities and bodies, pursuant to the signing of bilateral/multilateral Memorandums of Understanding. The following Memorandums of Understanding were in force as of the end of 2012: The Memorandum of Understanding for cooperation in the field of the statistical IT system, with a view to complete and develop the national statistical data pool - signed with the National Institute of Statistics (NIS); The Memorandum of Understanding for cooperation in the field of professional education - signed with the Bucharest Academy of Economic Studies; The Memorandum of Understanding concerning the organisation and performance of supervisory actions with respect to the financial audit of the entities active on the insurance market - signed with the Chamber of Financial Auditors of Romania (CAFR); The Memorandum of Understanding for cooperation concerning the prevention and control of money laundering - signed with the National Office for the Prevention and Control of Money Laundering (ONPCSB); The Memorandum of Understanding signed with the Competition Council; The Memorandum of Understanding for cooperation in the field of financial stability and financial crisis management, signed by the Ministry of Economy and Finance, the National Bank of Romania, the Romanian National Securities Commission, the Insurance Supervisory Commission and the Private Pension System Supervisory Commission in July This Memorandum of Understanding was supplemented by means of an addendum concerning mainly the establishment of five specialised technical sub-committees (on financial stability, financial supervision, financial regulation, payment systems and settlements and financial statistics) comprising representatives of signatory authorities. The Memorandum of Understanding signed with the National Authority for Consumer Protection (ANPC); The Memorandum of Understanding concerning the prevention and control of insurance fraud - signed with the General Police Inspectorate the Fraud Investigation Division; The Memorandum of Understanding for the joint performance of duties under Government Emergency Ordinance no. 189/ signed with the Driver Licenses and Vehicle Registration Division (DRPCIV); The Memorandum of Understanding for cooperation within the European Insurance and Occupational Pensions Authority (EIOPA) signed with the Private Pension System Supervisory Commission (PPSSC). In 2012, there were no changes to ISC s organisational structure, as the authority aimed at aligning its strategic objectives to the current European financial supervisory system. The focus was on maintaining competent human resources in key positions. The employees ongoing professional development continued to be one of the key objectives of the Insurance Supervisory Authority in Following approval of the Insurance Supervisory Commission Strategy for which included among its key priorities the strengthening of institutional capacity at national and European level, the Commission focused on the professional education of its employees, particularly the employees in specialised directorates. In the course of 2012, the employees of the Insurance Supervisory Commission attended workshops and conferences organised in Romania and abroad, as well as in-house training sessions. Participation in the meetings of the Colleges of Supervisors for various insurance groups active in Romania was also one of the Commission s key concerns. As part of the reorganisation process started in 2011, the Insurance Supervisory Commission established an Actuarial Directorate whose main duty is to provide technical assistance in the day-to-day activities of the Insurance Supervisory Commission currently, the Financial Supervisory Authority as well as in view of implementing the Solvency II regime. The Actuarial Directorate provides technical assistance to the other ISC directorates with regard to: the authorisation of insurance undertakings, the authorisation of new classes of insurance and of catastrophe risks, cross-border insurance, portfolio transfers, mergers, changes in shareholder structures; on-site inspections and off-site supervision; verification of MTPL premium rate calculations; the preparation or amendment of normative acts; the handling of complaints; the preparation of documents for court cases; interpretation of the legislation in force; the completion of questionnaires or reports to national and international institutions. The Actuarial Directorate has been involved in actions related to the implementation of the new supervisory regime - Solvency II as part of the dedicated ISC task force, in parti isc.ro

45 Annual Report 2012 cular with regard to the pre-application process and the approval of internal models. The Actuarial Directorate has been also involved in the activities of the Colleges of Supervisors established within the framework of EIOPA as well as of the working group established for the implementation of the International Financial Reporting Standards (IFRS). According to the legislation in force, the employees of the ISC s Actuarial Directorate have temporarily held the vacant actuary positions of some insurance undertakings, with a view to protect the interests of policyholders and injured parties. According to the regulations in force, one of the main duties of the actuaries employed by insurance undertakings is to prepare and submit to ISC the annual actuarial report comprising the actuary s opinion on the adequacy and compliance of insurance premiums and technical reserves, together with other technical data. In order to improve the quality of actuarial reports as well as their usefulness for supervisory purposes, ISC has issued Order no. 4/2011 including new requirements for the presentation of actuarial analyses, such as the definition of the factors considered in the calculation of premium rates and technical reserves. The actuarial reports for 2012, prepared in accordance with the applicable norms, have been reviewed and discussed by the employees of the ISC Actuarial Directorate in a constructive manner, together with the authorised actuaries who had prepared the reports. One of the activities of the Actuarial Directorate involves the operation of the Registry of Actuaries which is developed and maintained by the Insurance Supervisory Commission; the natural persons who request registration should meet the conditions set out in the applicable legislation. As of , 126 persons were registered with the Registry of Actuaries, of which 108 persons had been registered in the period , while 18 persons were registered in From the perspective of the new Solvency II regime, the actuarial function is an integral part of the corporate governance system. In accordance with the provisions set forth in the framework Directive which regulates the future Solvency II regime, in order to become an actuary, a person needs to have adequate knowledge of actuarial and financial mathematics, given the nature, scope and complexity of the risks inherent to insurance or reinsurance activities and also needs to bring evidence of relevant experience in line with professional and other relevant standards. The organisational structure of the Insurance Supervisory Commission also included four Regional Offices based in Cluj-Napoca, Iași, Timișoara and Constanța. These regional offices ensure the more effective discharge of supervisory and inspection duties at national level, considering the geographical spread of insurance undertakings. At the same time, by receiving the complaints lodged by policyholders and injured persons, the regional offices facilitated easier access to this method of resolving complaints arising in the business relationships established between insurance undertakings/insurance brokers and the natural and legal persons based within the territory of Romania, who act as parties to insurance contracts. Part II The insurance Supervisory Commission In accordance with the provisions laid down in Law no.32/2000 on insurance undertakings and insurance supervision, as amended and supplemented, the revenue sources of the Insurance Supervisory Commission were the following: the operating fees paid by insurance undertakings and insurance brokers, whose amount is established on an annual basis by way of Commission norms (as a percentage of gross premiums received or brokerage revenues, as appropriate, in the corresponding period), plus penalties calculated according to the legislation in force for failure to pay fees in a timely manner. In 2012, the operating fee was set at 0.3%; the authorisation fee, established according to the provisions laid down in art. 13 and art. 36 of Law no. 32/2000, as amended and supplemented; the contribution owed by the insurance undertakings which are authorised to carry out compulsory insurance activities, calculated as a percentage - established pursuant to ISC norms - of gross premiums received from compulsory insurance. In 2012, the applicable percentage was set at 1%; other legal sources. The financial statements as of were prepared in compliance with the requirements set forth in the Accounting Law no. 82/1991, as amended and supplemented, as well as with the legal regulations concerning the closing of accounts and the preparation and submission of financial statements for budget execution as at 31 December According to the Report concerning the level of management awareness with respect to the reliability of the accounting system, a report prepared pursuant to art. 13, para. (2), letter g) of Law no. 672/2002 on internal statutory audit, there were no instances of breach or infringement of normative acts. Table 32. Budget execution as of RON thousand Indicator Estimate Actual Revenue, of which: 55,500 54,968 Fees and other charges 49,900 48,697 Financial revenues 5,600 6,271 Expenditure, of which: 75,031 69,899 Current expenditure 70,921 66,204 Capital expenditure 4,110 3,695 As at 2012 year-end, the Insurance Supervisory Commission had no overdue contributions to the state budget, social security budget, unemployment insurance or health insurance budget. 43

46 Chapter 2 The activity of the Insurance Supervisory Commission 2.1. Regulatory activities The regulations issued by ISC to implement the provisions set forth in the primary legislation which governs the insurance industry in Romania are in line with the Commission s core objectives, namely market stability and protection of policyholder interests. In 2012, the legal framework applicable to insurance undertakings and insurance brokers was amended and supplemented by way of the following norms, implemented by Orders of the President of the Insurance Supervisory Commission: Order no. 1 of 09/01/2012 amending and supplementing the Norms concerning the information which shall be disclosed by insurance undertakings and intermediaries as well as other features of insurance contracts, implemented by Order no. 23/2009 of the President of the Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 26 of 12/01/2012); Order no. 2 of 08/02/2012 concerning the appointment of the members of the Insurance Surveillance Commission (published in the Official Gazette, Part I, no. 115 of 14/02/2012); Order no. 3 of 01/03/2012 implementing the Norms concerning the closing of the financial year 2011 by insurance undertakings (published in the Official Gazette, Part I, no. 146 of 05/03/2012) Order no. 4 of 06/03/2012 amending the Norms concerning insurance portfolio transfers, implemented by Order no /2006 of the President of the Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 160 of 09/03/2012); Order no. 5 of 23/03/2012 concerning the contribution of insurance undertakings to the Street Victims Protection Fund (published in the Official Gazette, Part I, no. 203 of 27/03/2012); Order no. 6 of 28/03/2012 amending some normative acts regarding the deadline for depositing premiums generated from business written by insurance intermediaries to the accounts of insurance undertakings (published in the Official Gazette, Part I, no. 225 of 04/04/2012); Order no. 7 of 26/04/2012 amending and supplementing the Norms concerning disclosure and reporting requirements applicable to the statutory audit of the financial statements of insurance/reinsurance undertakings, approved by Order no. 22/2008 of the President of the Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 297 of 05/05/2012); Order no. 8 of 03/05/2012 implementing the Norms concerning education services providers and the certification of insurance trainers (published in the Official Gazette, Part I, no. 329 of 16/05/2012); Order no. 9 of 03/05/2012 implementing the Norms concerning the professional qualification and ongoing training of insurance intermediaries (published in the Official Gazette, Part I, no. 329 of 16/05/2012); Order no. 10 of 11/05/2012 implementing the Norms concerning the conditions and means for the electronic communication of some information regarding insurance contracts (published in the Official Gazette, Part I, no. 336 of 18/05/2012); Order no. 11 of 23/05/2012 implementing the Norms concerning the handling of complaints lodged against insurance undertakings and insurance intermediaries (published in the Official Gazette, Part I, no. 367 of 30/05/2012); Order no. 12 of 28/06/2012 implementing the Norms concerning the authorisation and pursuit of catastrophe risk underwriting and reinsurance (published in the Official Gazette, Part I, no. 449 of 05/07/2012); Order no. 13 of 29/06/2012 amending and supplementing the Norms concerning the authorization of insurance and/or reinsurance brokers, as well as the requirements concerning the maintenance of such authorization, implemented by Order no. 15/2010 of the President of the Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 501 of 20/07/2012); Order no. 14 of 29/06/2012 implementing the insurance undertakings Accounting Reporting System as of 30 June 2012 (published in the Official Gazette, Part I, no. 451 of 05/07/2012); Order no. 15 of 16/08/2012 implementing the Norms concerning the format and content of the contract for compulsory insurance against earthquakes, landslides and floods (published in the Official Gazette, Part I, no. 603 of 22/08/2012); Order no. 16 of 24/08/2012 implementing the Norms concerning the authorisation and pursuit of insurance by insurance undertakings (published in the Official Gazette, Part I, no. 631 of 03/09/2012); Order no. 17 of 25/09/2012 amending the Norms concerning the use of the Amicable accident report, implemented by Order no. 21/2008 of the President of the Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 693 of 09/10/2012); Order no. 18 of 28/09/2012 amending some normative isc.ro

47 Annual Report 2012 acts concerning the calculation of the available solvency margin of insurance/reinsurance undertakings, the minimum solvency margin and the safety margin, with a view to adjust some euro-denominated sums (published in the Official Gazette, Part I, no /10/2012); Order no. 19 of 04/10/2012 amending and supplementing the Norms concerning the calculation and recording of minimum technical reserves for non-life insurance, implemented by Order no /2003 of the President of the Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 696 of 10/10/2012); Order no. 20 of 10/10/2012 supplementing the Norms concerning the authorisation and pursuit of insurance by insurance undertakings, implemented by Order no. 16/2012 of the President of the Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 706 of 16/10/2012); Order no. 21 of 02/11/2012 amending and supplementing the Norms concerning the format and content of the contract for compulsory insurance against earthquakes, landslides and floods, implemented by Order no. 15/2012 of the President of the Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 748 of 07/11/2012); Order no. 22 of 06/12/2012 amending and supplementing the Norms concerning compulsory motor third party liability insurance, implemented by Order no. 14/2011 of the President of the Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 840 of 13/12/2012); Order no. 23 of 20/12/2012 amending and supplementing the Norms concerning the professional qualification and ongoing training of insurance intermediaries, implemented by Order no. 9/2012 of the President of the Insurance Supervisory Commission (published in the Official Gazette, Part I, no. 898 of 28/12/2012) Authorisation activities Authorisation activities are discharged pursuant to the provisions laid down in Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented, and in the norms issued for the implementation of the said law. In 2012, authorisation activities were mainly focused on: the authorisation of insurance and/or reinsurance undertakings; the approval of the pursuit of new classes of insurance; the approval of catastrophe risk underwritings; the approval and endorsement of amendments to the articles of association of insurance and/or reinsurance undertakings, mainly with respect to: changes in business names; the establishment/closing down/relocation of representative offices/agencies/branches; Part II The insurance Supervisory Commission approval of Chief Executive Officers; approval of Deputy Chief Executive Officers; changes in the membership of Boards of Directors; approval of Management Board members; approval of Supervisory Board members; approval of significant persons; assignment/sale-purchase of shares; approval of the intention to acquire direct significant shareholding; approval of new direct significant shareholders; approval of the intention to acquire indirect significant shareholding; approval of new indirect significant shareholders; increase of share capital holdings; share capital decrease; changes of shareholder business name. portfolio transfers; the pursuit of insurance activities within the territory of the European Union, by way of the freedom of establishment; the sanctioning of insurance and/or reinsurance undertakings and significant persons; the authorisation of insurance and/or reinsurance brokers; the approval and endorsement of amendments to the articles of association of insurance and/or reinsurance brokers, mainly with respect to: share capital increase; assignments of shares/equity holdings; significant shareholders/equity holders; executive officers/chief executive officer; approval of new directors; changes in business names; adding supplemental lines of business, such as: voluntary and/or private pension plans; risk assessment and damage inspection. the sanctioning of insurance and/or reinsurance undertakings; approval of captive insurance agents; updating the Registry of Insurance Undertakings and the Registry of Insurance Brokers, as well as of the database of insurance undertakings and intermediaries authorised in other Member States who submit notification concerning their intention to pursue business in Romania by way of the freedom of establishment or the freedom to provide services. Authorisation of insurance and/or reinsurance undertakings As of 31 December 2012, 39 insurance undertakings 45

48 were authorised in Romania, of which 8 composite undertakings, 20 non-life insurance undertakings and 11 life insurance undertakings. Approval and endorsement of amendments to the articles of association of insurance and/or reinsurance undertakings In 2012, the Insurance Supervisory Commission approved the following: the merger by absorption between BCR Asigurări Vienna Insurance Group as acquirer and Omniasig Vienna Insurance Group as acquired entity; the share capital increase of 15 insurance undertakings; the share capital decrease of 4 insurance undertakings; the withdrawal upon request of the authorisation of 2 insurance undertakings: SOCIETATEA DE ASIGURĂRI CHARTIS ROMÂNIA SA, following transfer of the insurance portfolio from Societatea de Asigurări Chartis România to the Bucharest Branch of Chartis Europe Limited London; SC OMNIASIG VIENNA INSURANCE GROUP SA, following transfer of the insurance portfolio from Omniasig Vienna Insurance Group, as transferee to BCR Asigurări Vienna Insurance Group as transferor, and the merger by absorption between BCR Asigurări Vienna Insurance Group as acquirer and Omniasig Vienna Insurance Group as acquired entity; changes in the line of business for the insurance undertakings below: SC ONIX ASIGURARI SA elimination of life insurance and maintenance of non-life insurance, following the transfer of equity and assets from the life insurance segment to the non-life insurance segment; SC ONIX ASIGURARI SA elimination of an ancillary line of business - Pension plans (except for public social security funds) Code 6530; METROPOLITAN LIFE ASIGURĂRI SA elimination of an ancillary line of business Pension plans (except for public social security funds) Code 6530; changes in the business names of the following insurance undertakings: from BCR ASIGURĂRI VIENNA INSURANCE GROUP SA to OMNIASIG VIENNA INSURANCE GROUP SA; from AVIVA ASIGURĂRI DE VIAȚĂ SA to METROPOLI- TAN LIFE ASIGURĂRI SA; from EFG EUROLIFE ASIGURĂRI GENERALE SA to EU- ROLIFE ERB ASIGURĂRI GENERALE SA; from EFG EUROLIFE ASIGURĂRI DE VIAŢĂ SA to EU- ROLIFE ERB ASIGURĂRI DE VIAȚĂ SA. Portfolio transfers The Insurance Supervisory Commission has also approved the transfer of insurance portfolios between the following insurance undertakings: from Societatea de Asigurări Chartis Romania SA to the Bucharest Branch of Chartis Europe Limited London; from Omniasig Vienna Insurance Group SA to BCR Asigurări Vienna Insurance Group SA. The pursuit of insurance activities within the territory of the European Union by way of the freedom of establishment In 2012, the following insurance undertakings have engaged in the pursuit of insurance activities within the territory of one or several EU Member States by way of the freedom to provide services: ONIX ASIGURĂRI SA; EUROINS ROMÂNIA ASIGURARE REASIGURARE SA; SOCIETATEA COMERCIALĂ DE ASIGURARE-REASIG- URARE ASTRA SA; CERTASIG - SOCIETATE DE ASIGURARE ȘI REASIGURARE SA; FORTE ASIGURĂRI REASIGURĂRI SA; CREDIT EUROPE ASIGURĂRI - REASIGURĂRI SA; COMPANIA DE ASIGURĂRI - REASIGURĂRI EXIM ROMÂ- NIA (CARE - ROMÂNIA) SA. Also, 3 insurance brokers have engaged in the pursuit of insurance mediation activities within the territory of one or several EU Member States by way of the freedom to provide services. Authorisation, approval and endorsement of amendments to the articles of association of insurance and/ or reinsurance brokers As of 31 December 2012, 585 insurance brokers were authorised to carry out insurance mediation activities, of which 26 insurance brokers have been authorised in the course of Following the review of the documents submitted, ISC has approved, besides other amendments to articles of association (i.e. assignments of shares, new shareholders, relocations, etc.), the share capital increase of 10 insurance and/or reinsurance brokers and the share capital decrease of 2 insurance brokers. In 2012, the following insurance brokers have changed their business names: from STEIN INSURANCE BROKER SRL to STEIN BE- STASIG INSURANCE BROKER SRL; from PROTECTOR BROKER DE ASIGURARE SRL to BA- VARIA BROKER DE ASIGURARE SRL; from ASILIFE INSURANCE BROKER SRL to MED LIFE BROKER DE ASIGURARE ȘI REASIGURARE SRL; from SET 4 COVER BROKER DE ASIGURARE REASIG- URARE SRL to UIRB-UNITED INSURANCE REINSURANCE BROKER SA; isc.ro

49 Annual Report 2012 from AFIN BROKER DE ASIGURARE REASIGURARE SRL to IVECO CAPITAL BROKER DE ASIGURARE REAS- IGURARE SRL; from BESTASIG BROKER DE ASIGURARE-REASIGURARE SRL to MOLD EXPERT BROKER DE ASIGURARE-REASIG- URARE SRL. The sanctioning of insurance undertakings and insurance and/or reinsurance brokers The ISC Council has approved the sanctioning by written warning of two significant persons the Executive Officers of two insurance undertakings and the sanctioning by fine of three significant persons Board members of one insurance undertaking for non-compliance with the provisions laid down in Law no. 32/2000, as amended and supplemented, and the norms in force. The ISC Council has also decided the temporary prohibition of two insurance brokers and the sanctioning by written warning of five insurance brokers. Updating the Registry of Insurance Undertakings and the Registry of Insurance Brokers In order to facilitate public access to information, ISC has permanently updated the Registry of Insurance Undertakings and Insurance and/or Reinsurance Brokers available at which comprises two sections: section A data on all the insurance undertakings and brokers authorised by the Insurance Supervisory Commission; section B data on insurance undertakings and brokers whose authorisations have been withdrawn. The Insurance Supervisory Commission has also updated its own website with data on the insurance undertakings authorised by the supervisory authorities of other Member States which had notified their intention to pursue insurance/insurance mediation activities within the territory of Romania. The Commission has also updated the Registry of insurance education services providers, as well as the Registry of insurance trainers, both available at The aforementioned Registries comprise information on the entities authorised as education services providers and the persons certified as insurance trainers Off-site supervision and on-site inspection activities The supervision of insurance undertakings and brokers is at the core of all the actions of the Insurance Supervisory Commission, given its role in the protection of policyholders and a stable insurance market in Romania. The Commission s supervisory actions have focused on off-site supervision and on-site inspections. Off-site supervision Part II The insurance Supervisory Commission Off-site supervision activities have been conducted mainly by the Market Stability, Supervision and Inspection Directorate (DSPSC), which is in charge of reviewing the technical and financial results comprised in the regular reports submitted by insurance undertakings and brokers. The DSPSC team is also involved in on-site inspections. This directorate is a key structure of the Insurance Supervisory Commission and provides analyses and opinions which are necessary for other specialised directorates of the authority. The expert team of the Market Stability, Supervision and Inspection Directorate has been cooperating with the other directorates of the Insurance Supervisory Commission with the aim to review and resolve the various requests filed by insurance/reinsurance undertakings concerning: portfolio transfers and/or mergers, the pursuit of new classes of insurance, share capital increases, changes of significant shareholders, the pursuit of insurance activities within the territory of other EU Member States, etc. Pursuant to the Memorandums of Understanding signed by the Insurance Supervisory Commission with other authorities and institutions in Romania (National Bank of Romania, Romanian National Securities Commission, Private Pension System Supervisory Commission, National Institute of Statistics), DSPSC collects and provides data concerning the insurance market, issues opinions concerning measures aimed at ensuring financial stability, and provides other reports at the request of the aforementioned institutions. For the effective discharge of off-site supervision and onsite inspection duties, the Directorate also issues opinions and provides European and international bodies, such as EIOPA, IMF, the World Bank, EIOPC, IAIS and the European Central Bank with insurance-specific indicators compiled based on data gathered from the Romanian market. Moreover, the Directorate s team also participated in the meetings of the Colleges of Supervisors of various insurance groups. In the course of 2011, as part of the process of preparation and implementation of the new Solvency II supervisory regime, the DSPSC team has been involved and participated in the meetings of the EIOPA working groups, the EIOPC solvency expert groups, as well as in the conferences and seminars organised both in Romania and abroad. DSPSC, in cooperation with other directorates of the Insurance Supervisory Commission, has been committed to the process of drafting amendments/supplementations to the norms issued by ISC on technical reserves, the calculation of the solvency margin, the authorisation of insurance undertakings/brokers, as well as to the process of drafting the norms for the authorisation and pursuit of catastrophe risk underwriting and reinsurance. 47

50 Another ISC Directorate involved in the off-site supervision process is the Accounting Regulations Directorate General (DGRC). The core duties of the Directorate with respect to off-site supervision are: the review of the statutory audit reports on the financial statements of insurance undertakings, the review of internal audit reports, and the monitoring of the changes in the risk profiles of insurance undertakings, according to the reports submitted to ISC pursuant to risk management regulations. The statutory audit of insurance undertakings According to the legal provisions in force, statutory audit reports are submitted to ISC together with the annual financial statements of the previous financial year no later than 15 April of the current financial year. Consequently, in 2012, the Insurance Supervisory Commission reviewed the statutory reports for the financial year The same as in the previous years, statutory audit reports had been prepared by statutory auditors, members of the Chamber of Financial Auditors of Romania (CAFR) approved by ISC in accordance with the applicable legal provisions in force. These reports showed the auditors opinion on the annual financial statements of insurance undertakings, the true and fair presentation of financial position, financial results, cash flows and other data, according to the requirements of the professional standards published by CAFR as well as to the management letters submitted to ISC together with the annual financial statements. The review concluded that statutory audit reports observed the disclosure and reporting requirements set out in Order no. 22/2008 and provided users with a comprehensive presentation of the insurance activities carried out by the audited insurance undertakings. The reports also included the auditors opinion on the Directors Report compliance with the annual financial statements and made reference to: compliance with the legal provisions concerning the calculation and recording of technical reserves, the assets admitted to cover such technical reserves and investment portfolio diversification; compliance with the legal provisions concerning the solvency margin and the liquidity ratio; compliance with the internal regulations concerning reinsurance arrangements, the manner in which the obligations established in reinsurance contracts are met and the consideration of reinsurance items in the calculation of the solvency margin; internal audit and control practices and procedures as well as potential deficiencies and remedial actions recommended. The internal audit of insurance undertakings The Insurance Supervisory Commission has reviewed the annual reports concerning the internal audit of insurance/reinsurance undertakings, including the implementation of the recommendations made, in accordance with the provisions laid down in Order no.18/2009 approving the Norms concerning the establishment of an internal control and risk management system, implementing the provisions laid down in Law no. 32/2000 on insurance undertakings and insurance supervision. The review of the reports showed findings in the following areas: compliance with insurance-specific regulations, the determination of technical reserves, assets admitted to cover gross technical reserves, the liquidity ratio and solvency margin, asset spreading, reinsurance programmes as well as internal control and audit procedures. In 2012, the activities of the Accounting Regulations Directorate General have been focused on enhancing the quality of the financial reports submitted by insurance/ reinsurance undertakings, with a view to ensure transition to the application of International Financial Reporting Standards (IFRS) as accounting basis for the preparation of annual financial statements. After a number of discussions and reviews of several documents concerning transition to IFRS, the ISC Council decided that insurance undertakings should follow some preliminary steps in their transition process. Thus, the ISC Council decided that for a period of 3 years (possibly 2 years, if feasible) insurance undertakings should prepare two sets of annual financial statements one set in line with European Directives, and the second according to IFRS. Taking into consideration the gross written premiums reported for 2011, the Insurance Supervisory Commission Council decided that the following 10 insurance undertakings should prepare a second set of annual financial statements, according to IFRS: SOCIETATEA COMERCIALĂ DE ASIGURARE-REASIG- URARE ASTRA SA ALLIANZ - TIRIAC ASIGURĂRI SA OMNIASIG VIENNA INSURANCE GROUP SA GROUPAMA ASIGURARI SA ASIGURAREA ROMÂNEASCĂ-ASIROM VIENNA INSUR- ANCE GROUP SA GENERALI ROMÂNIA ASIGURARE REASIGURARE SA UNIQA ASIGURĂRI SA ING ASIGURĂRI DE VIAȚĂ SA BCR ASIGURĂRI DE VIAȚĂ VIENNA INSURANCE GROUP SA ALICO ASIGURĂRI ROMÂNIA SA. The interim period referred to above is meant to facilitate the identification and measurement of the impact of transition to IFRS before actually adopting the new standards as basis of accounting, while at the same time allowing the necessary time for adjusting the legal framework, particularly with regard to prudential supervision regulations and the corresponding amendments to the Fiscal Code. According to the initial schedule, a review will be con isc.ro

51 Annual Report 2012 ducted in 2014 with a view to ensure transition to the application of IFRS as accounting basis, also considering the following: the completion of IFRS 4 Insurance Contracts, which is closely connected with the completion of IFRS 9 Financial Instruments and the provisions of IFRS 13 Fair value measurement; the implementation/applicability of the provisions laid down in Directive 2009/138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II Directive). The use of IFRS as primary basis of accounting requires some preliminary actions with regard to: the establishment of working groups: a steering committee comprising representatives of the Financial Supervisory Authority and representatives of statutory audit firms, plus operating working groups comprising representatives of the supervisory authority, statutory audit firms and insurance undertakings; the establishment of a communication platform between insurance undertakings, the Insurance Supervisory Commission and statutory audit firms; the identification of differences between accounting treatment under the Accounting regulations in line with European Directives and accounting treatment under IFRS; handling the problems identified in the calculation of IFRS opening balances and the preparation of the first set of IFRS financial statements; the preparation of accounting monographs/guidelines; participation, together with the representatives of insurance undertakings, in meetings where discussions revolve around the identification of the main differences between accounting treatment under IFRS and other accounting treatments, supervisory and fiscal regulations; the involvement of other insurance undertakings through participation in the meetings of the working groups; the identification of training needs; sending quarterly progress reports to the Council of the Financial Supervisory Authority; regular reports and meetings with the representatives of other regulatory authorities. Transition to the application of International Financial Reporting Standards (IFRS) requires insurance undertakings to have in place both the procedures and the reporting lines necessary for an orderly pursuit of business according to the type, nature and impact of potential risks. The off-site supervision of catastrophe risk underwriting and reinsurance By Order no. 12/2012 of the President of the Insurance Part II The insurance Supervisory Commission Supervisory Commission implementing the Norms concerning the authorisation and pursuit of catastrophe risk underwriting and reinsurance, the Insurance Supervisory Commission has taken the first steps towards an approach to catastrophe risks within the framework of statutory capital requirements, thus duly anticipating the entry into force of the new Solvency II regime. The new regulations concerning the pursuit of catastrophe risk underwriting and reinsurance focus on the following aspects: including the catastrophe risk underwriting and reinsurance programmes of insurance undertakings in their risk profiles and the presentation of such programmes by resolution of the Board of Directors/Supervisory Board of insurance undertakings; the establishment of an internal control system for the risks assumed by insurance undertakings, while keeping net exposure within the limits of the risk profile approved; the requirements which should be met provided that insurance undertakings seek to expand their catastrophe risk underwriting capacity; the mandatory requirement for the Board of Directors/ Supervisory Board of insurance undertakings to review risk profiles whenever significant changes occur in the insurer s development strategy or financial statements, but no less than once a year; the mandatory requirement for the term of reinsurance contracts to cover the entire term of catastrophe risk underwriting; The relevant norms also request that the following information should be mandatorily reported to the Insurance Supervisory Commission: the sums assured per CRESTA zones in Romania or other countries; the presentation of the reinsurance programme corresponding to catastrophe insurance contracts; the determination of probable maximum loss; the sums assured ceded to reinsurance corresponding to catastrophe risks not covered by reinsurance programmes; other types of catastrophe risk transfers ( Alternative Risk Transfers (ART). The Insurance Supervisory Commission has reviewed the information submitted by the 26 insurance undertakings authorised to underwrite catastrophe risks as well as the Reports on reinsurance strategy for The Market Stability, Supervision and Inspection Directorate (DSPSC) has compiled and reviewed all the reports on risk management, internal control systems and internal audit, also having in view the findings reported in the management letters prepared by statutory auditors following the review of the annual financial statements filed by insurance undertakings. 49

52 DSPSC has also reviewed the implementation of the recommendations made by the ISC Council to insurance/ reinsurance undertakings and insurance/reinsurance brokers, as well as the carrying out of the turnaround process instituted by the ISC Council in the case of Forte Asigurări Reasigurări SA. Reports management For the more effective review and processing of the technical and financial results submitted by the supervised entities of the insurance market, the Insurance Supervisory Commission has implemented a new electronic reports management platform - CSA-EWS. The Market Stability, Supervision and Inspection Directorate has reviewed the reporting templates for insurance undertakings/brokers both in the old and in the new reporting systems, compliance of final reports with the format and content of templates, and the uploading of correction reports in the new electronic system. The process will continue in 2013 until full implementation of the new system. The development and implementation of a KPI-based early warning system was necessary for the effective use of data collected from insurance market entities, as well as of the data compiled by the Insurance Supervisory Commission. The system will be fully integrated in the new electronic platform and will allow users to define as many data sources, entities, indicators and correlations as needed. Eventually, this system will contribute to an improved risk-based off-site supervisory process, where the financial risks of insurance companies are identified and measured in a timely manner, so that material and human resources should be dedicated to those insurance undertakings which are under imminent threat. Throughout the year 2012, off-site supervision has been focused on overseeing the solvency levels of insurance undertakings, and action plans have been requested to all insurance undertakings with falling solvency ratios. Following off-site supervisory actions, a number of 7 insurance brokers were sanctioned in 2012: 3 insurance brokers were sanctioned by written warning and the executive officers of 4 brokers were sanctioned by fine in the amount of RON 2,500. Pursuant to the resolutions made by the ISC Council, warning letters have been sent to the management of 2 insurance brokers concerning failure to observe the legal provisions in force with regard to the submission of regular reports. On-site inspection Regular on-site inspections were conducted in line with the Annual Inspection Plan for 2012, as approved by the ISC Council, in accordance with the specific duties of the Market Stability, Supervision and Inspection Directorate and the provisions laid down in Law no. 32/2000, as amended and supplemented. On-site inspections were also conducted following offsite supervision recommendations, requests to temporary suspend business or withdraw authorisations and reports prepared by other ISC directorates and approved by the ISC Council On-site inspections of insurance undertakings In 2012, the Insurance Supervisory Commission has completed ten on-site inspections of insurance and/or reinsurance undertakings, of which two regular inspections and eight surprise visits. The Commission has also participated in the surprise visit organised by the Hungarian Financial Supervisory Authority at the branch of Societatea Comercială de Asigurare-Reasigurare ASTRA in Hungary. Moreover, in October 2012, the Insurance Supervisory Commission started two more regular inspections at the premises of Carpatica Asig SA and Societatea Comercială de Asigurare-Reasigurare ASTRA SA. a) Insurance and/or reinsurance undertakings subject to regular on-site inspections: UNIQA Asigurări SA and EU- REKO Asigurari SA; As a result of the findings of the regular on-site inspections conducted at the premises of the two insurance undertakings, the ISC Council decided the following: UNIQA Asigurări SA remedial action plan; EUREKO Asigurări SA remedial action plan. b) Insurance and/or reinsurance undertakings subject to surprise visits on specific themes: PAID SA verification of compliance with the requirements approved by way of authorisation; ALLIANZ-ȚIRIAC Asigurări SA verification of the manner in which the remedial action plan decided by the ISC Council was implemented; LIG Asigurări SA verification of compliance with the requirements approved by way of authorisation, verification of the manner in which the provisions laid down in the relevant ISC norms are observed, verification of the effectiveness of asset-liability management in the company s insurance portfolio, verification of compliance with legal provisions concerning the prevention and control of money laundering and terrorist financing; AEGON Asigurări de Viață verification of the life insurance portfolio transfer to AEGON Towarzystwo Ubezpieczen na zycie SA; SC OMNIASIG VIG SA verification of the measures implemented in the company s claims handling process with a view to reduce the number of complaints, verification of record-keeping procedures for MTPL and CASCO claim files, verification of the manner in which corresponding technical reserves are set up/released; Societatea Comercială de Asigurare-Reasigurare AS- TRA SA - verification of the measures implemented in the company s claims handling process with a view isc.ro

53 Annual Report 2012 to reduce the number of complaints, verification of record-keeping procedures for MTPL and CASCO claim files, verification of the manner in which corresponding technical reserves are set up/released; SC EUROINS ROMANIA Asigurare - Reasigurare SA verification of the measures implemented in the company s claims handling process with a view to reduce the number of complaints, verification of record-keeping procedures for MTPL and CASCO claim files, verification of the manner in which corresponding technical reserves are set up/released; SC Asigurarea Romaneasca ASIROM VIG SA verification of the measures implemented in the company s claims handling process with a view to reduce the number of complaints, verification of record-keeping procedures for MTPL and CASCO claim files, verification of the manner in which corresponding technical reserves are set up/released. Some of the most frequent findings of on-site inspections include: the inexistence of an overall risk profile; the inexistence of an adequate internal control and risk management system, which renders impossible the identification, mitigation and management of risks; the lack of/inadequacy of the internal audit function; the lack of internal policies/procedures/rules for all lines of business; the lack of a high-quality integrated IT system aimed to ensure: automatic recording of all insurance policies, automatic editing of all reports, the editing of reports to the Insurance Supervisory Commission; the lack of internal rules for the calculation of all technical reserves; inadequate outstanding claims reserves; incorrect calculation of technical reserves (unearned premiums reserve, mathematical reserve, outstanding claims reserve, incurred but not reported claims reserve, technical reserve for benefits and rebates); inconsistencies between technical results and accounting records with respect to gross written premiums, gross premiums earned, technical reserves, claims paid; inadequate complaints registration and late resolution; inadequate disclosure of information to policyholders/potential policyholders and beneficiaries/potential beneficiaries; late reporting to ISC; incorrect calculation and late payment of fees owed to ISC; non-compliance with the accounting regulations in force; non-compliance with the requirements approved for authorisation, amendments to articles of association without ISC s approval. Table 33. Sanctions enforced against insurance brokers following inspections conducted in 2012 No. Insurance broker Decision Sanction 1 SC EXPRES BROKER DE ASIGURARE SRL 83/ written warning to executive officers 2 SC TERANO ASIG - BROKER DE ASIGURARE SRL 128/ written warning to executive officers 3 SC RISK EXPERT INSURANCE BROKER SRL 130/ temporary prohibition to pursue business 4 SC STRATEGIC INSURANCE BROKER SRL 185/ authorisation withdrawal 5 SC ASIRAL BROKER DE ASIGURARE SRL 6 SC CENTRUM ASIG-BROKER DE ASIGURARE SRL 244/ / / / retragere autorizaţie retragere aprobare conducere executivă authorisation withdrawal withdrawal of executive officer approval 7 SC KING OF BROKERS IN ROMANIA - BROKER DE ASIGURARE SRL 246/ authorisation withdrawal 8 SC KALL BROKER DE ASIGURARE SRL 9 SC USC ALL FINANCE BROKER DE ASIGURARE SRL 294/ / / / temporary prohibition to pursue business withdrawal of executive officer approval authorisation withdrawal withdrawal of executive officer approval 10 SC NEUTRO RISK - BROKER DE ASIGURARE SRL 302/ authorisation withdrawal 11 SC TAR & TAR BROKER DE ASIGURARE SRL 303/ fine for executive officer 12 SC NEWBROKER ASIG MC BROKER DE ASIGURARE SRL 357/ / authorisation withdrawal withdrawal of executive officer approval 13 SC CONCRET BROKER DE ASIGURARE SRL 355/ authorisation withdrawal 14 SC IRECSON BROKER DE ASIGURARE-REASIGURARE SRL 356/ authorisation withdrawal 15 SC SIC ASIGURARI BROKER DE ASIGURARE SRL 414/ fine for the executive officer 16 SC TRANSILVANIA BROKER DE ASIGURARE SRL 479/ written warning to executive officers 17 SC PAN GABRIEL BROKER DE ASIGURARE SRL 721/ authorisation withdrawal 18 SC ASIG CONSULT BROKER DE ASIGURARE SRL 646/ fine for the company 19 SC BUCOVINA ASIG - BROKER DE ASIGURARE SA 647/ authorisation withdrawal 20 SC MOBIL BROKER DE ASIGURARE SRL 5/ written warning to executive officers 21 SC NET BROKER DE ASIGURARE SRL 20/ written warning to executive officers Part II The insurance Supervisory Commission 51

54 On-site inspections of insurance brokers In 2012, the Insurance Supervisory Commission has completed 54 on-site inspections at the premises of insurance brokers, of which 17 regular inspections and 37 surprise visits. Consequently, the Commission decided on the following sanctions: written warning to executive officers: 5 insurance brokers; fine to executive officers: 2 insurance brokers; fine to the company: 1 insurance broker; temporary prohibition to conduct business: 2 insurance brokers; withdrawal of executive management approval: 5 insurance brokers; withdrawal of authorisation: 11 insurance brokers. Temporary prohibitions to conduct business and withdrawals of authorisations were enforced for offences such as: non-compliance with authorisation requirements; lack of professional liability insurance; late submission or failure to submit regular reports to ISC; failure to pay premiums to insurers; late submission or failure to submit anti-money laundering and terrorist financing procedures and/or the list of designated officers; late submission or failure to submit the list of persons designated to enforce international sanctions; accounting errors, etc. Also as a result of the on-site inspections conducted in 2012, the ISC Council has approved the requests filed by: 15 insurance brokers with regard to authorisation withdrawal, 5 insurance brokers with regard to the voluntary suspension of business, one insurance broker with regard to resumption of business. The Insurance Supervisory Commission was also notified of the voluntary dissolution of one insurance broker and decided the implementation of remedial action plans in the case of 8 insurance brokers. As regards the other insurance brokers subject to inspection, the inspection teams prepared reports and decided no sanctions or remedial measures Legal activities The core duty of the Litigation, Legal Documentation and Parliament Liaison Directorate (DCDLRP) was to represent the interests of the Insurance Supervisory Commission in court. The activities of the Directorate observed the provisions laid down in Law no. 514/2003 on the taking-up and pursuit of the legal advisor profession, and in the Code of Conduct for legal advisors, in accordance with the powers and duties set out in the Commission s internal regulations and subject to all the decisions passed by the ISC Council. In 2012, the DCDLRP legal advisors prepared the defence and represented the interests of ISC in 66 court cases, of which 27 appeals filed against decisions issued by the Commission, and 39 other cases with various subject matters (such as: the enforcement of court decisions against ISC, request to suspend the execution of an order issued by ISC, exceptions of illegality concerning normative acts issued by ISC, labour litigation, etc.). In the course of 2012, 12 forced execution files were registered with court enforcers, in order to collect overdue receivables from fines enforced by way of the sanctioning decisions issued by the Insurance Supervisory Commission. DCDLRP also endorsed the legality of the acts and decisions issued by ISC. Another key duty of the Directorate referred to the review and endorsement of the reports issued following on-site inspections of insurance and/ or reinsurance undertakings and brokers with regard to statutes of limitation, the classification of the offences and the enforcement of relevant sanctions for instances of breach of the applicable legal provisions in the field of insurance. The legal advisors of the Insurance Supervisory Commission also prepared the sanctioning decisions issued following the on-site inspections conducted by the Market Stability, Supervision and Inspection Directorate for breaches of the provisions laid down in Law no. 32/2000, as amended and supplemented, Law no. 136/1995, as amended and supplemented and the norms issued by the Insurance Supervisory Commission. The Directorate has also worked in conjunction with the Public Relations Directorate for the review of the complaints filed by policyholders against insurance undertakings and brokers and has endorsed the legality of the responses given to complainants, while also participating in meetings with the representatives of insurance undertakings for complaint resolution purposes. Another key duty of the Litigation, Legal Documentation and Parliament Liaison Directorate was the endorsement of the normative acts issued as secondary legislation at the initiative of ICS, with the aim to regulate the insurance market in Romania. To this end, the Directorate has worked in conjunction with the expert teams of the Insurance Supervisory Commission, the National Association of Insurance and Reinsurance Undertakings in Romania (UNSAR) and the National Association of Intermediaries and Consulting Companies in Romania (UN- SICAR) in order to prepare, verify and draft national regulations in the field of insurance in line with the specific requirements of European Directives. This process was characterised by open dialogue between the Insurance Supervisory Commission and the undertakings active in the field of insurance as well as by enhanced transparency in the transposition of European regulations. Generally, the Litigation, Legal Documentation and Parliament Liaison Directorate acted as a support function for all the other ISC directorates and departments through: isc.ro

55 Annual Report 2012 cooperation in the review of the complaints filed by policyholders/injured persons against insurance undertakings and brokers, the endorsement of the responses sent to complainants and participation in various meetings with representatives of insurance undertakings in order to resolve the complaints lodged with ISC; involvement in the public procurement process. DCDLRP has been involved in the public procurement procedure and has endorsed public procurement reports. The Directorate has also verified contracts and made recommendations for amendments to various provisions and has endorsed the legality of the draft contracts to be signed by the President of the Insurance Supervisory Commission, as legal representative of the Authority, in accordance with the legislation in force. As a result, the support provided by DCDLRP has materialised in the approval of contracts and addenda, as well as in the approval of the memos and reports prepared by the specialised ISC Directorate to ensure compliance with the legal procedure required for the signing of public procurement contracts, under the law; the issuing of legal opinions at the request of other ISC Directorates, with respect to the documents presented to the ISC Council and for other legal issues; the provision of legal advice to the other ISC Directorates, as well as to the regional offices of ISC with respect to legal provisions applicable in the areas such as economy, finance, labour or insurance; monitoring the publication of normative acts in the Official Gazette and providing relevant information to the ISC Council and to the other specialised ISC Directorates and regional offices with regard to the relevant ISC duties. In 2012, the DCDLRP experts attended conferences and seminars together with the representatives of insurance undertakings on various topics of interest, such as catastrophe insurance or the draft norms for the authorisation of insurance and/or reinsurance brokers, etc International activities Part II The insurance Supervisory Commission In 2012, the international activities of the Insurance Supervisory Commission revolved around the authority s involvement in the decision-making process at EU level, with respect to major aspects related to the future supervisory framework applicable to the European insurance market, on the one hand, and the development of cooperation with similar supervisory authorities in other Member States, on the other hand. The year 2012 was a year of consolidation for the new European System for Financial Supervision (ESFS) established as of 1 January ESFS was established in the aftermath of the world financial crisis, following the recommendations of the Larosiere report which was issued at the request of the European Commission. The core objectives of the new system are to establish a level playing field for all financial market participants, a reduction in the scope of arbitrage, protecting the integrity and stability of financial systems, maintaining the transparency of financial products and markets, without intervention in the fiscal matters of EU Member States. The new European System for Financial Supervision comprises: the European Insurance and Occupational Pensions Authority (EIOPA) the European Securities and Markets Authority (ESMA) the European Banking Authority (EBA) the European Systemic Risk Board (ESRB) the national supervisory authorities of Member States and a Joint Committee of the three European authorities Relations with European Union institutions and other international bodies The Insurance Supervisory Commission is a full member of the European Insurance and Occupational Pensions Authority (EIOPA) and of the International Association of Insurance Supervisors (IAIS). EIOPA The European Insurance and Occupational Pensions Authority (EIOPA) is in charge of regulating, supervising and coordinating national regulators considering their various interests in case of dispute, and also has specific authorities in emergency situations, with a view to secure the stability of the financial markets. The Board of Supervisors is EIOPA s main decision-making body with regard to standards, guidelines and recommendations and comprises voting members (i.e. the presidents of relevant national insurance supervisors) and non-voting members (i.e. the EIOPA chairperson, a representative of ESRB, one representative of EBA and one of ESMA, a representative of the European Commission, as well as representatives of the supervisory authorities of Member States, where supervision is not consolidated). In 2012, the Insurance Supervisory Commission was present in all the four meetings of the Board of Supervisors which took place in Frankfurt, Germany. During the four meetings, discussions revolved around topics such as the latest developments in the implementation of Solvency II, in particular the adoption of the Omnibus II Directive, the impact assessment on the long-term guarantees package, reporting and disclosure and the interim measures for equivalence decisions. The meetings agenda also included topics such as: EIOPA s work programme and budget for 2013; Assessment of the European System for Financial Supervision; 53

56 Guidelines on the handling of complaints by insurance undertakings; Consumer protection; Revision of the Board of Supervisors Internal control standards; Mandates of working groups; Colleges of supervisors; ITDC Committee; Financial stability. In 2012, the Insurance Supervisory Commission was actively involved in EIOPA s Committees and working groups: the expert group on the revision of the Insurance Mediation Directive (IMD); the Insurance Group Supervision Committee (IGSC). EIOPA s reorganisation process involved the establishment of new working groups for the strengthening of the supervisory process at European level. Thus, the EIOPA Information Technology and Data Committee (ITDC) was established as a Working Group to deliver advice on Information Technology and the transfer, storage and handling of data within EIOPA. The tasks of the Committee include among others: to develop decisions for the Management Board on planning and allocation of EIOPA IT budget, to develop policies and technical solutions to support data management, to provide steering for EIOPA IT projects. The Committee also contributes to establishment and managing a central IT system to make all relevant information accessible to the authorized institutes. ESRB European Systemic Risk Board The Insurance Supervisory Commission is a non-voting member of ESRB (European Systemic Risk Board), an independent EU body responsible for the macro-prudential oversight of the financial system within the European Union. ESRB carries out tasks relating to the prevention and management of the financial risks which jeopardise the financial stability of the European Union, taking into consideration macroeconomic developments, in order to avoid extensive financial crises. ESRB also contributes to the adequate functioning of the internal market and thus, ensures the sustainable contribution of the financial sector to the economic growth process. In 2012, the Insurance Supervisory Commission attended the sixth ESRB General Board meeting in Frankfurt, Germany. The meeting included a review of the current situation and discussions on topics such as: the macro-prudential treatment of long-term insurance guarantees; the risk dashboard and ESRB s disclosure of risk identification and measurement; the macro-prudential mandate of national authorities. IAIS The 2012 IAIS Annual Conference and General Meeting were held in Washington, USA, in October The theme of the Conference - Insurance Supervision: Foundations for Global Financial Strength was established in the context of the current challenges faced by the financial sector in general and the insurance sector in particular, as a result of the implementation of new supervisory concepts and the impact of the prolonged financial crisis. Discussions highlighted that in order to protect the insurance industry and the financial consumer against adverse cross-border, regional and global developments, supervisory principles, standards and guidelines should be implemented in a consistent manner EU legal and supervisory process a. Solvency II European and national developments In 2012, the European Parliament, the European Commission and the Council of the European Union continued their negotiations on the draft Omnibus II Directive (the so-called Omnibus II trialogue), amending Directive 2009/138/EC (the Solvency II framework). The timetable set for the completion of the Omnibus II negotiation process was delayed, as the parties to the trialogue failed to reach an agreement on some high-impact provisions, such as the provisions concerning longterm guarantees. Consequently, there was a need for a quick-fix Directive in the form of Directive 2012/23/EC which sets out the date of the application of Directive 2009/138/EC - 01 January The European Commission requested a long-term guarantee assessment (LTGA) with a view to support the parties to the trialogue to achieve a consensus. LTGA runs from 28 February 2013 and involves the insurance undertakings and national supervisory authorities of all EU Member States; the impact assessment exercise is coordinated by EIOPA, which should deliver the final report to trialogue parties by June Even though the timetable for amending the Solvency II Directive has been delayed, which also caused delays in the timetable for level II legislation (i.e. European Commission regulation and technical standards) and level III legislation (i.e. EIOPA guidelines), EU Member States and EIOPA have continued their preparation for the change. As far as Romania is concerned, the Insurance Supervisory Commission established at the beginning of 2012 a Solvency II working group, whose objective is to prepare the background for the transposition and application of the new supervisory regime. The most significant accomplishments of the Solvency II working group and the Insurance Supervisory Commission s Regulations Directorate: isc.ro

57 Annual Report 2012 the request for insurance undertakings to prepare and submit to ISC an action plan for the application of the new solvency regime; discussions with the insurance undertakings which applied for the use of Internal Models (IM) for the calculation of solvency capital requirements (SCR), with a view to assess capacity requirements, the viability of various key components, and the preparedness of insurance undertakings; the preparation of a Solvency II Glossary. Given that the wording of the Solvency II Directive includes specific terms whose translation is interpreted differently by various stakeholders in the insurance sector, it was the Insurance Supervisory Commission s opinion that the use of a common language was necessary in the process of transition to the new supervisory regime; the preparation of a first Solvency II draft law and the identification of the norms which should be adopted by the Insurance Supervisory Commission for implementation purposes. As provisions of the Omnibus II Directive proposal are also included, the draft law may be finalised only following adoption of the Omnibus II Directive; participation in the meetings of the Colleges of Supervisors (CoS), particularly in the case of groups which applied for the use of Internal Models by their subsidiaries in Romania. CoS s are groups comprising the national authorities of the relevant Member States which supervise the insurance undertakings which are members of an insurance group and the representative of EIOPA. Colleges of Supervisors are established pursuant to the provisions laid down in (EU) Regulation no. 1094/2010 and Directive 2009/138/EC with the purpose of promoting efficient, effective and consistent supervision, disseminating key/relevant information on current activities or crisis situations for group entities, reaching a common agreement on the group s risk profile and coordinating the group s supervisory process, risk measurement and management. EIOPA issues an Annual Action Plan for Colleges of Supervisors and requires each College to prepare its own specific action plan. The European Authority has also issued a Coordination Arrangement template and requested each CoS to adapt it to the specific features of its own group and reach an agreement among group members with regard to the Coordination Arrangement and the Emergency Plan by the end of EIOPA is about to complete the Guidelines on the functioning of Colleges of Supervisors; participation in the meetings of the EIOPA working groups with a view to prepare the guidelines on the application of Solvency II primary legislation. The members of the Solvency II Working Groups have benefited from the know-how of some experts of the supervisory authority in France (Autorite de Control Prudentiale ACP) and Great Britain (Financial Services Authority - FSA) who delivered two technical workshops Part II The insurance Supervisory Commission in the autumn of Among the topics which mainly focused on internal models, mention should be made of: risk aggregation, risk measurement, calibration, governance, databases and validation systems, risk management system validation. b. Omnibus II The adoption of the new revised and amended wording of the Omnibus II Directive is an essential step in the finalisation of the level II and level III implementing measures for the Solvency II Directive. The wording of the Omnibus II Directive was approved in the March 2012 ECON meeting and allows the resumption of the process of implementing the Solvency II Directive. In 2012, ISC has sent a number of representatives to the training sessions organised by EIOPA for the purpose of preparing experts involved in the Solvency II implementation process at national level Relations with similar supervisory authorities in European Union Member States The Insurance Supervisory Commission s cooperation with similar supervisory authorities in EU Member States has focused on two key aspects: the establishment of informal partnerships with a view to support some common interests in the EU regulatory process and cooperation with respect to insurance group supervision. Ever since its very early days, the Insurance Supervisory Commission has established partnerships with similar authorities in European Union Member States. These partnerships have grown and developed throughout the years. As regards insurance group supervision, having in view the importance of cooperation and exchange of information with other European supervisory authorities, ISC has been permanently involved in the Meetings of the Colleges of Supervisors for various insurance groups active on the Romanian insurance market. These colleges, so named following the recommendations of the Larosiere Report, are continuing the activities of the Steering Committees established following the recommendations of the European Commission and comprise representatives of the authorities which supervise the various national entities within an insurance group. The members of a college of supervisors exchange information concerning the entities of a group subject to national supervision and meet on a regular basis in order to identify the weaknesses within the specific insurance groups. Colleges of supervisors have gained in significance, particularly in the aftermath of the global financial and economic crisis. In 2012, the representative of the Insurance Supervisory Commission participated in the meetings of the following Colleges of Supervisors: 55

58 The Meeting of the College of Supervisors for VIENNA INSURANCE GROUP, Vienna, Austria, June and September 2012; The meetings for the discussion of the Plan for the use of internal models within VIENNA INSURANCE GROUP, Prague, the Czech Republic and Vienna, Austria March 2012; The Meeting of the College of Supervisors for UNIQA, Vienna, Austria January, May and June 2012; The Meeting of the College of Supervisors for ALLI- ANZ, Berlin, Germany, September 2012; The Meeting of the College of Supervisors for ING, Amsterdam, the Netherlands, June and October 2012; The Meeting of the College of Supervisors for GEN- ERALI, Rome, Italy, July 2012; The Meeting of the College of Supervisors for GRAWE, Vienna, Austria, June 2012; ISC representatives were also involved in the onsite inspection conducted by the Hungarian Financial Supervisory Authority at the premises of Societatea Comercială de Asigurare - Reasigurare ASTRA SA in October Public communication. Supervisory disclosure In 2012, the Insurance Supervisory Commission has continued on its path to building public awareness concerning the regulatory process and the decisions made to the purpose of protecting policyholder interests. Informal and formal communication with insurance undertakings and brokers was also central in the discussion of up-todate topics such as the technical training of insurance personnel to ensure the preparedness of insurance undertakings for the implementation of some high-impact regulations. A. Media relations The Insurance Supervisory Commission has frequently resorted to media communication for public disclosure purposes. In 2012, ISC issued 35 press releases to the central and local media, and also posted the same releases on the Insurance Supervisory Commission s website - The press releases issued in 2012 by the Insurance Supervisory Commission revolved around topics such as: the European Court of Justice resolution of 1 March 2011 which stipulates that, starting 21 December 2012, the provisions laid down in art. 5(2) of Council Directive 113/2004 which allowed the use of gender as a factor in the calculation of insurance premiums and benefits are no longer applicable; quarterly and half-yearly statistical data, according to the reports submitted by insurance undertakings and brokers; the notices of similar supervisory authorities in other EU Member States concerning the establishment/closing down of branches in Romania of insurance undertakings based in other EU Member States; the legal proceedings initiated by the Insurance Supervisory Commission with a view to secure the sums standing to the balance of the Guarantee Fund by way of insurance against the insurance undertakings insolvency risk arising from earthquake losses; the signing of a Memorandum of Understanding between the Insurance Supervisory Commission and the Superior Council of Magistracy; explanations on MTPL insurance; the discussions between the Insurance Supervisory Commission and the insurance market representatives aimed at the measures which may be instated in order to facilitate the access of investors to the PAID ownership structure; the meetings between the representatives of the Insurance Supervisory Commission and the representative of insurance brokers; the request of the ISC Council according to which EUROINS should perform a share capital increase and accelerate the settlement of overdue claims to policyholders, injured persons and car repair shops; the meeting between the representatives of ISC, UN- SAR and UNSICAR on the one hand and the representatives of insurance undertakings, insurance brokers and the local press in the North-West region which took place in Cluj-Napoca; the ISC regulations on compulsory home insurance, in accordance with the provisions laid down in Law no. 260/2008; publication of the Solvency II Glossary on the Commission s website for public consultation; the Commission s decision to simplify the bonusmalus system; the ISC Council decision to approve the draft norms concerning the authorisation of insurance undertakings; the new ISC rules on the sale of PAD (compulsory catastrophe home insurance) and the implementation of the measures required for a boost in PAD policy sales; the meeting between the representatives of ISC, UN- SAR and UNSICAR on the one hand and the representatives of insurance undertakings, insurance brokers and the local press in the South-East region which took place in Constanta; ISC s approval of the norms concerning catastrophe risk underwriting and reinsurance; the enforcement of sanctions against the insurance undertakings with the highest number of complaints; ISC s decision to amend the Norms concerning professional qualification and ongoing training; the opening of a free phone line - Dialog CSA for the public; isc.ro

59 Annual Report 2012 transition form compliance-based supervision to riskbased supervision; the merger between BCR Asigurări and Omniasig; news on catastrophe risk underwriting and reinsurance; ISC s approval of the closing down of the business of ERSTE BROKERS; the lifting of the partial temporary prohibition instituted against ASTRA SA; the closing down of the business of two insurance intermediaries in Hungary. B. Publication of ISC decisions and orders in the Official Gazette of Romania In accordance with the legal provisions in force, the Insurance Supervisory Commission submits for publication in the Official Gazette of Romania, Part I, all the decisions which are subject to publication (i.e. decisions concerning authorisation, temporary prohibition to pursue business, withdrawal of authorisation, opening/closing of the financial recovery procedure, etc.). All the official texts of the orders issued by ISC in 2012 were also published in the Official Gazette of Romania, Part I. C. Workshops and conferences The workshops and conferences organised by ISC and by other relevant entities in the insurance sector were also used as means of communication by the regulatory and supervisory authority. ISC organised various technical workshops aimed at accurately informing the public with respect to up-to-date topics in the insurance market. The main topics tackled in the workshops were: legislative news in the insurance sector, prudential measures adopted with a view to maintain market stability, the evolution of key insurance indicators in 2012, the provisions of the Law on the mediation of disputes and the benefits of the Law for the insurance market. Information was also posted on the regulatory and supervisory authority s website - Workshops on the mediation of insurance disputes The workshops on the mediation of insurance disputes were aimed at building awareness of the new provisions laid down in Law no. 115/2012 amending and supplementing Law no. 192/2006 on the mediation of disputes and the mediator profession, which stipulate that the parties to a dispute are required to attempt at out-ofcourt settlement through mediation even after the filing of a court case. Insurance undertakings and insurance brokers were informed of the benefits of the mediation of disputes. Workshops-round tables organised by ISC-UNSAR- UNSICAR Part II The insurance Supervisory Commission These events were organised at regional level and were aimed at discussing the issues facing local insurance undertakings and brokers. Other topics included: legislative news, the issues of the new fiscal code, the findings of the Insurance Supervisory Commission during on-site inspections. Participants also discussed the evolution of key insurance indicators in the region, as well as potential development areas in the current economic environment. D. Periodicals In the course of 2012, the Insurance Supervisory Commission continued to publish and distribute free of charge the authority s Quarterly Newsletter. This publication provides insurance undertakings, insurance brokers and the public at large with access to the latest information concerning the activity of the Insurance Supervisory Commission, as well as to news and amendments to insurance specific European legislation. All ISC Newsletters are available at the Publications section. E. Website The Insurance Supervisory Commission website www. csa-isc.ro - has a user-friendly structure, a rich content and a modern and interactive design which facilitates quicker and easier user access. The website s content has been developed and maintained by the Insurance Supervisory Commission, with no outsourcing support. Currently, the ISC website is a practical means of public communication, subject to permanent updating and adjustment to user requirements, in line with the applicable standards. F. Public hearings There is a public hearings schedule posted at the Commission s headquarters and on the Commission s website. Public hearings are meant to inform the Commission of the likely problems confronting potential and existing policyholders, injured persons, insurance undertakings and other stakeholders. G. Meetings with insurance market representatives As part of the regulatory process, the Insurance Supervisory Commission has permanently requested the opinion of insurance market representatives both in writing as well as in the meetings organised on a regular basis - with a view to ensure that the normative acts prepared by the Commission benefit from the industry s support. Also to the purpose of acquiring information on the issues confronting the insurance industry and finding solutions to the problems, the President of the Insurance Supervisory Commission participated in a number of informal meetings with insurance undertakings and brokers, as well as in the Board meetings of the Romanian Motor Insurers Bureau (BAAR) and the Street Victims Protection Fund (FPVS). 57

60 2.7. IT activities From an IT perspective, the year 2012 was characterised by continued efforts to improve and optimise the electronic data flow, both internally and in relation with the insurance market. These efforts were mainly focused on the implementation of an IT solution aimed at the automatic sending and processing of regular reports. In 2011, the Insurance Supervisory Commission initiated a project for database interconnectivity and the establishment of an integrated platform for the exchange of information between the Authority and the insurance market, given that the Insurance Supervisory Commission has managed to bring its IT system in line with European requirements. In this context, the objective for 2012 was to consolidate the IT solution implemented in 2011 by expanding the scope of the solution to include new reporting facilities. To this end, the Insurance Supervisory Commission has organised several meetings with representatives of the insurance market and UNSAR, which contributed to the better understanding of the impact of the new reporting platform for insurance undertakings. From an inter-institutional perspective, the year 2012 was marked by a number of meetings with the technical experts of the European Insurance and Occupational Pensions Authority (EIOPA) on practical issues regarding the transposition of the Solvency II Directive estimated for The discussions took place during the meetings of the ITDC Committee and tackled the issue of adapting all the IT systems operated by ISC to the new XBRL-based reporting requirements. This process will be a priority for the Insurance Supervisory Commission and will involve primarily the implementation of the XBRL standard and system, in order to facilitate reporting and data processing within the format required at European level. Also in 2012, the Insurance Supervisory Commission has approved the KPI-based early warning system. Based on the same reporting system developed in 2011, the early warning system will allow the easy and effective use of the data collected for decision-making purposes, through the use of an integrated mechanism for the realtime delivery and reporting of aggregate data based on input in the form of key performance indicators. The system comprises two major components: A template for the data compiled at entity level from all available data sources; An interface for the presentation of indicators and data in the form of a dashboard. Both tools are available to the employees in the directorates involved in off-site supervision and on-site inspections, as well as to the members of the Insurance Supervisory Commission Council for performance assessment purposes. Both projects - the XBRL reporting system and the early warning system - will be completed in the course of isc.ro

61 Annual Report 2012 Chapter 3 Consumer protection in the insurance market In 2012, the actions of the Insurance Supervisory Commission were aimed at consolidating policyholder protection and confidence in the products and services offered on the Romanian insurance market. With the aim to provide support to policyholders and injured persons, the ISC Council has approved the establishment of a separate Public Relations Office within the Policyholder Protection and Public Relations Directorate. The office s duty is to provide policyholders/injured persons with easier access to assistance in the field of insurance as well as to the information required for the better understanding and resolution of various issues. The purpose of this office is to improve relations with policyholders/injured persons by offering advice via and telephone or at the headquarters of the Insurance Supervisory Commission. The Insurance Supervisory Commission pays particular attention to the review and resolution of complaints lodged by policyholders and injured persons both natural and legal persons given the fact that such complaints are a significant source of data for the Commission s off-site and on-site duties Complaints handling Complaints handling is one of the duties of the Policyholder Protection and Public Relations Directorate (DPARP) alongside receipt, registration, review and resolution of the requests, complaints, petitions or proposals filed by policyholders/injured persons concerning the activities of insurance undertakings, reinsurance undertakings and insurance and/or reinsurance brokers which have been. In order to ensure better territorial coverage and easier access for policyholders and injured persons to the complaint filing procedure, ISC has received, registered and resolved complaints both at its headquarters in Bucharest and at its regional offices in Cluj-Napoca, Iaşi, Constanţa and Timişoara. The handling process requires the review of the claim files which are subject to the complaints lodged with the Insurance Supervisory Commission and of the explanatory notes prepared by insurance undertakings, focusing on compliance with insurance legislation as well as contractual terms and conditions. When the solutions of the insurance undertakings were based on insufficient explanations or in case of a disagreement regarding the fairness of such solutions, ISC requested that claim files be revised and/or organised Part II The insurance Supervisory Commission meetings with authorised persons of the insurance undertakings with a view to clarify each particular case. DPARP also provided technical and legal support to the complainants who sought advice by telephone, at the venues of the Commission or in writing. In 2012, the Insurance Supervisory Commission opened a dedicated phone line - Dialog CSA - with a view offer free access to assistance and information for policyholders and injured persons. In order to enforce and observe the provisions laid down in Ordinance no. 27/2002 on complaints handling, DPARP makes sure that all the complaints and petitions received by the Insurance Supervisory Commission are recorded daily in a dedicated database, subject to permanent updating. Another core duty of the Directorate involves participation in the regular and/or surprise inspections conducted at the premises of insurance undertakings. Evolution in the number of complaints lodged with the Insurance Supervisory Commission In 2012, the Insurance Supervisory Commission has registered, reviewed and resolved (in favour or against the petitioners) a number of 7,405 complaints and petitions, which accounted for 0.83% of the 887,115 files reported by insurance undertakings and % of the 16,345,506 insurance contracts in force. The month-on-month evolution in the number of petitions shows has followed an upward trend, particularly in the last three months of Table 34. Substantiated complaints lodged with ISC in 2012 Mounth Table 34. Substantiated complaints lodged with ISC in % of total January 465 6,28 February 424 5,73 March 545 7,36 April 448 6,05 May 706 9,53 June 530 7,16 July 539 7,28 August 672 9,07 September 675 9,12 October ,03 November ,29 December ,10 Total ,00 59

62 This was due to the 6% increase in gross written premiums on the one hand, and to the settlement of 397,220 reported but unsettled claim files (dating back to 2011). Geographical distribution of complaints registered and resolved In 2012, complaints were resolved both at the ISC headquarters in Bucharest, and at the Representative offices in Cluj-Napoca, Iaşi, Constanţa and Timişoara. Chart 33. Structure of complaints by region Constanța % 492 Cluj % 940 Timișoara % 1,016 reported by insurance undertakings, the 4,879 complaints filed with respect to compulsory MTPL and Green Card insurance account for approximately 0.072% of the total number of corresponding insurance contracts and 1.65% of the number of reported claim files. Table 35. Structure of complaints by classes of insurance Substantiated complaints filed in 2012 % of Total non-life and life insurance (I + II) I, Non-life insurance ( ) 7, % 1 CASCO 1, % Compulsory MTPL and Green 2 Card 4, % Insurance against fire and 3 other damage to property % 4 Other non-life insurance % II Life insurance % Total non-life and life insurance (I + II) 7, % Iași % 808 The geographical distribution of the number of complaints registered, reviewed and resolved in 2012 shows that Bucharest accounted for 56.03% of total, while Cluj, Iași and Timișoara accounted for similar percentages ranging between 10.91% and 13.72% of total. The Representative Office in Constanţa reported 492 complaints, which accounted for 6.64% of total. Structure of complaints filed in 2012 București % 4,149 Non-payment of claims/surrenders was the subject matter of the majority of complaints in ,951 complaints, i.e % of total complaints filed. The subject of other complaints was miscommunication between policyholders or injured persons and claims officers, and requests for the recalculation of indemnities payable. The Insurance Supervisory Commission requested the insurance undertakings subject to the complaints to review the claim files, to recalculate indemnities in accordance with the applicable legal and/or contractual provisions or to reassign the reported events to the appropriate risk category covered by voluntary insurance. In order to protect the interest of the policyholders or injured persons who filed complaints, the Insurance Supervisory Commission has organised several meetings with the representatives of insurance undertakings with a view to review and resolve the complaints out of court. There were 7,324 complaints filed with respect to non-life insurance, which accounted for 98.91% of the total number of complaints. Complaints with regard to MTPL and Green Card insurance accounted for 65.89% of total complaints filed with regard to non-life insurance in According to the data The Insurance Supervisory Commission s complaints handling process was based on the review of the supporting documents submitted by insurance undertakings, the review of the claim files subject to the complaints and the explanatory notes submitted by insurance undertakings with a view to ensure that insurance undertakings have observed the applicable legal and contractual provisions. More than 99% of the substantiated complaints were filed against insurance undertakings, and 0.93% of them were filed against insurance brokers. Table 36. Insurance undertakings with the highest number of substantiated complaints No. Insurance undertaking/ insurance broker Number of complaints filed in 2012 % from TOTAL ASTRA SA 2, EUROINS SA 1, OMNIASIG VIG SA 1, ASIROM VIG SA CARPATICA ASIG SA UNIQA Asigurări SA CITY INSURANCE SA GENERALI ROMANIA SA GROUPAMA SA ALLIANZ ȚIRIAC SA Other insurance undertakings/ insurance brokers TOTAL 7, The complaints filed against ASTRA SA (31.83%), EU- ROINS SA (20.49%) OMNIASIG VIG SA (18.58%) and ASIROM VIG SA (12.44%) accounted for % of the 7,405 complaints registered with the Insurance Supervisory Commission in These complaints accounted for a percentage ranging between 0.04% and 0.06% of the insurance contracts entered into by the aforemen isc.ro

63 Annual Report 2012 tioned insurance undertakings and for a percentage ranging between 0.71% and 2.89% of reported claim files. For complaints resolution purposes, the Insurance Supervisory Commission has organised meetings with the representatives of insurance undertakings (CARPATICA ASIG SA, EUROINS SA, ASTRA SA, ASIROM SA, OMNIASIG VIG SA, etc.), where some of the complaints were resolved, while others required further analysis, in accordance with the applicable legal/contractual provisions. The findings of the analyses and reviews were used in a number of surprise visits conducted by the Insurance Supervisory Commission at the premises of insurance undertakings and brokers subject to the complaints. In order to ensure policyholder protection, the Insurance Supervisory Commission Council decided in the meeting of 6 June 2012 on a number of sanctions against the significant persons of five insurance undertakings with a high number of complaints, mostly in relation to MTPL insurance policies. ASTRA SA, EUROINS SA, ASIROM VIG SA, OMNIASIG VIG SA and CARPATICA ASIG SA. are the five insurance undertakings sanctioned pursuant to the provisions laid down in art. 39 para. 3 of Law no. 32/2000. In the course of 2012, the Insurance Supervisory Commission also reviewed 962 requests filed by repair shops, and favourably resolved 720 requests, i.e % of total. In order to protect the rights of policyholders and to promote stability of the Romanian insurance market, the Insurance Supervisory Commission has amended and supplemented the Norms concerning the handling of complaints lodged against insurance undertakings, reinsurance undertakings and insurance and/or reinsurance brokers, implemented by ISC Order no. 3/2010, by issuing the Norms concerning the handling of complaints lodged against insurance undertakings and insurance intermediaries, implemented by ISC Order no. 11/2012. The provisions of this order were aimed at imposing some requirements for insurance undertakings for the timely and appropriate resolution of the complaints filed directly with insurers or indirectly, through with the Insurance Supervisory Commission: Electronic complaints registry - the clear definition of the registry sections, for consistency purposes; The documents which insurance undertakings should submit at the ISC s request; Amendments to the quarterly report Complaints Status for enhanced insurer compliance with ISC Norms; The requirement for insurers to post on their own websites information concerning the number of complaints received (total number, substantiated complaints, complaints resolved against the complainants, etc.), with a view to ensure a more transparent complaints handling procedure. Part II The insurance Supervisory Commission 3.2. The Guarantee Fund. Protection of creditors in bankrupt insurance undertakings The role of the Guarantee Fund is to settle the liabilities of the insurance undertakings subject to bankruptcy proceedings, liabilities arising from the compulsory and voluntary insurance contracts entered into by such undertakings. The Guarantee Fund s legal liability as specialised department of the Insurance Supervisory Commission is based on the principle of policyholder protection in bankruptcy. The persons entitled to compensation paid by the Guarantee Fund under art. 9 of Law no. 136/1995 on insurance and reinsurance in Romania, as amended and supplemented: policyholders, beneficiaries or injured third parties. The persons who claim compensation are required to prove the validity of the relevant insurance contracts as well as the payment of insurance premiums under the terms and conditions of applicable insurance contracts. Law no. 503/2004 on the financial recovery and bankruptcy of insurance undertakings constitutes the applicable legal framework. This law comprises applicable proceedings in case of insolvency, on the one hand, and administrative proceedings concerning the settlement of indemnity/compensation payments arising from the compulsory and voluntary insurance contracts concluded by the insurance undertakings subject to insolvency proceedings. As regards insolvency proceedings, Law no. 503/2004 sets forth some norms which apply, by way of derogation from the bankruptcy law, to the liquidator s duties i.e. the duties of the Guarantee Fund and the priority ranking and settlement of liabilities insurance creditors ranking first. As far as administrative proceedings are concerned, the provisions laid down in Law no. 503/2004 are supplemented by the Norms concerning the Guarantee Fund, as implemented by Order no. 10/2009, and focus on two main aspects: the conditions under which payments of compensation are made by the Fund and the manner in which the Fund may recover such amounts. According to art. 13 of the Norms, the specialised ISC department the Guarantee Fund - reviews the claim files and insurance claims registered, having due regard to the applicable legal provisions and the specific terms and conditions of the relevant insurance contracts. Following the recommendation of the designated commission, whose duties are established in the legal provisions in force, the Guarantee Fund issues a decision to approve or reject, as appropriate, the amount of compensation; such decisions are subject to appeal filed with the Bucharest Court of Appeal 8th Department Administrative and Fiscal Disputes. 61

64 The revenues of the Guarantee Fund The revenues of the Guarantee Fund arise from: the amounts paid by insurance undertakings as contribution; the amounts paid by insurance undertakings as penalties for late payments of contribution owed; amounts resulting from investments and other amounts, in accordance with the law In 2012, insurance undertakings paid the following contributions: for life insurance 0.3%; for non-life insurance 0.8%. The revenue of the Guarantee Fund in the financial year 2012 amounted to RON 105,091, % more than the RON 100,224,496 reported in The expenditure of the Guarantee Fund amounted to RON 8,628,778, of which RON 8,308,667 in current expenditure and RON 320,111 capital expenditure. Table 37. The Guarantee Fund budget execution in 2012 RON Item Estimate Actual I. Total revenue (1+2) 99,200, ,091, Contributions 56,800,000 57,900,976 life 5,300,000 5,218,802 non-life 51,500,000 52,682, Financial revenue 42,400,000 47,190,942 life 7,100,000 7,248,597 non-life 35,300,000 39,942,345 II. Total expenditure (A+B) 37,200,000 8,628,778 A. Current expenditure (1+2), of which: 11,283,000 8,308, Payroll 4,616,580 3,980, Supplies and services, of which: 6,666,420 4,328,663 supplies 3,193,300 3,072,726 compensations 3,473,120 1,255,937 B. Capital expenditure 25,917, , The activity of the Guarantee Fund In 2012, the activity of the Guarantee Fund focused on the settlement of the liabilities of insurance undertakings arising from insolvency proceedings on the one hand, and on litigations pending court resolution, where the Fund acted as respondent, plaintiff or creditor, on the other hand. In the period under review, the designated commission established pursuant to the provisions laid down in art. 23 of Law no. 503/2004 on the financial recovery and bankruptcy of insurance undertakings had 12 meetings in order to review and approve insurance creditor lists, in accordance with the provisions laid down in art. 15, para. 3 of the Norms concerning the Guarantee Fund, in conjunction with art. 24 of Law no. 503/2004. The specialised directorates of the Guarantee Fund reviewed 1,200 claim files, and total compensation paid amounted to RON 1,255,937, as follows: SC Metropol CIAR SA RON 31,962; SC Grupul de Asigurări Român Grup AS SA RON 260,344; SC SAR Euroasig S.A. RON 84,080; SC Delta Addendum Asigurări Generale SA RON 867,757; SC Croma SA RON 11,794. In 2012, the Guarantee Fund received 129 requests for payment, of which 124 were resolved in favour of the insurance creditors, while the rest are pending resolution, the plaintiffs having to supplement the documentation submitted, or the requests for payment have been rejected in accordance with the provisions laid down in art. 24 para. (5) of Law no. 503/2004. In accordance with the provisions laid down in art. 24 para. 5 of Law no. 503/2004 on the financial recovery and bankruptcy of insurance undertakings, the Guarantee Fund issued 29 decisions to reject requests for payment on the following grounds: non-compliance with the provisions laid down in the relevant insurance contracts, the amount requested was not an insurance claim in accordance with the provisions laid down in Law no. 503/2004, the amounts requested have already been paid by insurance undertakings or policyholders (in the case of repair shops), the lack of supporting documents. In 2012, the Guarantee Fund notified 1,027 insurance creditors, whose identification data was found in the technical and operational records of insurance undertakings subject to insolvency proceedings, under art. 23, para. 1 of Law no. 503/2004, in order for the latter to file requests for compensation and supporting documents. 33 litigation cases were pending court resolution in 2012, of which 19 cases had as subject matter the annulment in part or in full of some decisions issued by the Fund manager; 5 cases had as subject matter the bankruptcy of insurance undertakings; 1 case had as subject matter the liability of the managers and executive officers of SC Grupul de Asigurari Român Grup As SA, 6 were commercial litigation cases and 2 cases fell under the provisions of criminal law. The above mentioned litigations involved various interpretations of the applicable legal provisions concerning: the capacity of the Guarantee Fund, the settlement of compensation, civil liability, payment by the Fund of the legal fees paid by the parties who won the cases against bankrupt insurers, the legal requirements and limitations applicable to payments of compensation by the Fund. According to the legal provisions in force, the Guarantee Fund is entitled to the bankruptcy estate at any time during bankruptcy procedure, in amounts equal with any sums, interests and/or expenses settled; thus, the Fund is subrogated to the rights of insurance creditors for amounts equal to any sums settled. Consequently, in the case of insurance undertakings subject to insolvency proceedings, for which compensation isc.ro

65 Annual Report 2012 was paid by the Guarantee Fund in 2012, 21 insurance claims were attached to court files. All these claims were accepted by the bankruptcy judge, in accordance with the provisions laid down in art. 27 of Law no. 503/2004. Two meetings took place in 2012 between the representatives of insurance guarantee schemes and the representatives of supervisory authorities in EU Member States. The meetings were organised in London and Berlin and were aimed at a potential new directive and the objectives thereof. Currently, there is no harmonisation of national legislations in the field of insurance guarantee schemes, which has a negative impact on the fair and equal treatment of consumers, given that the requirements, and the minimum and maximum amounts of compensation are different in various EU countries. Discussions mainly focused on issues such as: the role of guarantee schemes, the minimum amount of compensation, financial resources, contribution collection, compensation settlement. Participating countries delivered presentations on their own national regulations Street Victims Protection Fund The Street Victims Protection Fund (FPVS) is a legal entity incorporated as a professional association of all insurance undertakings authorised to write compulsory MTPL insurance in Romania, pursuant to art. 251 of Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented. According to the provisions of the legislation in force, FPVS has three main duties, in line with the European Directives on MTPL: claims settlement body for persons injured in vehicle accidents, in case of risks not covered by MTPL insurance or in case of accidents caused by unidentified persons; information centre; compensation body. The legal provisions applicable in 2012: in the case of accidents occurred between 01 January 31 December 2012 the Norms concerning the Street Victims Protection Fund, as implemented by ISC Order no. 1/2008, as amended and supplemented as of 08 October 2008 by ISC Order no.13/ Activity and public disclosure The Managing Committee has prepared and convened the General Meetings of April and December 2012 and requested consultation from the General Meeting on 06 November In the meeting of 05 April 2011, the FPVS General Meeting approved the Managing Committee s Report for 2011 and the financial statements for the financial year On 06 November 2012, pursuant to the provisions laid down in art. 36 para. (2) of the Norms concerning the Part II The insurance Supervisory Commission Street Victims Protection Fund, implemented by Order no. 1/2008 of the President of the Insurance Supervisory Commission, the Managing Committee requested consultation from the FPVS General Meeting with regard to establishing contribution to the Fund at 1% of the MTPL premiums earned as of 01 January This action proved that the Fund has in place adequate self-regulating capabilities. The purpose of the action was to reduce budget deficit in 2013 and establish the Fund as a going concern. In the meeting of 04 December 2012, the FPVS General Meeting approved the Revenue and Expenditure Budget for 2013, mandated the Managing Committee to negotiate and sign the Fund s reinsurance contract for 2013 and also appointed one new member of the Managing Committee. In 2012, the FPVS Managing Committee had 7 meetings. The Chairman of the Managing Committee requested consultation from the Committee with regard to 10 situations which required emergency resolutions. The Managing Committee was convened or consulted whenever required to enforce the resolutions of the General Meeting. The FPVS Managing Committee adopted the following resolutions and carried out the following actions, among others: The preparation of the annual report, the budget execution report, the 2011 financial statements, the preparation of the 2013 budget for approval by the General Meeting; Organisation of the General Meeting to appoint a new member of the Managing Committee for the remaining time of the mandate, that is until January 2015; Request for the consultation of the General Meeting to establish contribution to the Fund at 1% of MTPL premiums earned starting 01 January 2013; Signing the Fund s excess of loss reinsurance contract for Another significant aspect of the activities conducted by the FPVS Managing Committee in 2012 focused on building awareness of the policyholders with respect to the rights to which they are entitled. Thus, the Fund continued the campaign started in 2008 with the support of the Insurance Supervisory Commission and the Road Traffic Police. The campaign was aimed at informing Romanian citizens of their right to compensation in the event of accidents caused by unidentified vehicles or by vehicles with no MTPL coverage. The campaign featured a new poster and brochure under the slogan Do you know what to do if you re involved in an accident? both prepared by FPVS and the Road Traffic Police. The campaign was part of a larger-scale action carried out by the Romanian Road Traffic Police entitled Choose life! Marketing materials, brochures and posters were distributed nation-wide with the help of the Romanian Road 63

66 Traffic Police and Fund members, directly to persons entitled to compensation from the Fund. In 2012, the Managing Committee approved the participation of the representatives of the Fund in the following conferences and seminars: the National Conference of Motor Insurers, Kishinev, Republic of Moldova, 02 April 2011; the Motor Insurance Day - FIAR 15th Edition Sinaia, 22 May 2012; AVUS workshop on the applicable law, theory and practice of claims adjustment in Italy and France Rome, Italy, September 2012; the National Conference of Motor Insurers, the Parliament Palace Bucharest, 03 October 2012; IETL Conference - 13th European Traffic Law Days Luxembourg, October 2012; The Annual Conference of EU Compensation Bodies and Guarantee Funds Vienna, Austria, 09 November FPVS budget execution The FPVS budget for 2012 was established having in view the Fund s obligation to continue the discharge of the duties conferred upon it under the national law, namely its duties as Claims Settlement Body (Guarantee Fund the name provided in European Directives), Information Centre and Compensation Body, pursuant to Order no. 1/2008 and no. 13/2008 of the President of the Insurance Supervisory Commission, in line with relevant European Directives. In 2012, the Fund reported total revenue of RON 10,629,565, - RON 4,914,565 (86%) more than the approved estimate for Total expenditure amounted to RON 33,363,680 - RON 11,663,080 (53.7%) more than the approved estimate. Actual expenditure items were lower than the estimates approved in the 2012 budget, except for compensations paid, which exceeded the estimated figure by RON 13,743,404 (85.8%). One of the main concerns of the Managing Committee was to review on a regular basis the financial resources of the Fund and decide on the appropriate investment criteria and measures for prudential purposes. The Managing Committee was permanently focused on the mitigation of investment risk through diversification, so that investments were made in accounts opened with various banks as well as in other types of instruments, in accordance with the law. The Managing Committee also decided to invest most of the Fund s financial resources in government securities, having in view the fact that such instruments are low-risk investments. Thus, in the course of 2012, investments in Government securities accounted for more than 80% of total Fund resources. By the end of the year, investments in term deposits accounted for 12.70% of total investments, while investments in government securities accounted for 86.95%. As of 2012 year-end, the Fund s financial resources amounted to RON 83,978, denominated in lei and foreign currency and were held with 9 commercial banks as follows: RON 73,016, in government securities; RON 10,671, in term and savings deposits; RON 289, in current accounts. The return on the investments made by FPVS amounted to RON 4,711,480 and accounted for 14.1% of total 2012 expenditure. Recoveries amounted to RON 4,412,016 and accounted for 13.2% of total expenditure. As of 2012 year-end, the Fund reported cash on hand in the amount of RON 2, The financial resources of the Fund as of 2012 year-end plus the excess of loss reinsurance coverage are sufficient to ensure the protection of injured persons, as well as confidence on the part of the other similar Funds established in Member States of the European Economic Area and Switzerland with regard to the ability of FPVS to fulfil all its duties and obligations. In the context of a difficult year for the Romanian economy in general and for the FPVS members in particular, the Managing Committee decided to implement costcontainment measures, focusing mainly on current expenditure. In 2012 the Fund had the same number of employees as in 2011 i.e. 13. All human resources decisions, including personnel recruitment and retention, are made and approved by the FPVS Managing Committee The international activity of the FPVS Managing Committee In 2012, Romania was the representative of the South- East European Region (comprising Bulgaria, Cyprus, Greece and Romania) in the Coordination Committee for the 4th European Motor Insurance Directive. Romania had renewed its tenure at the end of 2011, when it was unanimously nominated and elected by all the countries in the region for another 3-year mandate ( ). In this capacity, Romania represented the South-East European Region in the two annual meetings of the Coordination Committee held in Brussels at the Secretariat of the Council of Bureaux (CoB) and in Vienna, Austria. In 2012, Vienna hosted the Annual Conference of EU Compensation Bodies and Guarantee Funds, where a Romanian FPVS delegation also participated. In 2012, FPVS - as representative of Romania - attended the meetings of the Bona Fide Working Group the second mixed CoB Working Group, comprising both representatives of the Green Card System and representatives of the Bodies set up under the Motor Insurance Direc isc.ro

67 Annual Report 2012 tives; the meetings took place at the CoB Secretariat on 11 January 2012 and 14 March FPVS was also involved in the activities of the Compensation Bodies and Guarantee Funds Working Group - the only Working Group in the Motor Insurance European Directives System. Romania is part of this Group together with the representatives of France, Germany, Italy, the Netherlands, Luxembourg and Poland. On 25 January 2012, 13 June 2012 and 18 December 2012, Romania attended the meetings of the Working Group which took place at the venues of the CoB Secretariat in Brussels which is also the Secretariat of the Coordination Committee and of the Working Group on Motor Insurance European Directives Activity as claims settlement body A. Claims reported 1,037 claims were reported to FPVS in 2012, of which 19 for accidents caused by unidentified vehicles and 1,018 for accidents caused by vehicles not covered by MTPL insurance. As regards the type of injured person, 947 claims were reported by natural persons and 90 claims were reported by legal persons. As regards the type of compensation requested, 439 claims referred to damage to property and 598 claims referred to personal injury or death. By comparison with 2011, the total number of claims reported has gone up by 3.7%. Nevertheless, the growth rate has slightly slowed down compared with 2011, when the number of new claims reported had gone up by over 16% versus Claims reported for damage to property went down by almost 8% in The fastest growth rate was reported for personal injury or death, where 70 more claims were reported i.e more than in Mention should be made of the claims reported to the Fund arising from accidents in Romania caused by vehicles not covered by MTPL/Green Card insurance, apparently registered abroad, in the case of which the International Green Card Bureau of the country where the vehicle apparently had its usual place of establishment requested application of the provisions set forth in art of the Internal Regulations (International Green Card Agreement). In these instances, when at the date of the accident, the vehicle which caused the accident was not covered by MTPL/Green Card insurance and no longer had its usual place of establishment in other countries signatories of the Multilateral Agreement, the respective vehicle is deemed not covered by the National Green Card Bureau of the country where the vehicle apparently had its usual place of establishment. Pursuant to art. 4, para.1, point a) of ISC Order no. 1/2008, such vehicles may be treated as uninsured vehicles having their usual place of establishment in Romania. FPVS, in its capacity of Claims Settlement Body, is required to secure claims settlement for third parties injured in accidents occurred in Romania and caused by such uninsured vehicles, which are virtually not registered. In 2012, an alarming number of 132 such cases were reported, versus only 65 cases reported in B. Claims settled In 2012, FPVS paid out claims amounting to a total of RON 29,420,896 to 800 persons; 1 claim file was reported in 2007, 34 in 2008, 311 in 2009, 135 in 2010, 312 in 2011 and 287 in The average claim paid out by FPVS in 2012 has reached RON 36,776 from RON 22,889 in Chart 34. Claims paid out by FPVS by type of loss in the period ,000,000 Claims paid out for personal injury or death 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 Claims paid out for damage to property 280,715 1,369, ,094,467 2,078, ,199,572 3,367, ,368,406 3,540, ,469,585 2,951, Table 38. Number of claims reported by FPVS in the period a. type of loss damage to property personal injury or death damage to property and personal injury or death total ,037 b. type of vehicle which caused the accident vehicle not covered by MTPL insurance ,018 unidentified vehicle total ,037 Part II The insurance Supervisory Commission 65

68 This evolution was caused by rising claims paid for personal injury or death on the Romanian insurance market as a whole. Chart 35. Average compensation paid out by FPVS in the period ,000 35,000 30,000 Average compensation paid out (RON) 36,776 25,000 22,889 20,000 16,017 15,000 10,717 10,000 7,038 10,437 5, Table 39. Claims reserves set up byfpvs No. of Claims reserves as of claim files Claims reserve (RON) Natural persons Legal persons Total* Claims reserves as of No. of claim files Claims reserve (RON) Natural persons Legal persons Total** *total claim files/claims reserves as of of which 597 subject to legal actions/pending settlement **total claim files/claims reserves as of of which 825 subject to legal actions/pending settlement In the Fund s opinion, rising compensation is caused by several trends and events on the Romanian insurance market. We have noticed that courts of law request the payment of increasing amounts of moral damages by the persons who caused personal injury or death and thus, directly involve FPVS in the payment of significantly higher amounts of claims, in its capacity of guarantor. The same is to be noticed in the case of insured persons who cause accidents resulting in personal injury or death, where claims are eventually paid out by MTPL insurers. Consequently, FPVS decided to review all the court judgments issued in favour of awarding moral damages, to the purpose of engaging the Fund in the proactive adjustment of the claims reported for injury or death, with a view to cut down on claim settlement time through amicable arrangements. The procedure of amicable claim adjustment has advantage both for injured persons, through reduced claims handling and settlement time and for the Fund, through the avoidance of a significant number of court judgments. C. Claims reserves With respect to claims reserves, the legal provisions in force do not require that the Fund should set up claims reserves. Nevertheless, the Fund has calculated a reported but not settled claims reserve similar to that reported by insurance undertakings, save for the incurred but not reported claims reserve. As of 2012 year-end, FPVS had 855 unsettled claim files, for which claims reserves had been set up, versus 797 unsettled claim files at the end of The 855 unsettled claim files as of were covered by claims reserves amounting to a total of RON 42,500,000 versus RON 26,360,000 as of for a number of 797 unsettled claim files. D. Recoveries In accordance with the applicable legal provisions, following claims settlement, FPVS is entitled to recover all the claims paid, associated expenses and interest from the persons at fault. In 2012, the Fund recovered RON 4,043,348. In the course of the year, FPVS has filed 574 recourses, of which 469 are pending court resolution, and 94 have already been resolved in favour of FPVS and are pending court enforcement, while in other 11 cases, the persons who caused the damage/injury have accepted the legal claims of the Fund and refunded the amounts owed FPVS activity as Romanian Information Centre In 2012, FPVS received 8,044 inquiries, of which 7,000 inquiries by phone and 1,044 inquiries in writing. At the same time, FPVS has processed a number of 388 inquiries forwarded by other information centres in the European Economic Area, so the total number of inquiries processed by the Fund reached 8,432. The 1,044 inquiries in writing were structured as follows: 578 inquiries the identification of the MTPL insurer in the CEDAM database; 208 inquiries vehicles having their usual place of establishment outside Romania; 258 inquiries initially unidentified MTPL insurer; following receipt of further information from the Ministry of Administration and the Interior, identification was possible in 145 cases, 51 cases referred to non-assigned license plates, and identification of valid MTPL insurance was impossible in the other 62 cases. Pursuant to the activities performed by FPVS as Information Centre, the identification ratio of MTPL insurers in the CEDAM database was 69.1% [578/( )*100=69.1%] isc.ro

69 Annual Report 2012 vs. 67.9% in 2011, while the MTPL coverage ratio can be estimated at 94,06% [(1,044-62)/1,044*100=94,06%] - vs % in In 2012, there were 20.5% more written inquiries than in 2011 and 6.30% more total inquiries FPVS activity as Compensation Body In 2012, FPVS reported 190 files, of which: 10 files were settled by way of correspondence between MTPL insurers in Romania or through the identification of the claims representative or MTPL insurer and through adequate guidance provided to injured persons, directly or through other Compensation Bodies in EEA, etc.; 180 open files, of which: 13 claim files opened and closed through settlement in 2012, for which the Fund awarded claims amounting to RON 45,390.74, and EUR 31, In the case of 6 such files, FPVS recovered EUR 36,277.94, of which the management fee accounted for EUR 5, In the case of other 7 files, reimbursement forms have been issued and sums will be recovered in the course of the financial year other 9 claim files reported in the period have been settled, the Fund paying out RON 21,961.16, EUR 16, and PLN 30,391.48; by the end of 2012, the Fund recovered in respect of these files RON 33, and EUR 15,095.07, of which the management fee accounted for EUR pro-forma files - opened at the request of injured persons/complainants for events where the MTPL insurer, or the claims representative thereof, respectively, paid out no claims and failed to issue a substantiated response within 90 days from receipt of initial request, but which, following the intervention of the Fund, as Compensation Body, were handled/ settled by the same MTPL insurer, or the claims representative thereof, respectively, within 60 days from the intervention of the Fund, either through payment of claims or through the sending of a substantiated response to the respective injured persons/complainants). In 2012, FPVS received 62 requests for assistance from other Compensation Bodies in the European Economic Area. Part II The insurance Supervisory Commission 67

70 Chapter 4 Professional insurance training 4.1. Insurance Management Institute IMI In 2009, the Insurance Supervisory Commission founded the Insurance Management Institute (IMI) with the aim of improving the quality of insurance professional training. IMI has as main objectives the professional education, training and development of the persons employed in the insurance sector, as well as the certification and coordination of the professional qualification of the persons who seek employment in the insurance sector, in related business areas or in other similar sectors. Established as a foundation, the Insurance Management Institute has gained further recognition with the approval by the Parliament of Emergency Government Ordinance no. 117/2007 amending Law no. 32/2000, which sets out the duty of the ISC Council to establish and coordinate the Insurance Management Institute. The organisational structure of the Insurance Management Institute currently comprises the following: The Centre for the certification of ongoing training and professional specialisation for intermediaries in the insurance sector and other related sectors; The Centre for training and professional specialisation in insurance, related business undertakings and other similar sectors; The Centre for management training; The Centre for scientific research, documentation and publishing for the insurance sector and other similar sectors. According to its Statute, the Insurance Management Institute is headed by a Board of Directors, comprising two members and a Chairman. IMI s headquarters are located in Bucharest, 2 Steluței St., district Coordinated professional insurance training Education In 2012, IMI s core objective was aimed at ensuring the framework for coordinated professional training in the field of insurance, the certification of the persons who have completed training courses and the organisation of advanced professional programmes to meet the training needs of the persons employed in the insurance sector. To this end, the Insurance Management Institute: has contributed to the amendment and supplementation of the ISC norms concerning professional insurance training; has taken the necessary steps for the amendment of the multiple choice tests used in the training programme Motor insurance claims reporting, handling and settlement ; has completed the design of the IT programme used to generate the tests used for the examination of the persons who seek to be awarded IMI certificates; has implemented a new IT platform for handling the data of the persons who participate in the examinations; has reviewed the files subject to approval by the Surveillance Committee for the: authorisation of 5 insurance education providers; certification of 33 trainers has approved two e-learning platforms; has joined the Network of Competent Authorities for Professional Qualification in Romania (IMI PQ NET Romania), a strategic project implemented by the Ministry of Education, Research, Youth and Sports together with the National Authority for Professional Qualification and the Institute for Social Policies and participated in 3 workshops and a conference The representatives of the Insurance Management Institute who are members of the IMI PQNET task force have been involved in the process of identifying and designing action plans for the review and revision of qualifications in relation with ongoing professional training, together with the external experts of the National Authority for Professional Qualifications and the Ministry. Training courses In order to meet the specialised training requirements of the persons employed in insurance undertakings and insurance brokers who are in charge of the enforcement and compliance of anti-money laundering and terrorist financing provisions, the Insurance Management Institute has organised: 4 specialised training courses on the Prevention and control of money laundering and terrorist financing (target group: insurance undertakings and insurance brokers) with a total of 181 participants; 2 free-of-charge workshops organised in cooperation with the National Office for the Prevention and Control of Money Laundering aimed at ensuring the ongoing professional training of the persons in charge of anti-money laundering duties employed by insurance undertakings, with a total of 83 participating compliance officers. Examination sessions With a view to certify the professional training of the persons who attended the qualification or ongoing training courses organised by one of the Education services providers authorised by the Insurance Supervisory Commission, isc.ro

71 Annual Report 2012 Table 40. Examination sessions organised by IMI in 2012 Bucharest Cluj Napoca Timisoara Tg. Mures Constanta Iasi Ploiesti Craiova Total/type of examination No. of examination sessions Share in total (%) the Insurance Management Institute has organised 556 nation-wide examination sessions. 17,581 were examined in 2012, of which 16,306 were awarded certificates, i.e. a graduation rate of 92.75%. Table 42. Certificates awarded by IMI in 2012 Type of examination No. of persons certified The professional qualification of insurance intermediaries 3,988 The professional qualification of the executive officers of insurance and/or reinsurance brokers 154 The ongoing professional training of insurance intermediaries 11,724 The ongoing professional training of the executive officers of insurance and/or reinsurance brokers 440 TOTAL 16, National EU-financed professional training programmes On 1 January 2011, IMI started the implementation of the National professional training programme for insurance experts and intermediaries, a programme financed by the European Social Fund through the Sectoral Operational Programme for Human Resources Development. The project s target consists of persons who work in the insurance market, insurance undertakings, brokers, and authorised natural person agents. The objective of the project is to contribute - through stateof-the-art technology and organisational solutions to the professional development of almost 8,300 insurance experts, thus improving the quality of the services provided and the people s personal ability to adjust to the ever changing conditions of the economic environment. IMI s partners in the project are professional associations in the insurance sector and higher-education institutions. Together with insurance experts trainers certified by ISC IMI has prepared 6 course materials for the programmes provided within the project: Motor insurance claims reporting, handling and settlement; Accounting regulations and financial reporting standards for insurance brokers; Negotiation and sales techniques; Insurance fundamentals; insurance contracts; Legislation, consumer protection, environment protection; Risk management Specific risks, assessment, regulations Module for insurance brokers. By the end of 2011, IMI had delivered 107 courses attended by 2,828 persons employed with insurance and reinsurance undertakings and intermediaries (brokers and agents), as follows: 52 courses Negotiation and sales techniques 38 courses Insurance fundamentals 1 courses Risk management for insurance brokers 1 courses Reviews, tools and the preparation of financial statements 8 courses - Motor insurance claims adjustment 6 courses Non-motor insurance claims adjustment 1 courses Health insurance. The graduation rate was 98.19%, as 2,777 persons graduated the courses out of a total of 2,828 participants. Part II The insurance Supervisory Commission 69

72

73 Part III Annexes

74 ANNEX 1 Gross written premiums by classes of non-life insurance (RON) No. Insurance Undertaking TOTAL Gross Insurance classes written premiums I. II. III. IV. V. VI. VII. 1 ABC ASIGURARI - REASIGURARI SA 17,656, , ,059, ,676 2 AEGON ASIGURARI DE VIATA SA 0 3 ALICO ASIGURARI ROMANIA SA 0 4 ALLIANZ - TIRIAC ASIGURARI SA 806,647,922 5,767,083 4,144, ,392, ,600 1,059 5,025,891 5 ASIGURARE REASIGURARE ASIMED SA 1,388,851-3, , ASIROM VIENNA INSURANCE GROUP SA 512,366,693 4,612,915 12, ,283,160 58, ,125 1,249,170 2,601,213 7 ASITO KAPITAL SA 50,958,059 1,154, ,121 4,112, ,023 2,791,380 8 ASTRA SA 1,107,387, ,609,410 25,334, ,235, ,011 7,742,053 3,743,982 2,043,758 9 ATE INSURANCE ROMANIA SA 1,688, , , METROPOLITAN LIFE ASIGURARI SA (former AVIVA) 0 11 AXA LIFE INSURANCE SA 0 12 BCR ASIGURARI DE VIATA VIENNA INSURANCE GROUP SA 0 13 BRD ASIGURARI DE VIATA SA 0 14 CARPATICA ASIG SA 247,299,331 1,411, ,775-9,836, ,975 CERTASIG - SOCIETATE DE ASIGURARE 15 REASIGURARE SA 43,934, ,954 8,495 2,998, ,715 11,687,111 1,224, CHARTIS ROMANIA SA ** 89,222 8, , CITY INSURANCE SA 263,789, , ,839, , CREDIT EUROPE ASIGURARI - REASIGURARI SA 41,855,209 14,402, ,084 12,195, , , , EFG EUROLIFE ASIGURARI DE VIATA SA EFG EUROLIFE ASIGURARI GENERALE SA 6,993, , ERGO ASIGURARI DE VIATA SA EUREKO ASIGURARI SA 11,270, ,218 10,595, EUROINS ROMANIA ASIGURARE REASIGURARE SA 444,732, ,901 18,186 21,743,085 43, , , EXIM ROMANIA SA 22,083,347 76, , F.A.T.A. ASIGURARI SA 27,475,726 36, ,911, , FORTE ASIGURARI REASIGURARI SA 13,716, , , , GARANTA ASIGURARI SA 86,410,998 2,092, ,096 9,051, ,279 15,550 1,252, GENERALI ROMANIA SA 348,372,307 1,639, ,377,403-6, , , GERMAN ROMANIAN ASSURANCE SA 1,686, PLATINUM ASIGURARI REASIGURARI SA 37,958, ,670 34,476 6,455, ,817 1,800,433 1,240,781 86, GRAWE ROMANIA ASIGURARE SA 1,099, , GROUPAMA ASIGURARI SA 760,602,055 2,487,800 18, ,441, , ,568,118 2,394, ING ASIGURARI DE VIATA SA LIG Insurance SA 36,938,492 3, , OMNIASIG VIENNA INSURANCE GROUP SA* 232,350,311 5,346, ,100, , , ,889 2,973, OMNIASIG VIG ((former BCR ASIGURARI VIG) 794,993,315 8,691,760 9, ,078,229 3,711,343 3,962,203 8,503,348 18,147, ONIX ASIGURARI SA 3,522, POOL-UL DE ASIGURARE P.A.I.D. 24,200, SIGNAL IDUNA ASIGURARI DE VIATA SA UNIQA ASIGURARI DE VIATA SA UNIQA ASIGURARI SA 504,925,921 3,515,378 2,584, ,746, ,186,140 Total ,454,395, ,684,732 44,594,699 1,916,682,149 5,053,043 15,339,962 29,396,555 42,547,281 Share in total % 3.50% 0.69% 29.70% 0.08% 0.24% 0.46% 0.66% TOTAL ,083,943,098 47,247,617 27,995,549 1,990,961,515 4,015,152 17,298,674 22,075,744 41,020,715 Share in total % 0.78% 0.46% 32.72% 0.07% 0.28% 0.36% 0.67% Nominal growth rate 2012/ % % 59.29% -3.73% 25.85% % 33.16% 3.72% Total ,639,733,598 58,560,333 21,226,311 2,453,009,347 4,337,375 20,333,256 23,125,689 42,284,810 Total ,241,584,322 62,929,358 24,859,868 3,330,988,688 5,566,689 21,262,074 30,160,705 40,898,248 * Gross written premiums reported by Omniasig VIG in the first 4 months of 2012 ** Gross written premiums reported by CHARTIS ROMANIA S.A in the first 3 months of isc.ro

75 Annual Report 2012 I. Accident and sickness insurance (including labor accidents and professional sickness) II. Health insurance III. Insurance for land vehicles (other than railway rolling stock) IV. Insurance for railway rolling stock V. Aircraft insurance VI. Insurance for ships (sea, lake, river and canal vessels) VII. Insurance of goods in transit VIII. Insurance against fire and other natural forces IX. Other insurance against damage to property X. Motor liability insurance XI. Aircraft liability insurance XII. Liability insurance for ships (sea, lake, river and canal vessels XIII. General liability insurance XIV. Credit insurance XV. Suretyship insurance XVI. Insurance against financial loss XVII. Insurance of legal expenses XVIII. Touring and travel assistance insurance Insurance classes VIII. IX. X. XI. XII. XIII. XIV. XV. XVI. XVII. XVIII. No. 2,355, ,847 2,450, ,124, ,942, , ,133,597 7,431, ,594, , ,211, ,695 5,327,280 4,574, ,255, , , ,562,690 25,112, ,694,154 18, ,532,271 1, , ,697, ,324, ,510, ,630,653 6,430, ,474,490 18,227,811 1,678,024 77,580, ,517 31,145, , ,562, , , , , ,408,886-41, ,402, ,789,288-1,094, , ,759, ,154,162 2,288, ,807 6,990,318 3,655, ,834, , , , , , ,994, ,704, ,737, ,437, ,671, ,277, , , ,957 2,039, , ,499, ,440 15, ,955,896 2,117, ,487, ,897,398 75,844 1,057,856 50, ,078, ,377, , ,293 19,568,332 27, ,287,851 17,992, , , ,443, , , ,449, ,461, ,077 2,761 33, ,285 57,498,183 26,740 1,717, ,961,352 35,109,947 66,991,572-1, ,661,511-26,211 2,248, , ,082, , ,125, ,245,336 5,874, ,758 1,021,016 50,558 3,629, ,194,598 43,593 4, , , , , , ,563,923 31,080, ,022, ,379 8,341,064 58,081,685 46,065 2,659,798 18,311 5,331, , ,026, ,565, ,673,773 1,351,531 57,984, ,550 1,369,388 9,247,939-23, , , ,414, ,928,595 24,053, ,830, ,390 4,142,191 43,739,503 37,635 3,626, , ,861, ,522, ,200, ,852, ,001, ,039, ,081,228, ,311,425 2,137,043,377 21,422,643 14,276, ,349, ,510, ,259,090 12,120,991 22,480 58,551, % 2.50% 33.11% 0.33% 0.22% 6.51% 1.81% 2.36% 0.19% 0.00% 0.91% 1,178,020, ,445,277 1,970,529,648 22,234,917 14,638, ,815, ,339, ,998,711 17,163,660 10,357 61,131, % 2.64% 32.39% 0.37% 0.24% 4.42% 2.08% 1.87% 0.28% 0.00% 1.00% -8.22% 0.54% 8.45% -3.65% -2.47% 56.37% -7.78% 33.56% % % -4.22% 967,376, ,244,935 2,494,726,787 16,298,795 14,530, ,229, ,110,756 66,364,834 14,706,439 6,241 51,260, ,738, ,733,629 2,252,065,897 24,200,074 10,593, ,785, ,619,772 29,973,022 15,666,826 6,591 42,534,582 Annexes - Insurance undertaking 73

76 ANNEX 2 Gross written premiums by classes of life insurance (RON) I. Life assurance, annuities and supplemental life assurance under letter A a), b) and c), excluding point II and III of annex no. 1 of Law no. 32/2000, as amended and supplemented II. Marriage insurance, birth insurance III. Unit-linked life assurance and annuities under point A letter a) and b) of annex no. 1 of Law no. 32/2000, as amended and supplemented IV. Permanent health insurance under point A letter d) of annex no. 1 of Law no. 32/2000, as amended and supplemented B1. Accident insurance (including labor accidents and professional sickness) B2. Health insurance No. Insurance Undertaking Gross written premiums Insurance classes I. II. III. IV. B1. B2. 1 ABC ASIGURARI - REASIGURARI SA 0 2 AEGON ASIGURARI DE VIATA SA* 6,285, , ,646, ALICO ASIGURARI ROMANIA SA 197,868, ,342, ,844, ,215,839 2,465,312 4 ALLIANZ - TIRIAC ASIGURARI SA 93,532,576 49,340, ,192, ASIGURARE REASIGURARE ASIMED SA ASIROM VIENNA INSURANCE GROUP SA 84,082,958 83,350, , ASITO KAPITAL SA 0 8 ASTRA SA 24,157,572 24,157, ATE INSURANCE ROMANIA SA METROPOLITAN ASIGURARI SA (former AVIVA) 65,904,978 31,305, ,506, , AXA LIFE INSURANCE SA 32,494,053 21,683,845 1,321, , ,224 9,179, BCR ASIGURARI DE VIATA VIENNA INSURANCE GROUP SA 425,194, ,048, ,535, ,610, OMNIASIG VIG (former BCR ) BRD ASIGURARI DE VIATA SA 61,978,591 58,847, ,130, CARPATICA ASIG SA CERTASIG - SOCIETATE DE ASIGURARE REASIGURARE SA CHARTIS ROMANIA S.A CITY INSURANCE SA CREDIT EUROPE ASIGURARI - REASIGURARI SA EFG EUROLIFE ASIGURARI DE VIATA SA 14,895,647 5,889, ,005, EFG EUROLIFE ASIGURARI GENERALE SA ERGO ASIGURARI DE VIATA SA 17,648,007 7,258, ,389, EUREKO ASIGURARI SA 31,185,107 26,894, ,290, EUROINS ROMANIA ASIGURARE REASIGURARE SA 0 25 EXIM ROMANIA SA 0 26 F.A.T.A. ASIGURARI SA 0 27 FORTE ASIGURARI REASIGURARI SA 0 28 GARANTA ASIGURARI SA 4,042,043 4,042, GENERALI ROMANIA SA 83,629,508 69,724,975 16,675 12,323,437 1,564, GERMAN ROMANIAN ASSURANCE SA GRAWE ROMANIA ASIGURARE SA 53,455,407 53,323, , , GROUPAMA ASIGURARI SA 46,484,493 46,484, ING ASIGURARI DE VIATA SA 544,539, ,628, ,095, ,815, LIG Insurance SA 0 35 OMNIASIG VIENNA INSURANCE GROUP SA 0 36 ONIX ASIGURARI SA 0 37 PLATINUM ASIGURARI REASIGURARI SA 0 38 POOL-UL DE ASIGURARE P.A.I.D SIGNAL IDUNA ASIGURARI DE VIATA SA 10,858, , , ,379 9,913, UNIQA ASIGURARI DE VIATA SA 4,281,266 4,281, UNIQA ASIGURARI SA 0 Total ,802,519,132 1,106,597,613 1,338, ,278,317 1,673,835 31,461,718 35,169,387 Share in total % 61.39% 0.07% 34.74% 0.09% 1.75% 1.95% TOTAL ,738,366,854 1,070,263,886 1,427, ,764, ,521 29,565,228 23,813,853 Share in total % 61.57% 0.08% 35.25% 0.03% 1.70% 1.37% Nominal growth rate 2012/2011 (%) 3.69% 3.39% -6.26% 2.21% % 6.41% 47.68% Total ,665,668,554 1,007,201,003 1,790, ,720, ,317 29,317,164 9,404,765 Total ,628,162,635 1,030,051,349 1,790, ,774, ,293 25,825,944 4,402,078 *Gross written premiums reported by Aegon Asigurari de Viata S.A in the first 10 months of isc.ro

77 Annual Report 2012 ANNEX 3 Market shares of insurance undertakings by gross written premiums (RON) No. Insurance Undertaking Total gross written premiums Total market share (%) Gross written premiums in non-life insurance Market share in non-life insurance (%) Gross written premiums in life insurance Market share in life insurance (%) 1 ABC ASIGURARI - REASIGURARI SA 17,656, % 17,656, % % 2 AEGON ASIGURARI DE VIATA SA* 6,285, % % 6,285, % 3 ALICO ASIGURARI ROMANIA SA 197,868, % % 197,868, % 4 ALLIANZ - TIRIAC ASIGURARI SA 900,180, % 806,647, % 93,532, % 5 ASIGURARE REASIGURARE ASIMED SA 1,388, % 1,388, % % 6 ASIROM VIENNA INSURANCE GROUP SA 596,449, % 512,366, % 84,082, % 7 ASITO KAPITAL SA 50,958, % 50,958, % % 8 ASTRA SA 1,131,544, % 1,107,387, % 24,157, % 9 ATE INSURANCE ROMANIA SA 1,688, % 1,688, % % 10 AXA LIFE INSURANCE SA 32,494, % % 32,494, % 11 BCR ASIGURARI DE VIATA VIENNA INSURANCE GROUP SA 425,194, % % 425,194, % 12 BRD ASIGURARI DE VIATA SA 61,978, % % 61,978, % 13 CARPATICA ASIG SA 247,299, % 247,299, % % 14 CERTASIG - SOCIETATE DE ASIGURARE REASIGURARE SA 43,934, % 43,934, % % 15 CHARTIS ROMANIA SA *** 89, % 89, % % 16 CITY INSURANCE SA 263,789, % 263,789, % % 17 CREDIT EUROPE ASIGURARI - REASIGURARI SA 41,855, % 41,855, % % 18 EFG EUROLIFE ASIGURARI DE VIATA SA 14,895, % % 14,895, % 19 EFG EUROLIFE ASIGURARI GENERALE SA 6,993, % 6,993, % % 20 ERGO ASIGURARI DE VIATA SA 17,648, % % 17,648, % 21 EUREKO ASIGURARI SA 42,456, % 11,270, % 31,185, % 22 EUROINS ROMANIA ASIGURARE REASIGURARE SA 444,732, % 444,732, % % 23 EXIM ROMANIA SA 22,083, % 22,083, % % 24 F.A.T.A. ASIGURARI SA 27,475, % 27,475, % % 25 FORTE ASIGURARI REASIGURARI SA 13,716, % 13,716, % % 26 GARANTA ASIGURARI SA 90,453, % 86,410, % 4,042, % 27 GENERALI ROMANIA SA 432,001, % 348,372, % 83,629, % 28 GERMAN ROMANIAN ASSURANCE SA 1,686, % 1,686, % % 29 GRAWE ROMANIA ASIGURARE SA 54,555, % 1,099, % 53,455, % 30 GROUPAMA ASIGURARI SA 807,086, % 760,602, % 46,484, % 31 ING ASIGURARI DE VIATA SA 544,539, % % 544,539, % 32 LIG Insurance SA 36,938, % 36,938, % % 33 METROPOLITAN ASIGURARI SA (former AVIVA) 65,904, % % 65,904, % 34 OMNIASIG VIENNA INSURANCE GROUP SA** 232,350, % 232,350, % % 35 OMNIASIG VIG (former BCR ASIGURARI VIG) 794,993, % 794,993, % 0.00% 36 ONIX ASIGURARI SA 3,522, % 3,522, % % 37 PLATINUM ASIGURARI REASIGURARI SA 37,958, % 37,958, % 0.00% 38 POOL-UL DE ASIGURARE P.A.I.D. 24,200, % 24,200, % % 39 SIGNAL IDUNA ASIGURARI DE VIATA SA 10,858, % % 10,858, % 40 UNIQA ASIGURARI DE VIATA SA 4,281, % % 4,281, % 41 UNIQA ASIGURARI SA 504,925, % 504,925, % % Total ,256,914,950 6,454,395,818 1,802,519,132 Share in total % 78.17% 21.83% Total ,822,309,952 6,083,943,098 1,738,366,854 Share in total % 77.78% 22.22% * Gross written premiums reported by Aegon Asigurari de Viata S.A in the first 10 months of * *Gross written premiums reported by Omniasig VIG in the first 4 months of *** Gross written premiums reported by CHARTIS ROMANIA S.A. in the first 3 months of 2012 Annexes - Insurance undertaking 75

78 ANNEX 4 Gross written premiums by policyholder category - natural and legal persons (RON) No. Insurance Undertaking Non-life insurance TOTAL Natural persons Share in total (%) 1 ABC ASIGURARI - REASIGURARI SA 17,656,707 2,941, AEGON ASIGURARI DE VIATA SA* ALICO ASIGURARI ROMANIA SA ALLIANZ - TIRIAC ASIGURARI SA 806,647, ,053, ASIGURARE REASIGURARE ASIMED SA 1,388, , ASIROM VIENNA INSURANCE GROUP SA 512,366, ,886, ASITO KAPITAL SA 50,958,059 1,270, ASTRA SA 1,107,387, ,227, ATE INSURANCE ROMANIA SA 1,688, , METROPOLITAN ASIGURARI SA (former AVIVA) AXA LIFE INSURANCE SA BCR ASIGURARI DE VIATA VIENNA INSURANCE GROUP SA BRD ASIGURARI DE VIATA SA CARPATICA ASIG SA 247,299, ,538, CERTASIG - SOCIETATE DE ASIGURARE REASIGURARE SA 43,934,487 1,924, CHARTIS ROMANIA SA*** 89, CITY INSURANCE SA 263,789,975 52,177, CREDIT EUROPE ASIGURARI - REASIGURARI SA 41,855,209 14,849, EFG EUROLIFE ASIGURARI DE VIATA SA EFG EUROLIFE ASIGURARI GENERALE SA 6,993,552 5,947, ERGO ASIGURARI DE VIATA SA EUREKO ASIGURARI SA 11,270,994 11,270, EUROINS ROMANIA ASIGURARE REASIGURARE SA 444,732, ,444, EXIM ROMANIA SA 22,083,347 87, F.A.T.A. ASIGURARI SA 27,475,726 2,272, FORTE ASIGURARI REASIGURARI SA 13,716, , GARANTA ASIGURARI SA 86,410,998 8,673, GENERALI ROMANIA SA 348,372, ,031, GERMAN ROMANIAN ASSURANCE SA 1,686,773 1,223, PLATINUM ASIGURARI REASIGURARI SA 37,958,253 5,458, GRAWE ROMANIA ASIGURARE SA 1,099, , GROUPAMA ASIGURARI SA 760,602, ,286, ING ASIGURARI DE VIATA SA LIG Insurance SA 36,938,492 1,195, OMNIASIG VIENNA INSURANCE GROUP SA** 232,350,309 48,402, OMNIASIG VIG (former BCR ASIGURARI VIG) 794,993, ,180, ONIX ASIGURARI SA 3,522, POOL-UL DE ASIGURARE P.A.I.D. 24,200,893 23,009, SIGNAL IDUNA ASIGURARI DE VIATA SA UNIQA ASIGURARI DE VIATA SA UNIQA ASIGURARI SA 504,925, ,493, Total ,454,395,818 2,719,923, Total ,083,943,098 2,480,467, Nominal growth rate 2012/ % 9.65% 3.36 Total ,639,733,598 2,494,095, Total ,241,584,322 2,385,951, * Gross written premiums reported by Aegon Asigurari de Viata S.A in the first 10 months of * *Gross written premiums reported by Omniasig VIG in the first 4 months of *** Gross written premiums reported by CHARTIS ROMANIA S.A. in the first 3 months of isc.ro

79 Annual Report 2012 Non-life insurance Life insurance Legal persons Share in total (%) TOTAL Natural persons 14,715, ,285,365 6,285, ,868, ,868, ,593, ,532,576 93,532, , ,480, ,082,958 84,082,958 49,687, ,159, ,157,572 24,157,572 1,095, ,904,978 65,904, ,494,053 32,494, ,194, ,194, ,978,591 61,978,591 31,760, ,009, , ,612, ,005, ,895,647 14,895,647 1,046, ,648,007 17,648, ,185,107 31,185, ,287, ,996, ,203, ,185, ,737, ,042,044 4,042, ,341, ,629,507 83,629, , ,500, , ,455,407 53,455, ,315, ,484,493 46,484, ,539, ,539,727 35,743, ,947, ,812, ,522, ,191, ,858,958 10,858, ,281,266 4,281, ,432, ,734,472, ,802,519,132 1,802,519,132 3,603,475, ,738,366,854 1,738,366, % % 3.69% 4,145,638, ,665,668,554 1,665,668,554 4,855,633, ,628,162,635 1,628,162,635 Annexes - Insurance undertaking 77

80 ANNEX 5 Gross indemnity payments by classes of non-life insurance (RON) No. Insurance Undertaking TOTAL Insurance classes Gross indemnity I. II. III. IV. V. VI. payments 1 ABC ASIGURARI - REASIGURARI SA 6,785,232 3, ,808, AEGON ASIGURARI DE VIATA SA ALICO ASIGURARI ROMANIA SA ALLIANZ - TIRIAC ASIGURARI SA 555,584, ,740 2,047, ,152, , ASIGURARE REASIGURARE ASIMED SA 463,520 1, , ASIROM VIENNA INSURANCE GROUP SA 389,620, , ,419,796 54, ,840,110 7 ASITO KAPITAL SA 7,068, , ,880 4,472, ASTRA SA 603,349, , , ,377, ,417,325 1,374,309 9 ATE INSURANCE ROMANIA SA 1,035, , METROPOLITAN LIFE ASIGURARI SA (former AVIVA) AXA LIFE INSURANCE SA BCR ASIGURARI DE VIATA VIENNA INSURANCE GROUP SA BRD ASIGURARI DE VIATA SA CARPATICA ASIG SA 191,666,501 95, ,933, CERTASIG - SOCIETATE DE ASIGURARE REASIGURARE SA 27,991, ,718 5,719 4,147, ,069 12,494, CHARTIS ROMANIA SA** 1,915, , CITY INSURANCE SA 25,127,004 39, ,333, CREDIT EUROPE ASIGURARI - REASIGURARI SA 17,226,479 42, ,726, EFG EUROLIFE ASIGURARI DE VIATA SA EFG EUROLIFE ASIGURARI GENERALE SA 292,274 2, ERGO ASIGURARI DE VIATA SA EUREKO ASIGURARI SA 46,994, ,378 6,433, , EUROINS ROMANIA ASIGURARE REASIGURARE SA 277,602, , ,762, , EXIM ROMANIA SA 5,185, F.A.T.A. ASIGURARI SA 15,164,899 1, ,465, FORTE ASIGURARI REASIGURARI SA 707, , GARANTA ASIGURARI SA 68,406, ,235 5,894 11,218, GENERALI ROMANIA SA 282,174, , ,570,265 18, ,176, GERMAN ROMANIAN ASSURANCE SA 101, PLATINUM ASIGURARI REASIGURARI SA 5,523,397 91, ,703, , GRAWE ROMANIA ASIGURARE SA 164,332 7, GROUPAMA ASIGURARI SA 569,333,110 1,079, ,440, ,311, ING ASIGURARI DE VIATA SA LIG Insurance SA 50, OMNIASIG VIENNA INSURANCE GROUP SA* 251,268,515 1,457, ,443, , , OMNIASIG VIG (former BCR ASIGURARI VIG) 781,359,617 5,377,711 11, ,421,617 45, ,949 5,409, ONIX ASIGURARI SA 10, POOL-UL DE ASIGURARE P.A.I.D. 276, SIGNAL IDUNA ASIGURARI DE VIATA SA UNIQA ASIGURARI DE VIATA SA UNIQA ASIGURARI SA 321,269,191 1,862, , ,712, Total ,453,717,618 14,114,541 10,550,484 1,947,134, ,983 1,870,025 26,424,938 Share total % 0.32% 0.24% 43.72% 0.01% 0.04% 0.59% Total ,194,672,389 12,856,759 7,678,605 1,986,085, ,280 3,661,662 14,388,217 Share total % 0.31% 0.18% 47.35% 0.01% 0.09% 0.34% Nominal growth rate 2012/2011(%) Total ,797,561,000 12,398,755 7,498,871 2,506,517, ,866 6,635,114 14,619,612 Total ,187,480,620 12,526,315 12,231,779 2,893,840, ,161 53,863,315 14,042,996 *Gross indemnity payments reported by Omniasig VIG in the first 4 months of ** Gross indemnity payments reported by CHARTIS ROMANIA S.A. in the first 3 months of isc.ro

81 Annual Report 2012 I. Accident and sickness insurance (including labor accidents and professional sickness) II. Health insurance III. Insurance for land vehicles (other than railway rolling stock) IV. Insurance for railway rolling stock V. Aircraft insurance VI. Insurance for ships (sea, lake, river and canal vessels) VII. Insurance of goods in transit VIII. Insurance against fire and other natural forces IX. Other insurance against damage to property X. Motor liability insurance XI. Aircraft liability insurance XII. Liability insurance for ships (sea, lake, river and canal vessels) XIII. General liability insurance XIV. Credit insurance XV. Suretyship insurance XVI. Insurance against financial loss XVII. Insurance of legal expenses XVIII. Touring and travel assistance insurance Insurance classes VII. VIII. IX. X. XI. XII. XIII. XIV. XV. XVI. XVII. XVIII. No. 0 72,384 98,977 2,461, , , ,620 41,282,835 3,199, ,701, ,145,479 1,806, , ,861, ,514 12,837,223 14,230, ,627, ,429, , , ,658, , ,418 27,657, , ,810,422 76,951 1,253,514 2,713, ,482 1,485, , ,403, , , , ,792, ,836, ,306 1,121, , ,182 9,068, , ,170, , , , ,521 1,665,974 16, , , , , ,425, ,110, ,352, , ,400 2,353, ,459 2,865, , , , ,016,258 82, ,949, ,689 2,039, , ,412, , ,283 21, , ,010,859 16, , ,935,375 10,762, , ,648 1,324,565 7, ,697 55,322, , ,706 13,909,967 4,424, ,099, , ,407 23, ,199, , , ,450 1,620, , , , , ,631 77, , ,004 34,796,049 29,891, ,139,034 50, ,067 89,174, ,079, ,047, , ,232 8,620, ,677 94,766, ,140, ,448 93, , , ,379,286 40,457,940 14,193, ,518, ,149 30,623, , , , ,006, , , ,931 14,591, ,790, ,701 1, ,218, ,520,305 80,326,131 1,862,712, ,951 2,537,410 58,342, ,679,719 8,361,927 3,906, ,613, % 4.91% 1.80% 41.82% 0.00% 0.06% 1.31% 3.41% 0.19% 0.09% 0.00% 0.46% 8,809, ,387,105 56,812,669 1,657,186, ,571,807 50,720, ,435,794 4,266,978 9,124, ,250, % 5.68% 1.35% 39.51% 0.00% 0.11% 1.21% 2.82% 0.10% 0.22% 0.00% 0.51% ,616, ,625, ,053,284 1,630,275,079 29,391,140 3,416,291 36,390, ,797,921 2,600,964 3,399, ,037,738 7,229, ,998, ,199,025 1,593,245, ,627 1,407,136 19,004, ,095,943 2,931,203 3,734, ,059,686 Annexes - Insurance undertaking 79

82 Annex 6 Gross indemnity and maturity payments by classes of life insurance (RON) I. Life assurance, annuities and supplemental life assurance under letter A a), b) and c), excluding point II and III of annex no. 1 of Law no. 32/2000, as amended and supplemented II. Marriage insurance, birth insurance III. Unit-linked life assurance and annuities under point A letter a) and b) of annex no. 1 of Law no. 32/2000, as amended and supplemented IV. Permanent health insurance under point A letter d) of annex no. 1 of Law no. 32/2000, as amended and supplemented B1. Accident insurance (including labor accidents and professional sickness) B2. Health insurance Nr. crt. Insurance undertaking Gross indemnity payments 1 ABC ASIGURARI - REASIGURARI SA AEGON ASIGURARI DE VIATA SA 54,553 5, , ALICO ASIGURARI ROMANIA SA 25,900,966 22,281, , ,955, ,864 4 ALLIANZ - TIRIAC ASIGURARI SA 12,581,728 7,053, ,527, ASIGURARE REASIGURARE ASIMED SA ASIROM VIENNA INSURANCE GROUP SA 50,767,462 50,766, , ASITO KAPITAL SA ASTRA SA 2,523,673 2,523, ATE INSURANCE ROMANIA SA METROPOLITAN LIFEASIGURARI SA 10,259,200 5,128, ,131, AXA LIFE INSURANCE SA 13,001,285 10,227, , ,609, BCR ASIGURARI DE VIATA VIENNA INSURANCE GROUP SA 28,723,092 20,741, ,066, ,914, BRD ASIGURARI DE VIATA SA 6,113,158 6,113, CARDIF ASIGURARI SA CARPATICA ASIG SA CERTASIG - SOCIETATE DE ASIGURARE REASIGURARE SA CHARTIS ROMANIA SA CITY INSURANCE SA CREDIT EUROPE ASIGURARI - REASIGURARI SA EFG EUROLIFE ASIGURARI DE VIATA SA 1,223,393 1,223, EFG EUROLIFE ASIGURARI GENERALE SA ERGO ASIGURARI DE VIATA SA 330, , EUREKO ASIGURARI SA 7,173,100 6,921, , EUROINS ROMANIA ASIGURARE REASIGURARE SA EXIM ROMANIA SA F.A.T.A. ASIGURARI SA FORTE ASIGURARI REASIGURARI SA GARANTA ASIGURARI SA 1,624,593 1,624, GENERALI ROMANIA SA 18,272,894 17,228, , , GERMAN ROMANIAN ASSURANCE SA GRAWE ROMANIA ASIGURARE SA 3,359,851 3,340, , GROUPAMA ASIGURARI SA 19,263,432 19,173, , ING ASIGURARI DE VIATA SA 95,205,510 49,118, ,664, , LIG Insurance SA OMNIASIG VIENNA INSURANCE GROUP SA ONIX ASIGURARI SA PLATINUM ASIGURARI REASIGURARI SA POOL-UL DE ASIGURARE P.A.I.D SIGNAL IDUNA ASIGURARI DE VIATA SA 3,471, ,444 3,336, UNIQA ASIGURARI DE VIATA SA 5,511 5, UNIQA ASIGURARI SA 0 0 Total ,855, ,808, ,387 58,445, ,016 3,512,696 13,343,822 Share in total % 74.64% 0.05% 19.49% 0.19% 1.17% 4.45% Total ,396, ,364, ,740, ,573 2,323,669 2,797,682 Share in total % 85.77% 0.00% 12.39% 0.06% 0.81% 0.97% Nominal growth rate 2012/2011 (%) Total ,922, ,012, ,908, ,212 2,496, ,408 Total ,023, ,412,312 6,619 25,570, ,760 1,659, ,316 CLASS 01 CLASS 02 CLASS 03 CLASS 04 CLASS B1 CLASS B2 * Gross indemnity and maturity payments reported by Aegon Asigurari de Viata S.A in the first 10 months of isc.ro

83 Annex 7 Gross written premiums for non-life and life insurance by development regions as of Annual Report 2012 North-West 8.35% NORTH-EAST 6.81% WEST 5.66% South-West 4.68% CenteR 7.02% South 7.46% South-East 7.44% South-West 4.68% WEST 5.66% Bucharest (including Ilfov) 48.49% NORTH - EAST 6.81% South-East 7.44% South 7.46% North-West 8.35% Center 7.02% Bucharest (including Ilfov) 48.49% gross written premiums in other countries % Other countries 4.09% Annexes - Insurance undertaking 81

84 ANNEX 8 Technical reserves for non-life insurance (RON) No. Insurance Undertaking TOTAL TECHNICAL RESERVES Unearned premium reserve Outstanding claims reserve and incurred but not reported claims reserve Other technical reserves gross net gross net gross net gross net 1 ABC ASIGURARI - REASIGURARI SA 11,835,892 6,790,370 8,194,341 4,600,473 2,477,401 1,301,784 1,164, ,113 2 ALICO ASIGURARI ROMANIA SA 0 3 ALLIANZ - TIRIAC ASIGURARI SA 910,252, ,152, ,544, ,281, ,550, ,713,237 18,157,880 18,157,880 4 ASIGURARE REASIGURARE ASIMED SA 751, , , , , ,422 10,572 10,572 5 ASIROM VIENNA INSURANCE GROUP SA 466,188, ,187, ,949, ,645, ,373, ,677,522 7,865,115 7,865,115 6 ASITO KAPITAL SA 27,269,377 4,570,731 5,462,722 1,559,897 3,776, ,422 18,030,576 2,264,412 7 ASTRA SA 1,166,577, ,007, ,455, ,299, ,610, ,325, ,512,242 57,381,798 8 ATE INSURANCE ROMANIA SA 1,419, , , , ,657 65, , ,822 9 METROPOLITAN LIFE ASIGURARI SA (former AVIVA) 0 10 AXA LIFE INSURANCE SA 0 BCR ASIGURARI DE VIATA VIENNA 11 INSURANCE GROUP SA 0 12 BRD ASIGURARI DE VIATA SA 0 13 CARPATICA ASIG SA 234,737, ,764, ,183,307 63,979, ,160,185 68,390,736 2,393,951 2,393,951 CERTASIG - SOCIETATE DE ASIGURARE 14 REASIGURARE SA 33,115,657 23,195,031 21,424,635 13,706,253 10,260,960 8,058,716 1,430,062 1,430, CHARTIS ROMANIA SA 0 16 CITY INSURANCE SA 163,395, ,322,812 95,323,078 92,270,517 65,844,172 42,155,777 2,228,243 1,896,518 CREDIT EUROPE ASIGURARI - 17 REASIGURARI SA 37,700,873 21,904,321 25,084,580 15,568,081 10,055,947 3,775,894 2,560,346 2,560, EFG EUROLIFE ASIGURARI DE VIATA SA 0 19 EFG EUROLIFE ASIGURARI GENERALE SA 5,166,686 4,423,280 3,530,627 2,825, , ,311 1,349,042 1,349, ERGO ASIGURARI DE VIATA SA 0 21 EUREKO ASIGURARI SA 14,961,267 11,446,325 6,227,676 6,072,690 7,932,389 4,572, , ,202 EUROINS ROMANIA ASIGURARE 22 REASIGURARE SA 323,532, ,522, ,631, ,814, ,711,364 89,315,031 14,189,511 13,393, EXIM ROMANIA SA 16,635,827 7,248,857 16,248,335 6,987, , , , , F.A.T.A. ASIGURARI SA 17,487,304 7,361,271 12,252,133 5,251,413 1,886, ,692 3,348,538 1,218, FORTE ASIGURARI REASIGURARI SA 8,853,940 6,133,195 6,942,143 4,675, , ,347 1,048, , GARANTA ASIGURARI SA 55,898,009 35,023,755 15,069,176 7,670,656 13,310,513 6,992,127 27,518,320 20,360, GENERALI ROMANIA SA 582,416, ,855, ,750, ,771, ,545, ,963,874 34,120,528 34,120, GERMAN ROMANIAN ASSURANCE SA 717, , , , , ,119 1,685 1, PLATINUM ASIGURARI REASIGURARI SA 26,639,288 19,687,605 21,488,159 15,555,302 3,787,768 2,802,717 1,363,361 1,329, GRAWE ROMANIA ASIGURARE SA 1,005, , , , ,814 64, , , GROUPAMA ASIGURARI SA 838,381, ,080, ,277, ,386, ,887, ,491, ,216,225 98,202, ING ASIGURARI DE VIATA SA 0 33 LIG Insurance SA 33,928,073 33,454,805 32,395,275 31,925,398 1,284,406 1,281, , , OMNIASIG VIG (former BCR ASIGURARI VIG) 1,402,266, ,790, ,774, ,616, ,792, ,179,651 30,699,539 11,994, ONIX ASIGURARI SA 2,782,007 2,782,007 2,723,007 2,723,007 59,000 59, POOL-UL DE ASIGURARE P.A.I.D. 20,900,823 15,889,737 16,148,750 11,137, , ,351 4,094,722 4,094, SIGNAL IDUNA ASIGURARI DE VIATA SA 0 38 UNIQA ASIGURARI DE VIATA SA 0 39 UNIQA ASIGURARI SA 566,998, ,468, ,503, ,341, ,593, ,726,829 36,901,404 21,400,010 Total ,971,815,101 4,899,683,739 3,114,890,480 2,521,032,399 3,416,959,206 2,073,973, ,965, ,678,092 Total ,022,466,930 5,293,649,028 3,017,386,502 2,563,247,306 3,543,612,908 2,452,570, ,467, ,831,596 Nominal growth rate 2012/ % -7.44% 3.23% -1.65% -3.57% % -4.66% 9.66% Total ,782,629,538 5,267,860,310 3,230,521,900 2,792,541,860 3,128,617,940 2,225,908, ,489, ,409,485 Total ,931,624,256 5,246,562,259 3,576,537,375 2,863,342,735 3,003,255,595 2,168,323, ,831, ,895, isc.ro

85 Annual Report 2012 ANNEX 9 Technical reserves for life insurance (RON) No. Insurance Undertaking TOTAL TECHNICAL RESERVES Mathematical reserve Unearned premium reserve Other technical reserves gross net gross net gross net gross net 1 ABC ASIGURARI - REASIGURARI SA 2 ALICO ASIGURARI ROMANIA SA 560,227, ,449, ,754, ,726,546 94,903,657 94,500,630 17,568,837 17,222,180 3 ALLIANZ - TIRIAC ASIGURARI SA 307,922, ,227, ,823, ,823,423 32,564,621 31,014,636 12,534,443 11,389,342 4 ASIGURARE REASIGURARE ASIMED SA 5 ASIROM VIENNA INSURANCE GROUP SA 215,711, ,625, ,371, ,371,331 35,939,295 35,939,295 20,400,520 20,315,058 6 ASITO KAPITAL SA 7 ASTRA SA 40,111,604 29,193,705 7,731,481 7,731,481 7,956,806 7,910,656 24,423,317 13,551,568 8 ATE INSURANCE ROMANIA SA 9 METROPOLITAN LIFE ASIGURARI SA (former AVIVA) 203,568, ,822, ,832, ,698,387 16,718,587 16,718,587 17,016,736 14,405, AXA LIFE INSURANCE SA 91,535,975 91,407,555 66,238,888 66,238,888 17,600,508 17,600,508 7,696,579 7,568,159 BCR ASIGURARI DE VIATA VIENNA 11 INSURANCE GROUP SA 964,889, ,629, ,267, ,639, ,303, ,974,469 17,317,322 14,015, OMNIASIG VIG (former BCR VIG) 13 BRD ASIGURARI DE VIATA SA 46,963,547 46,548,618 20,936,249 20,936,249 3,671,357 3,588,789 22,355,941 22,023, CARPATICA ASIG SA CERTASIG - SOCIETATE DE ASIGURARE 15 REASIGURARE SA 16 CHARTIS ROMANIA SA 17 CITY INSURANCE SA CREDIT EUROPE ASIGURARI - 18 REASIGURARI SA 19 EFG EUROLIFE ASIGURARI DE VIATA SA 14,170,912 14,161,085 10,955,804 10,955,804 2,614,281 2,614, , , EFG EUROLIFE ASIGURARI GENERALE SA 0 21 ERGO ASIGURARI DE VIATA SA 47,495,868 46,881,380 46,504,926 45,925,662 15,884 15, , , EUREKO ASIGURARI SA 146,470, ,334, ,163, ,163,585 13,874,754 13,874,754 7,431,748 7,296,169 EUROINS ROMANIA ASIGURARE 23 REASIGURARE SA 24 EXIM ROMANIA SA 25 F.A.T.A. ASIGURARI SA 26 FORTE ASIGURARI REASIGURARI SA 27 GARANTA ASIGURARI SA 4,412,760 3,436, , , , ,825 2,935,025 2,807, GENERALI ROMANIA SA 196,263, ,698, ,752, ,752,145 31,034,427 28,155,500 17,476,575 13,790, GERMAN ROMANIAN ASSURANCE SA 30 GRAWE ROMANIA ASIGURARE SA 255,988, ,875, ,454, ,454,257 26,109,570 24,725,601 39,425,145 38,695, GROUPAMA ASIGURARI SA 108,743, ,862,967 67,048,613 66,857,828 34,625,554 33,936,201 7,068,938 7,068, ING ASIGURARI DE VIATA SA 2,262,635,696 2,262,635,696 2,034,566,152 2,034,566, ,089, ,089, ,979, ,979, LIG Insurance SA 34 ONIX ASIGURARI SA 35 PLATINUM ASIGURARI REASIGURARI SA 36 POOL-UL DE ASIGURARE P.A.I.D. 37 SIGNAL IDUNA ASIGURARI DE VIATA SA 6,373,667 6,359, , ,428 5,079,047 5,076, , , UNIQA ASIGURARI DE VIATA SA 3,720,243 3,528,080 1,173,817 1,162,210 2,452,383 2,271,827 94,043 94, UNIQA ASIGURARI SA Total ,477,203,711 5,383,678,370 4,563,022,452 4,508,794, ,106, ,359, ,074, ,524,574 Total ,772,055,357 4,676,603,108 3,913,498,770 3,852,822, ,611, ,648, ,945, ,132,621 Nominal growth rate 2012/ % 15.12% 16.60% 17.03% 9.24% 10.60% 1.64% -1.55% Total ,383,572,919 4,294,674,353 3,535,862,556 3,483,980, ,431, ,186, ,279, ,507,682 Total ,889,930,756 3,810,321,585 3,015,904,434 2,970,339, ,160, ,087, ,865, ,894,478 Annexes - Insurance undertaking 83

86 ANNEX 10 Gross written premiums and gross premiums ceded to reinsurance in non-life insurance (RON) No. Insurance Undertaking Gross written premiums Gross premiums ceded to reinsurance Share of gross premiums ceded in gross written premiums 1 ABC ASIGURARI - REASIGURARI SA 17,656,706 5,794, % 2 AEGON ASIGURARI DE VIATA SA 3 ALICO ASIGURARI ROMANIA SA 4 ALLIANZ - TIRIAC ASIGURARI SA 806,647, ,066, % 5 ASIGURARE REASIGURARE ASIMED SA 1,388,851-48, % 6 ASIROM VIENNA INSURANCE GROUP SA 512,366, ,850, % 7 ASITO KAPITAL SA 50,958,059 45,170, % 8 ASTRA SA 1,107,387, ,216, % 9 ATE INSURANCE ROMANIA SA 1,688,418 1,004, % 10 METROPOLITAN LIFE ASIGURARI SA (former AVIVA) 11 AXA LIFE INSURANCE SA 12 BCR ASIGURARI DE VIATA VIENNA INSURANCE GROUP SA 13 BRD ASIGURARI DE VIATA SA 14 CARPATICA ASIG SA 247,299,331 77,901, % 15 CERTASIG - SOCIETATE DE ASIGURARE REASIGURARE SA 43,934,487 14,509, % 16 CHARTIS ROMANIA SA ** 89, , % 17 CITY INSURANCE SA 263,789,975 20,829, % 18 CREDIT EUROPE ASIGURARI - REASIGURARI SA 41,855,209 17,649, % 19 EFG EUROLIFE ASIGURARI DE VIATA SA 20 EFG EUROLIFE ASIGURARI GENERALE SA 6,993,552 3,441, % 21 ERGO ASIGURARI DE VIATA SA 22 EUREKO ASIGURARI SA 11,270, , % 23 EUROINS ROMANIA ASIGURARE REASIGURARE SA 444,732,579 39,392, % 24 EXIM ROMANIA SA 22,083,347 12,259, % 25 F.A.T.A. ASIGURARI SA 27,475,726 17,648, % 26 FORTE ASIGURARI REASIGURARI SA 13,716,028 3,314, % 27 GARANTA ASIGURARI SA 86,410,998 33,433, % 28 GENERALI ROMANIA SA 348,372, ,625, % 29 GERMAN ROMANIAN ASSURANCE SA 1,686, , % 30 PLATINUMASIGURARI REASIGURARI SA 37,958,253 11,792, % 31 GRAWE ROMANIA ASIGURARE SA 1,099, , % 32 GROUPAMA ASIGURARI SA 760,602,055 70,650, % 33 ING ASIGURARI DE VIATA SA 34 LIG Insurance SA 36,938,492 1,380, % 35 OMNIASIG VIENNA INSURANCE GROUP SA* 232,350,311 90,667, % 36 OMNIASIG VIG (former BCR ASIGURARI VIG) 794,993, ,951, % 37 ONIX ASIGURARI SA 3,522, % 38 POOL-UL DE ASIGURARE P.A.I.D. 24,200,893 14,424, % 39 SIGNAL IDUNA ASIGURARI DE VIATA SA 40 UNIQA ASIGURARI DE VIATA SA 41 UNIQA ASIGURARI SA 504,925, ,523, % Total ,454,395,818 1,678,914, % Total ,083,943,098 1,331,511, % Nominal growth rate 2012/ % 26.09% 18.85% Total ,639,733,598 1,213,406, % Total ,241,584,322 1,600,518, % * Gross written premiums and gross premiums ceded to reinsurance reported by Omniasig VIG in the first 4 months of ** Gross written premiums and gross premiums ceded to reinsurance reported by CHARTIS ROMANIA S.A in the first 3 months of isc.ro

87 Annual Report 2012 ANNEX 11 Gross written premiums and gross premiums ceded to reinsurance in life insurance (RON) No. Insurance Undertaking Gross written premiums Gross premiums ceded to reinsurance Share of gross premiums ceded in gross written premiums 1 ABC ASIGURARI - REASIGURARI SA 2 AEGON ASIGURARI DE VIATA SA* 6,285,365 26, % 3 ALICO ASIGURARI ROMANIA SA 197,868,009 3,588, % 4 ALLIANZ - TIRIAC ASIGURARI SA 93,532,576 4,410, % 5 ASIGURARE REASIGURARE ASIMED SA 6 ASIROM VIENNA INSURANCE GROUP SA 84,082,958 4,856, % 7 ASITO KAPITAL SA 8 ASTRA SA 24,157, , % 9 ATE INSURANCE ROMANIA SA 10 METROPOLITAN LIFE ASIGURARI SA (former AVIVA) 65,904,978 8,422, % 11 AXA LIFE INSURANCE SA 32,494, , % 12 BCR ASIGURARI DE VIATA VIENNA INSURANCE GROUP SA 425,194,867 15,308, % 13 OMNIASIG VIG (former BCR VIG) 14 BRD ASIGURARI DE VIATA SA 61,978,591 1,042, % 15 CARPATICA ASIG SA 16 CERTASIG - SOCIETATE DE ASIGURARE REASIGURARE SA 17 CHARTIS ROMANIA S.A 18 CITY INSURANCE SA 19 CREDIT EUROPE ASIGURARI - REASIGURARI SA 20 EFG EUROLIFE ASIGURARI DE VIATA SA 14,895,647 1,069, % 21 EFG EUROLIFE ASIGURARI GENERALE SA 22 ERGO ASIGURARI DE VIATA SA 17,648, , % 23 EUREKO ASIGURARI SA 31,185,107 1,320, % 24 EUROINS ROMANIA ASIGURARE REASIGURARE SA 25 EXIM ROMANIA SA 26 F.A.T.A. ASIGURARI SA 27 FORTE ASIGURARI REASIGURARI SA 28 GARANTA ASIGURARI SA 4,042, , % 29 GENERALI ROMANIA SA 83,629,508 10,736, % 30 GERMAN ROMANIAN ASSURANCE SA 31 GRAWE ROMANIA ASIGURARE SA 53,455,407 2,775, % 32 GROUPAMA ASIGURARI SA 46,484,493 1,388, % 33 ING ASIGURARI DE VIATA SA 544,539,727 3,714, % 34 LIG Insurance SA 35 OMNIASIG VIENNA INSURANCE GROUP SA 36 ONIX ASIGURARI SA 37 PLATINUM ASIGURARI REASIGURARI SA 38 POOL-UL DE ASIGURARE P.A.I.D. 39 SIGNAL IDUNA ASIGURARI DE VIATA SA 10,858,958 9, % 40 UNIQA ASIGURARI DE VIATA SA 4,281, , % 41 UNIQA ASIGURARI SA Total ,802,519,132 59,903, % Total ,738,366,854 58,083, % Nominal growth rate 2012/ % 3.13% - Total ,665,668,554 58,193, % Total ,628,162,635 56,373, % *Gross written premiums and gross premiums ceded reported by Aegon Asigurari de Viata S.A in the first 10 luni months of 2012 Annexes - Insurance undertaking 85

88 ANNEX 12 Assets of insurance undertakings as per balance sheet (RON) Investments No. Insurance Undertaking Total assets, of which: Intangible assets Total investments of which: 1 ABC ASIGURARI - REASIGURARI SA 32,072,833 90,471 11,056,399 2 ALICO ASIGURARI ROMANIA SA 816,486,328 95, ,143,348 3 ALLIANZ - TIRIAC ASIGURARI SA 1,984,944,970 2,008,494 1,350,415,021 4 ASIGURARE REASIGURARE ASIMED SA 18,889, ,177,947 5 ASIROM VIENNA INSURANCE GROUP SA 1,192,617,553 3,263, ,949,023 6 ASITO KAPITAL SA 47,936,296 70,242 21,321,222 7 ASTRASA 1,867,175,673 6,047, ,600,691 8 ATE INSURANCE ROMANIASA 31,443, ,246 29,301,479 9 METROPOLITAN LIFE ASIGURARISA(former AVIVA) 285,726, , ,038, AXA LIFE INSURANCE SA 140,746,077 5,435, ,548, BCR ASIGURARI DE VIATA VIENNA INSURANCE GROUP SA 1,109,768,356 4,343, ,131, BRD ASIGURARI DE VIATA SA 90,872,365 94,541 76,907, CARPATICA ASIG SA 311,517, ,331 41,790, CERTASIG - SOCIETATE DE ASIGURARE REASIGURARE SA 61,932, ,061 25,051, CHARTIS ROMANIA S.A 61,196, ,409, CITY INSURANCE SA 294,076,079 1,441, ,752, CREDIT EUROPE ASIGURARI - REASIGURARI SA 88,569,073 44,550 31,398, EFG EUROLIFE ASIGURARI DE VIATA SA 38,800, ,289, EFG EUROLIFE ASIGURARI GENERALE SA 25,086, ,854, ERGO ASIGURARI DE VIATA SA 71,878,913 26,220 59,559, EUREKO ASIGURARI SA 284,453, , ,102, EUROINS ROMANIA ASIGURARE REASIGURARE SA 454,017, , ,999, EXIM ROMANIA SA 41,958,981 2,847,655 17,256, F.A.T.A. ASIGURARI SA 43,872,171 54,992 16,849, FORTE ASIGURARI REASIGURARI SA 29,393, ,312 14,493, GARANTA ASIGURARI SA 135,530,798 16,252 96,700, GENERALI ROMANIA 1,181,318,449 8,599, ,938, GERMAN ROMANIAN ASSURANCE SA 11,923, ,362, PLATINUM ASIGURARI REASIGURARI SA 58,045, ,824 5,383, GRAWE ROMANIA ASIGURARE SA 331,632,016 1,797, ,708, GROUPAMA ASIGURARI SA 1,354,480,661 13,970, ,464, ING ASIGURARI DE VIATA SA 2,494,716,249 15,307,439 2,344,600, LIG Insurance SA 61,876,941 92,975 30,719, OMNIASIG VIG (former BCR ASIGURARI VIG) 2,776,131, ,290, ,934, ONIX ASIGURARI SA 20,131, ,338, POOL-UL DE ASIGURARE P.A.I.D. 46,336,335 1,797,005 34,263, SIGNAL IDUNA ASIGURARI DE VIATA SA 30,862, ,240 21,733, UNIQA ASIGURARI DE VIATA SA 29,927,869 97,835 26,363, UNIQA ASIGURARI SA 1,002,075,394 3,135, ,799,791 Total ,960,424, ,508,314 10,525,710,723 Total ,293,960,385 90,634,648 10,390,101,581 Nominal growth rate 2012/ % % 1.31% Total ,805,591,185 88,506,904 9,857,781,064 Total ,398,487,279 96,933,744 9,174,286,671 * advances and work in progess isc.ro

89 Annual Report 2012 Investments Property & Plant* Bonds and other fixed-income securities Deposits with credit institutions Unit-linked investments Bank accounts and cash on hand Other assets Nr. crt. 4,931,444 4,204, ,298 19,963, ,934,059 49,557, ,871,957 5,199,122 90,048, ,250, ,211,184 24,554, ,581,090 18,194, ,326, ,476, ,131,053 5,580, ,707, ,634,973 49,875,645 3,093,303 15,912, ,492, ,962,372 10,174,220 5,516, ,743 26,268, ,923,352 21,568, ,845,427 1,557,681, ,301, ,628 1,635, ,057,579 26,586, ,155,537 15,006,758 27,277, ,797,368 48,738,255 31,479,366 6,272, ,691 24,471, ,920, ,208,690 1,198, ,094, ,517,130 45,168,097 4,949, ,021 13,135, ,280, ,572, ,845, ,232, ,249,356 33,483, ,409, ,760,760 26, ,990, ,890,792 85,990, , ,726, ,487,261 55,638, ,746,509 5,323,531 10,970, ,598 2,004, ,934,807 4,686, ,212 2,569, ,011, ,217, ,246 11,621, ,770, ,921,824 21,301,148 13,153,437 5,523,626 73,403, ,454,865 35,046,084 30,645, ,167, ,676, ,381 4,304,724 12,537, ,274,935 20,579, ,809, ,642 26,198, ,951, , ,662,614 13,039, ,366,701 1,635,196 61,270, ,235 38,185, ,193, ,085,103 46,534,211 22,134,373 6,135, ,644, ,961, , ,451 4,361, ,890 1,448, ,124,229 34,001, ,060, ,094,729 2,109,859 59,393 1,492,767 20,632, ,421, ,446, ,139, ,021 10,442, ,603, ,297,266 24,229,120 1,365,433,401 6,151, ,656, ,868, ,890 30,908, ,538, ,003,242 90,336, ,840,045 1,342,066, ,758 2,033,429 15,265, ,819 2,663, ,508,584 32,748, ,983 10,211, ,219, , ,607 8,635, ,766,765 4,217, ,365 3,196, ,091, ,608,479 19,602, ,714, ,425, ,864,234 4,925,977, ,115,420 2,629,080, ,955,700 7,309,249, ,384,206 5,113,381,422 1,047,591,680 2,122,748, ,870,576 6,537,353, % -3.66% % 23.85% 49.69% 11.81% 837,842,558 4,515,307,549 1,303,007,178 1,880,392, ,090,769 6,594,212, ,202,976 3,557,692,096 1,965,270,187 1,501,947, ,370,179 6,867,896,685 Annexes - Insurance undertaking 87

90 ANNEX 13 Financial and technical results of insurance undertakings as per balance sheet (RON) No. Insurance Undertaking Financial result Non-life insurance Life insurance Profit Loss Profit Loss Profit Loss 1 ABC ASIGURARI - REASIGURARI SA 48, ,475 2 ALICO ASIGURARI ROMANIA SA 41,336, ,601, ALLIANZ - TIRIAC ASIGURARI SA 0 42,742, ,134,878 3,011, ASIGURARE REASIGURARE ASIMED SA 333, , ASIROM VIENNA INSURANCE GROUP SA 14,880, ,628, ,518, ASITO KAPITAL SA 700, ,669 7 ASTRA SA 6,671, ,386,772 8,593, ATE INSURANCE ROMANIA SA 80, , METROPOLITAN LIFE ASIGURARISA (former AVIVA) 0 15,625, ,274, AXA LIFE INSURANCE SA 0 43,835, ,859, BCR ASIGURARI DE VIATA VIENNA INSURANCE GROUP SA 24,991, ,115, BRD ASIGURARI DE VIATA SA 4,378, ,247, CARPATICA ASIG SA 0 6,994, , CERTASIG - SOCIETATE DE ASIGURARE REASIGURARE SA 0 2,648, ,897, CHARTIS ROMANIA SA 29,224, ,026, CITY INSURANCE SA 33,684, ,182, CREDIT EUROPE ASIGURARI - REASIGURARI SA 465, , EFG EUROLIFE ASIGURARI DE VIATA SA 4,514, ,183, EFG EUROLIFE ASIGURARI GENERALE SA 2,227, , ERGO ASIGURARI DE VIATA SA 0 3,575, ,704, EUREKO ASIGURARI SA 0 17,093, ,843, ,718, EUROINS ROMANIA ASIGURARE REASIGURARE SA 6,750, ,904, EXIM ROMANIA SA 0 6,668, ,674, F.A.T.A. ASIGURARI SA 0 4,398, ,494, FORTE ASIGURARI REASIGURARI SA 123, , GARANTA ASIGURARI SA 2,100, ,606 1,675, GENERALI ROMANIA SA 0 18,071, ,137,402 2,933, GERMAN ROMANIAN ASSURANCE SA 80, , PLATINUM ASIGURARI REASIGURARI SA 0 8,316, ,870, GRAWE ROMANIA ASIGURARE SA 1,320, , ,697, GROUPAMA ASIGURARI SA 0 87,859, ,874,243 3,806, ING ASIGURARI DE VIATA SA 25,177, ,915, LIG Insurance SA 1,825, ,063, OMNIASIG VIG (former BCR VIG) 0 228,156, ,443, ONIX ASIGURARI SA 404, , POOL-UL DE ASIGURARE P.A.I.D. 0 2,853, ,452, SIGNAL IDUNA ASIGURARI DE VIATA SA 0 10,233, ,416, UNIQA ASIGURARI DE VIATA SA 0 4,649, ,649, UNIQA ASIGURARI SA 0 19,184, ,697,876 Total ,320, ,907, ,914, ,594, ,302, ,622,888 Total ,054, ,921, ,973, ,573, ,437,329 81,622,444 Nominal growth rate 2012/ % % 3.83% -3.72% 5.89% 23.28% Total ,268, ,637,639 92,969, ,052, ,849,007 79,565,673 Total ,048, ,264, ,273, ,143, ,736,055 92,078, isc.ro

91 Annual Report 2012 ANNEX 14 Assets and share capital of insurance brokers as per balance sheet (RON) No. Insurance Broker Total balance sheet assets Subscribed share capital Paid-up share capital 1 5MM BROKER DE ASIGURARE SRL 318,005 25,000 25,000 2 A & E INSURANCE BROKER DE ASIGURARE SRL 170,978 25,000 25,000 3 A&A BROKER DE ASIGURARE SRL 418,382 25,000 25,000 4 A&G MARITIM Broker de Asigurare SRL 9,831 25,000 25,000 5 A.T. BROKER INSURANCE - BROKER DE ASIGURARE SRL 25,421 25,000 25,000 6 AB ASIG BROKER DE ASIGURARE-REASIGURARE SRL 194,556 25,000 25,000 7 AB BROKER - BROKER DE ASIGURARE-REASIGURARE SRL 741,903 44,500 44,500 8 ABADO SYNERGIC DEVELOPMENT BROKER DE ASIGURARE SRL* 9 ABSOLUT ASIG - BROKER DE ASIGURARE SRL 565,346 25,000 25, ACCENTASIG BROKER DE ASIGURARE SRL 826,326 25,000 25, ACCORD BROKER DE ASIGURARE SRL 198,522 25,200 25, ACE BROKER DE ASIGURARE REASIGURARE SRL 125,557 35,000 35, ACR BROKER DE ASIGURARE - REASIGURARE SRL 77,834 25,000 25, ACTIV ASIGURARI - BROKER DE ASIGURARE-REASIGURARE SRL 616,164 33,000 33, ADA BROKER DE ASIGURARE SRL 46,658 25,000 25, ADAMAS BROKER DE ASIGURARE SRL 112,425 25,000 25, ADECAR BROKER DE ASIGURARE - REASIGURARE SRL 29,384 25,000 25, ADELPHIA BROKER DE ASIGURARE SRL* 19 AERO ASIG BROKER DE ASIGURARE SRL 141,200 25,000 25, AG - BROKER DE ASIGURARE SRL 111,348 25,000 25, AGORA GROUP - BROKER DE ASIGURARE SRL 9,742 25,000 25, AGRICOVER BROKER DE ASIGURARE SRL 161,705 25,000 25, AGRO PROTECTOR 2010 ASIGURARI - BK DE ASIGURARE SRL 264,564 50,000 50, AGX - BROKER DE ASIGURARE SRL 101,065 25,000 25, AIDA BROKER DE ASIGURARE SRL 42,356 25,000 25, AIR BROKER ASIGURARE REASIGURARE SRL 6,172,010 45,000 45, AKG - BROKER DE ASIGURARE SRL** 28 AKTUALIS BROKER DE ASIGURARE SRL 74,944 25,000 25, AL BROKER INVEST - BROKER DE ASIGURARE SA** 30 ALFA BROKER DE ASIGURARE SRL 46,710 25,000 25, ALIAT BROKER DE ASIGURARE SRL 167, , , ALL INSURANCE BROKER DE ASIGURARE SRL* 33 ALLEANZA BROKER DE ASIGURARE SRL 10,925 25,200 25, ALLIED TEAM BROKER DE ASIGURARE-REASIGURARE SRL** 35 ALMA BROKER DE ASIGURARE SRL 830,249 25,000 25, ALO ASIGURARI BROKER DE ASIGURARE SI REASIGURARE SRL 8, , , ALPHA INSURANCE BROKERS - SOCIETATE DE BROKERAJ IN ASIGURARE - REASIGURARE SRL 1,910, , , ALPINA BROKER DE ASIGURARE SRL 8,117,422 25,000 25, ALTO BROKER DE ASIGURARE REASIGURARE SRL 57,827 35,000 35, AMA BROKER DE ASIGURARE-REASIGURARE SRL 50,664 25,000 25, AMAP ASIGURARI SI PENSII - BROKER DE ASIGURARE-REASIGURARE SRL 219,728 27,500 27, AMEX - BROKER DE ASIGURARE SRL** 99,882 25,000 25, AMG BROKER DE ASIGURARE SRL 267,499 40,000 40, AMSTERDAM BROKER DE ASIGURARE SRL 8,033, , , AMTEC BROKER DE ASIGURARE SRL 49,284 25,000 25, ANA BROKER DE ASIGURARE - REASIGURARE SRL 109,866 25,000 25, AON ROMANIA BROKER DE ASIGURARE - REASIGURARE SRL 6,857,251 50,000 50, AQUA INVESTMENT BROKER DE ASIGURARE SRL 23,646 25,000 25, ARCA BROKER DE ASIGURARE - REASIGURARE SRL 2,296 40,000 40, ARGESIM ASIG BROKER DE ASIGURARE - REASIGURARE SRL 66,336 25,000 25, ARPEMIX - CONSULT BROKER DE ASIGURARE SRL 371,030 25,200 25, ART BROKER DE ASIGURARE SRL 915,548 25,000 25, ARTIMM GENERAL ASIG BROKER DE ASIGURARE SRL 128,394 30,000 30, ARTMA BROKER DE ASIGURARE SRL 24,065 25,000 25, AS - INSURANCE - BROKER DE ASIGURARE SRL** 56 AS - INVEST BROKER DE ASIGURARE-REASIGURARE SRL 3,009 25,200 25, AS CONSULT BROKER DE ASIGURARE SRL 74,209 25,000 25, ASA GROUP BROKER DE ASIGURARE SRL ** 59 ASIBBE BROKER DE ASIGURARE SRL 27,514 35,000 35, ASIBROK 2000 BROKER DE ASIGURARE SRL 317,465 25,200 25,200 Annexes - Insurance Brokers 89

92 No. Insurance Broker Total balance sheet assets Subscribed share capital Paid-up share capital 61 ASIBROK BROKER DE ASIGURARE SRL** 62 ASICONS BROKER DE ASIGURARE SRL 1,091, , , ASIDAC CONSULT BROKER DE ASIGURARE REASIGURARE SRL 136,593 25,000 25, ASIDAV AGRI BROKER DE ASIGURARE SRL 94,872 25,000 25, ASIDO EXPERT - BROKER DE ASIGURARE SRL 91,045 25,000 25, ASIFORT BROKER DE ASIGURARE SRL 299,440 25,000 25, ASIG BROKER S GROUP - BROKER DE ASIGURARE SA 247, , , ASIG CONSULT BROKER DE ASIGURARE SRL** 290,879 25,000 25, ASIG MANAGEMENT - BROKER DE ASIGURARE SRL 275,759 40,000 40, ASIGENT BROKER DE ASIGURARE SRL 70,493 27,000 27, ASIGEST BROKER DE ASIGURARE-REASIGURARE SA 2,625, , , ASIGEXCEL BROKER DE ASIGURARE SRL 9,291 25,000 25, ASIGRUP BROKER DE ASIGURARE SRL** 74 ASILEX BROKER DE ASIGURARE - REASIGURAE SRL 58,136 25,000 25, ASIMAR INSURANCE - BROKER DE ASIGURARE-REASIGURARE SRL 965,394 25,200 25, ASIPLUS BROKER DE ASIGURARE REASIGURARE SRL 15,044 25,000 25, ASIPREST BROKER DE ASIGURARE SRL* 78 ASIPROF CONSULTANTA ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL 37,217 25,000 25, ASIRAL BROKER DE ASIGURARE SRL** 80 ASIRAN BROKER DE ASIGURARI SI REASIGURARI SRL** 81 ASIREX - BROKER DE ASIGURARE SRL 1,425,655 25,000 25, ASIS ASIG CONSULT - BROKER DE ASIGURARE SRL 28,666 25,000 25, ASISCO - BROKER DE ASIGURARE - REASIGURARE SRL 45,593 25,000 25, ASIST ASIG BROKER DE ASIGURARE SRL 42,254 25,000 25, ASIWEST - BROKER DE ASIGURARE SRL 511,148 25,000 25, ASKO ASSEKURANZ BROKER DE ASIGURARE SRL 2,403,095 25,000 25, ASSESS BROKER DE ASIGURARE SRL** 88 ASSET INCON PLUS BROKER DE ASIGURARE SRL** 89 AST BROKER DE ASIGURARE SRL 173,585 25,000 25, ASTOP BROKER DE ASIGURARE SRL 2,072,517 25,000 25, ATLANTIC BROKER GROUP BROKER DE ASIGURARE SRL 795,233 25,000 25, ATLAS BROKER DE ASIGURARE REASIGURARE SRL 91,833 25,000 25, ATP EXODUS BROKER DE ASIGURARE SRL** 94 AUST INSURANCE BROKER DE ASIGURARE SRL 1,190,572 25,200 25, AUTO MARCU S BROKER DE ASIGURARE SRL 104,218 25,000 25, AUTO ONE BROKER DE ASIGURARE SRL 69,329 25,000 25, AUTOACT BROKER DE ASIGURARE SRL 393,636 25,000 25, AUTOSINCRON BROKER DE ASIGURARE SRL 322, , , AVANTGARDE - BROKER DE ASIGURARE SRL 98,607 25,000 25, AVERAL CONSULT GROUP BROKER DE ASIGURARE SRL 155,548 25,000 25, AVIASIG BROKER DE ASIGURARE SRL* 102 AVUS INTERNATIONAL - BROKER DE ASIGURARE-REASIGURARE SRL 8,551,609 35,000 35, AXARO S BROKER DE ASIGURARE SRL 364,383 25,000 25, AXASIG BROKER DE ASIGURARE-REASIGURARE SRL 1,359,613 25,000 25, AZT ROMASIG BROKER DE ASIGURARE - REASIGURARE SRL 50,376 25,000 25, B&P COMPANY BROKER DE ASIGURARE - REASIGURARE SRL** 107 B.C.S. BROKER DE ASIGURARE SRL** 108 BALANS BROKER DE ASIGURARE SRL 43,954 25,000 25, BALDOR INSURANCE BROKER SRL 636, , , BALKAN INSURANCE BROKER DE ASIGURARE REASIGURARE SRL** 111 BAVARIA BROKER DE ASIGURARE SRL 537,517 30,000 30, BDT BROKER DE ASIGURARE SRL 51,019 25,000 25, BECA BROKER DE ASIGURARE SRL 67,476 25,010 25, BECHERU INSURANCE UNION - BROKER DE ASIGURARE SRL 20,724 25,000 25, BELLE ASSISTANCE - BROKER DE ASIGURARE/REASIGURARE SRL 509,152 25,000 25, BERTA - BROKER DE ASIGURARE SRL** 117 BEST AS BROKER DE ASIGURARE - REASIGURARE SRL 95,027 25,000 25, BEST BROKER - BROKER DE ASIGURARE SRL 1,563,878 25,000 25, BEST TEAM ASIG BROKER DE ASIGURARE SRL 1,567,350 25,200 25, BESTKLASS BROKER DE ASIGURARE SRL* 121 BIG BROKER DE ASIGURARE SRL 263,003 25,000 25, BIREX - BROKER DE ASIGURARE - REASIGURARE SRL** 123 BLAROS BROKER DE ASIGURARE REASIGURARE SRL 62,378 25,000 25, BLITZ BROKER DE ASIGURARE SRL** 125 BNK OFFICE BROKER DE ASIGURARE SRL* 126 BOAZ BROKER DE ASIGURARE - REASIGURARE SRL 88,618 25,000 25, BONO BROKER DE ASIGURARE REASIGURARE SRL* 128 BONVIVA INSURANCE BROKER SRL 24,527 25,000 25, BRAIN INSURANCE GROUP - BROKER DE ASIGURARE SI REASIGURARE SRL* 130 BRAS BROKER DE ASIGURARE SRL 145,342 25,000 25, BRAVO-R BROKER DE ASIGURARE SRL 28,886 55,350 55, isc.ro

93 Annual Report 2012 No. Insurance Broker Total balance sheet assets Subscribed share capital Paid-up share capital 132 BROK AS BROKER DE ASIGURARE REASIGURARE SRL 8,257 25,000 25, BROKASIG BROKER DE ASIGURARE SRL 495,729 25,000 25, BROKASIG CONSULTING - BROKER DE ASIGURARE SRL 25,155 25,000 25, BROKER ASIG-BROKER DE ASIGURARE SRL 32,549 25,000 25, BROKER DE ASIGURARE CAR ASIG SRL* 137 BROKER DE ASIGURARE FORTZAAS SRL** 138 BROKER DE ASIGURARE: DACIA ASIG SRL 193,965 25,000 25, BROKER DE ASIGURARE-ECO BROKER SMART ACT SRL 335,382 26,000 26, BROKER INVEST BROKER DE ASIGURARE - REASIGURARE SRL** 141 BROKERS ASIST - BROKER DE ASIGURARE SRL 585,708 30,000 30, BRUSSELS BROKER DE ASIGURARE SRL 202,625 25,000 25, BUCOVINA ASIG - BROKER DE ASIGURARE SA** 144 BUSINESS BROKER - BROKER DE ASIGURARE SRL 42,332 25,000 25, BUSINESSWIDE BROKER DE ASIGURARE SRL 1,054,586 25,000 25, C.ADVICE BROKER DE ASIGURARE - REASIGURARE SRL 284,748 25,000 25, C.P.R. EVAL - BROKER DE ASIGURARI SRL 30,723 34,000 34, CAMPION BROKER DE ASIGURARE SRL 5,231,072 25,000 25, CAPITAL & ALLIANCE INSURANCE BROKERAGE SRL** 150 CAPITAL ASIG - BROKER DE ASIGURARE SRL 1,294,206 1,000,000 1,000, CAPITOLIUM INSURANCE BROKER SRL 790,929 25,000 25, CAPRICORN INSURANCE BROKER SRL* 153 CARINA - BROKER DE ASIGURARE SRL 159,184 25,000 25, CARION BROKER DE ASIGURARE SA** 155 CAROL BROKER DE ASIGURARE SRL 550,325 25,000 25, CARS BROKER DE ASIGURARE - REASIGURARE SRL 72,084 25,800 25, CASA DE LICHIDARI DAUNE - BROKER DE ASIGURARE SRL 35,602 25,000 25, CAVI - BROKER DE ASIGURARE SRL* 159 CBASIG-BROKER DE ASIGURARE-REASIGURARE SRL 423,643 25,000 25, CENTRUM ASIG - BROKER DE ASIGURARE SRL** 161 CERTO - BROKER DE ASIGURARE SRL* 162 CLAR BROKER DE ASIGURARE SRL** 163 CMC GRUP BROKER DE ASIGURARE SRL 1,067,194 90,000 90, CND INTERNATIONAL INSURANCE CONSULTANTS SRL 546,437 25,000 25, CO INVEST BROKER DE ASIGURARE SRL 207,068 75,000 75, COMISASIG BROKER DE ASIGURARE SRL 111,607 25,240 25, COMPLEX ASIG BROKER DE ASIGURARE SRL 204,624 25,000 25, COMSIG BROKER DE ASIGURARE SRL 282, CONCRET BROKER DE ASIGURARE SRL** 170 CONDOR - BROKER DE ASIGURARE SRL 349,696 25,000 25, CONECTASIG EXPERT - BROKER DE ASIGURARE SI REASIGURARE SRL 554,535 25,200 25, CONFIDENT BROKER DE ASIGURARE SRL 55,602 25,020 25, CONFISIO BROKER DE ASIGURARE SRL 142,561 30,000 30, CONIMPEX INSURANCE BROKER SRL 239,948 25,000 25, CONSENS ASIG BROKER DE ASIGURARE - REASIGURARE SRL 16,676 25,000 25, CONSILIUM BROKER DE ASIGURARE SRL 581,993 60,800 60, CONSTANTINESCU BROKER DE ASIGURARE SRL 377,126 50,000 50, CONSULT ASIG BROKER DE ASIGURARE SRL 325,908 25,000 25, CONSULTANT A.A. - BROKER DE ASIGURARE SRL 266,883 25,000 25, CONTACS BROKER DE ASIGURARE SRL 1,015,961 25,000 25, CONTRACT ASIG BROKER DE ASIGURARE SRL 53,928 25,000 25, CORIS ROUMANIE, BROKER DE ASIGURARE-REASIGURARE SRL 4,770, , , CORPORATE INSURANCE SERVICES - BROKER DE ASIGURARE-REASIGURARE SRL** 184 CORSIG BROKER DE ASIGURARE SRL 637,003 25,000 25, COVER BROKER DE ASIGURARE SRL 373,886 50,000 50, CREDO INSURANCE BROKER SRL 1,091,647 25,000 25, CROWN PARTNERS - BROKER DE ASIGURARE SRL 351,373 25,000 25, CRUCIATII BROKER DE ASIGURARE SRL* 189 CRYS - ALLY S BROKER DE ASIGURARE SRL* 190 D EXPERT BROKER DE ASIGURARE REASIG SRL* 191 D&B BROKER DE ASIGURARE REASIGURARE SRL 98,843 25,000 25, D&CA INSURANCE BROKER SRL 12,734, , , D.H. BROKER DE ASIGURARE SI REASIGURARE SRL 574, , , DANUBIUS INSURANCE BROKER DE ASIGURARE SRL* 195 DASIG CONSULTING BROKER DE ASIGURARE-REASIGURARE SRL 85,053 25,000 25, DAW MANAGEMENT - BROKER DE ASIGURARE SRL 1,665,889 76,000 76, DEAASIG - CONSULTANTA, ASISTENTA SI BROKERAJ IN ASIGURARI SRL 1,156,338 25,000 25, DECAGON BROKER DE ASIGURARE SRL 346,019 25,000 25, DECON INSURANCE BROKER DE ASIGURARE SRL 317,525 25,000 25, DEIA BROKER ASIGURARI SRL 1,179,608 25,000 25, DELTA S.R.S. BROKER DE ASIGURARE - REASIGURARE SRL 88,957 25,000 25, DESTINE BROKER DE ASIGURARE SRL 3,622,861 25,000 25,000 Annexes - Insurance Brokers 91

94 No. Insurance Broker Total balance sheet assets Subscribed share capital Paid-up share capital 203 DEXASIG BROKER DE ASIGURARE SRL 597,350 25,000 25, DIANA CLAIMS ADJUSTER S BUREAU REGULARIZARI DE DAUNE SRL 1,644,622 59,000 59, DIAS - BROKER DE ASIGURARE SRL 8,228 25,000 25, DINAMIC AS - BROKER DE ASIGURARE SRL 226,587 65,000 65, DINMAR BROKER DE ASIGURARE SRL 177,358 25,000 25, DIRECT AUTOMOTIVE BROKER DE ASIGURARE SRL** 209 DIREKTASIG FILADELFIA BROKER DE ASIGURARE SRL 135,757 25,000 25, DIVERS INSURANCE BROKER DE ASIGURARE SRL 14,571 25,000 25, DMI INSURANCE-BROKER DE ASIGURARE SRL 2,557 25,000 25, DOIO ASIG BROKER DE ASIGURARE SRL 7,213 25,000 25, DOMAS INSURANCE BROKER DE ASIGURARE SRL 1,514,569 25,000 25, DONARIO BROKER DE ASIGURARE SRL 160,123 25,000 25, EAST BRIDGE INSURANCE - BROKER DE ASIGURARE SRL 3,116 25,000 25, EASY INSURANCE SOLUTIONS BROKER DE ASIG REASIG SRL 736,833 25,000 25, ECLAIMS MANAGEMENT - BROKER DE ASIGURARE SRL*** 2,358 50,000 50, ECONOMY CONSULTING GROUP RO BROKER DE ASIG. SRL* 219 EDEN PMB BROKER DE ASIGURARE SRL 79,405 25,000 25, EDY BROKER DE ASIGURARE SRL** 221 EFICIENT ASIG BROKER DE ASIGURARE SRL** 222 ELIRE BROKER DE ASIGURARE SRL 211,977 25,000 25, ELIYAMMA MM BROKER DE ASIGURARE SRL 745,017 25,000 25, EMIASIG BROKER DE ASIGURARE SRL 98,949 25,000 25, ENERGO BROKER - BROKER DE ASIGURARE SRL 114,079 25,000 25, ENERGY BROKER DE ASIGURARE SRL 131,428 25,000 25, EPM ROMANIA - BROKER DE ASIGURARE SRL 338,289 25,000 25, ERSTE BROKERS-BROKER DE ASIGURARE SRL** 229 ETICA BROKER DE ASIGURARE REASIGURARE SRL* 230 EUL BROKER DE ASIGURARE SRL 78,569 30,000 30, EURIAL BROKER DE ASIGURARE SRL 1,482,930 30,000 30, EURO ARC - INSURANCE BROKER SRL 130,922 25,000 25, EURO CREDIT BROKER DE ASIGURARE SRL** 234 EUROBROKERS GROUP SA** 235 EUROGROUP INSURANCE REINSURANCE BROKER ROMANIA SRL 170, , , EUROPEAN ECONOMY ROMANIA - BROKER DE ASIGURARE SRL 875,221 25,000 25, EUROREALASIG - BROKER DE ASIGURARE SRL** 238 EURORISK BROKER DE ASIGURARE SRL 7,363 75,000 75, EUROTEX - BROKER DE ASIGURARE SRL 31,933 25,200 25, EVEREST BROKER DE ASIGURARE SRL 71,613 25,200 25, EWO INSURANCE - BROKER DE ASIGURARE SRL 130,082 25,000 25, EXA BROKER DE ASIGURARE SRL 664,839 25,000 25, EXECUTIV BROKER DE ASIGURARE SRL 29,341 25,000 25, EXPERT ASIG BROKER DE ASIGURARE-REASIGURARE SRL 421,224 30,000 30, EXPERT BROKER DE ASIGURARE SRL 1,061,149 25,000 25, EXPRES BROKER DE ASIGURARE SRL 16,065 85,000 85, EXPRESS INSURANCE BROKER SRL 212,802 25,000 25, FABIS BROKER DE ASIGURARE REASIGURARE SRL 27,893 25,000 25, FAIRWAY BROKER DE ASIGURARE SRL 753,707 25,000 25, FANBROK BROKER DE ASIGURARE - REASIGURARE SRL 165,569 85,000 85, FAST BROKERS - BROKER DE ASIGURARE - REASIGURARE SRL 2,146,913 50,000 50, FEHU BROKER DE ASIGURARE SRL 291,824 25,000 25, FELIX INSURANCE BROKER DE ASIGURARE REASIG SRL 53,583 25,000 25, FEM - BROKER DE ASIGURARE SRL 17,053 25,000 25, FERDINAND ASIGURARI - BROKER DE ASIGURARE SRL 27,267 25,200 25, FIDELITY BROKER DE ASIGURARE - REASIGURARE SRL** 257 FILAS BROKER DE ASIGURARE SRL 294,924 25,000 25, FINANCE BROKER DE ASIGURARE SRL 964, , , FINANCIAL SERVICES GROUP BROKER DE ASIGURARE-REASIGURARE SRL 486,598 50,000 50, FIRST CAR BROKER DE ASIGURARE SRL 138,275 25,000 25, FLASH BROKER DE ASIGURARE SRL 40,653 25,200 25, FLY INSURANCE - BROKER DE ASIGURARE REASIG.SRL 110,617 25,000 25, FORTIS ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL 1,846,663 25,000 25, FORUM INSURANCE BROKER SRL 1,329,562 25,000 25, FREEDOM INSURANCE BROKER SRL 427,201 25,000 25, FULL CASCO BROKER DE ASIGURARE-REASIGURARE SRL 579,421 30,150 30, FUNK INTERNATIONAL ROMANIA BROKER DE ASIGURARE - REASIGURARE SRL 711, , , G&B ASIGURANTA BROKER DE ASIGURARE SRL 538,418 25,000 25, GAMMA - ASIG BROKER DE ASIGURARE SRL 198,156 25,000 25, GELIAS BROKER DE ASIGURARE SRL 852,470 25,000 25, GEMARAL BROKER DE ASIGURARE SRL 125,471 25,000 25, GENERAL ASIG CONSULTING - BROKER DE ASIGURARE SRL 3,333 25,000 25, GENERAL BROKER DE ASIGURARE SRL 116,846 30,000 30, isc.ro

95 Annual Report 2012 No. Insurance Broker Total balance sheet assets Subscribed share capital Paid-up share capital 274 GENERAL INSURANCE & CONSULTING BROKER DE ASIGURARE-REASIGURARE SRL 16,987 50,000 50, GENERAL INSURANCE BROKER SRL 50,223 33,000 33, GEORGIA SIG 2000 BROKER DE ASIGURARI SRL 15,666 25,000 25, GEPA BROKER DE ASIGURARE S.R.L 647,984 25,000 25, GIO GROUP - BROKER DE ASIGURARE SRL** 279 GLOBAL ASSISTANCE BROKER DE ASIGURARE SRL 708,448 30,000 30, GLOBAL ASSURANCE BROKER DE ASIGURARE SRL 1,097,862 25,000 25, GLOBAL BROKER RO BROKER DE ASIGURARE SRL 362,391 30,300 30, GLOBAL RISK SERVICES - INSURANCE BROKER SRL 442,326 30,000 30, GLOBASIG 2002 BROKER DE ASIGURARE-REASIGURARE SRL 325,739 25,000 25, GRAND GARAGE BROKER DE ASIGURARE SRL** 285 GRAS SAVOYE ROMANIA BROKER DE ASIGURARE-REASIGURARE SRL 4,836,607 29,900 29, GROUP INSURANCE BROKER SRL 9,456 25,000 25, GRUP PHOENIX BROKER DE ASIGURARE SRL 170,387 25,000 25, GT BROKER DE ASIGURARE SRL 227,835 30,600 30, GT-RO BROKER DE ASIGURARE - REASIGURARE SRL** 290 GTT INSURANCE BROKER SRL 738,825 25,000 25, HELMET BROKER DE ASIGURARE SRL** 292 HERMANNSTADT BROKER DE ASIGURARE - REASIGURARE SRL 287,678 25,000 25, HOBBIT BROKER DE ASIGURARE REASIGURARE SRL 113,743 25,000 25, I.M. BRATU - BROKER DE ASIGURARE-REASIGURARE SRL 18,369 25,000 25, IBA - INSIEME BROKER DE ASIGURARE SRL** 296 IDEEA INTERMED INSURANCE BROKER DE ASIGURARE SRL 52,064 25,000 25, IMOSIG BROKER DE ASIGURARE SRL 186,344 25,000 25, INFO ASIG - BROKER DE ASIGURARE SRL 252,577 25,200 25, INK CONSULTANTA - BROKER DE ASIGURARE SRL 1,587, , , INSURANCE CONSULTING&SOLUTIONS BROKER DE ASIG SRL ** 301 INSURANCE MIX BROKER DE ASIGURARE SRL 32,596 25,000 25, INSURANCE REINSURANCE INTERNATIONAL BROKER DE ASIGURARE SA** 303 INSURER BROKER DE ASIGURARE REASIG. SRL 778,940 25,000 25, INSUROM BROKER DE ASIGURARE - REASIGURARE SRL 77,381 25,000 25, INTEGRA BROKER DE ASIGURARE SRL 391,502 25,000 25, INTEGRITY GECAST BROKER DE ASIGURARE SRL 25,502 25,000 25, INTEL BROKER DE ASIGURARE SRL 111, INTER ACTIV BROKER DE ASIGURARE - REASIGURARE SRL 428,068 25,000 25, INTER BROKER DE ASIGURARE SRL 2,427,514 25,000 25, INTER CONSULTING BROKER DE ASIGURARE SRL** 311 INTERALIA INSURANCE BROKER SRL 1,931 25,000 25, INTERAS - BROKER DE ASIGURARE SRL** 313 INTERASIG BROKER - BROKER DE ASIGURARE SRL 168,760 38,000 38, INTERASIG BROKER DE ASIGURARE SRL 38,530 25,000 25, INTERBROK BROKER DE ASIGURARE SRL ** 316 INTERBUG INSURANCE BROKER SRL 979,893 25,000 25, INTERCAM BROKER D ASSURANCE SRL 814,576 25,000 25, INTERCAPITAL ASIG BROKER DE ASIGURARE SRL* 319 INTERFIDES INTERNATIONAL - BROKER DE ASIGURARE SRL 2,049, , , INTERLAND BROKER DE ASIGURARE SRL* 321 INTERNATIONAL BROKER CONSULTING-BROKER DE ASIG SRL 246, , , INTERNATIONAL INSURANCE BROKER SRL 542,265 26,060 26, INTERNATIONAL LINK INSURANCE BROKER SRL 325, , , INVEST CORP BROKER DE ASIGURARE SRL 2,422 60,000 60, IONASIG BROKER DE ASIGURARE SRL* 326 IRECSON BROKER DE ASIGURARE-REASIGURARE SRL** 327 IVAS BROKER DE ASIGURARE SRL 85,510 25,000 25, IVECO CAPITAL BROKER DE ASIGURARE-REASIGURARE SRL 3,722,950 25,000 25, JOLILI BROKER DE ASIGURARE - REASIGURARE SRL 64,921 25,000 25, KALL BROKER DE ASIGURARE SRL** 331 KAMER ACTIV - BROKER DE ASIGURARE - REASIGURARE SRL* 332 KARUSSELL INSURANCE - BROKER DE ASIGURARE SRL* 333 KING OF BROKERS IN ROMANIA - BROKER DE ASIGURARE SRL** 334 KLASS BROKER DE ASIGURARE - REASIGURARE SRL 360,416 40,000 40, KRON - ASIG - BROKER DE ASIGURARE SRL 554,051 25,000 25, KUNDEN BROKER DE ASIGURARE SRL 3,707,683 25,000 25, L.M.C. ASIG BROKER DE ASIGURARE SRL 102,323 95,000 95, LACOLI BROKER DE ASIGURARE SRL 3,705,250 51,000 51, LAND - BROKER DE ASIGURARE - REASIGURARE SRL 232,667 25,600 25, LASTING INSURANCE AND REINSURANCE BROKER SRL** 341 LCG CONCEPT - BROKER DE ASIGURARE - REASIGURARE SRL 105,066 25,000 25, LEADER TEAM BROKER DE ASIGURARE SRL 465,601 25,000 25, LEON FINANCIAL - BROKER DE ASIGURARE SRL 2,014 36,000 36, LEUMI BROKER DE ASIGURARE - REASIGURARE SRL 908, , ,000 Annexes - Insurance Brokers 93

96 No. Insurance Broker Total balance sheet assets Subscribed share capital Paid-up share capital 345 LIBER BROKER DE ASIGURARE SRL* 346 LIDA BROKER DE ASIGURARE SRL** 347 LION BROKER DE ASIGURARE SRL 350,552 25,000 25, LOGOS BROKER DE ASIGURARE SRL 117, , , LONDON BROKERS - BROKER DE ASIGURARE-REASIGURARE SRL 1,867,092 27,000 27, LORD BROKER DE ASIGURARE - REASIGURARE SRL 85,370 25,000 25, LOWE ASISGROUP BROKER DE ASIGURARE SRL 9,170 25,000 25, LOYAL BROKER DE ASIGURARE SRL*** 353 LOYALTY INSURANCE BROKER SRL 86,527 25,000 25, M.C.M. - BROKER DE ASIGURARE - REASIGURARE SRL** 355 MAGAZINUL DE ASIGURARI BROKER DE ASIG. REASIG SRL ** 356 MAGNA INSURANCE BROKER SRL** 357 MAI BROKER DE ASIGURARE SRL 1,662, , , MAKLER-SIG BROKER DE ASIGURARE SRL 105,754 80,000 80, MARINS INTERNATIONAL INSURANCE AND REINSURANCE BROKER SRL *** 26, , , MARKRON BROKER DE ASIGURARE SRL 103,282 25,000 25, MAROSI BROKER DE ASIGURARE SRL 27,552 25,000 25, MARSH - BROKER DE ASIGURARE-REASIGURARE SRL 21,131, , , MARSHALY - ZEPTER INSURANCE FINANCIAL ASSOCIATED, BROKER DE ASIGURARE - REASIGURARE SRL 138,135 70,000 70, MARSHALY INSURANCE FINANCIAL ASSOCIATED SRL** 365 MASTER BROKER DE ASIGURARE - REASIGURARE SRL 229,440 25,000 25, MAXYGO BROKER DE ASIGURARE SRL 1,288, , , MB EUROPA BROKER DE ASIGURARE SRL 509,823 25,000 25, MBI MARKETINGBERATUNG AND INSURANCE BROKER SRL 1,908,946 25,000 25, MCI INTERNATIONAL BROKER DE ASIGURARE-REASIGURARE SRL** 370 MED LIFE BROKER DE ASIGURARE SRL 235,586 25,200 25, MEDIA INVEST BROKER DE ASIGURARE SRL 460, , , MEDIATIS BROKER DE ASIGURARE SRL 172,835 50,000 50, MEDIHELP INTERNATIONAL BROKER DE ASIGURARE SRL 884, , , MEDINS 2002 ROMANIA BROKER DE ASIGURARE SRL 292,835 25,000 25, MEGA GROUP BROKER DE ASIGURARI SRL 44,662 25,000 25, MENTOR BROKER DE ASIGURARE SRL 2,014 25,000 25, MERCEDES - BENZ INSURANCE BROKER SRL 4,321, , , MGM BROKER DE ASIGURARE-REASIGURARE SRL 78, , , MIGO - BROKER DE ASIGURARE - REASIGURARE SRL** 380 MILLENIUM INSURANCE BROKER (M.I.B.) SA 1,410, , , MIXERA BROKER DE ASIGURARE SRL 44,148 25,000 25, MK SAFEZON INSURANCE BROKER SRL 10 25,000 25, MKB ROMEXTERRA BROKER DE ASIGURARE SRL 545, , , MLR INTER-ASIG BROKER DE ASIGURARE SRL** 385 MOBIL BROKER DE ASIGURARE SRL* 386 MODEL BROKER DE ASIGURARE SRL 1,420,720 25,000 25, MOLD EXPERT BROKER DE ASIGURARE-REASIGURARE SRL 3,689, , , MOMENTUM INSURANCE AND REINSURANCE BROKER SRL 87,367 25,000 25, MONDIAL BROKER DE ASIGURARE SRL 66,586 25,000 25, MONDO AS BROKER DE ASIGURARE REASIGURARE SRL 442,940 25,000 25, MONEY COACH BROKER DE ASIGURARE SRL 162,072 25,000 25, MONKAD INTERMED BROKER DE ASIGURARE SI REASIG. SRL 12,586 25,000 25, MTC ASIVEST BROKER DE ASIGURARE SRL 80,709 25,020 25, MULTI ASIG BROKER DE ASIGURARE SRL 215,312 25,000 25, MULTIEXPERT ASIG-BROKER DE ASIGURARE SRL** 396 MUNTENIA BROKER DE ASIGURARE SRL 24,258 25,000 25, MUSTANG BROKER DE ASIGURARE - REASIGURARE SRL 265,152 25,000 25, N.B. BROKER DE ASIGURARE-REASIGURARE SRL 324,046 25,000 25, NC SERVICES BROKER DE ASIGURARE SRL 50,059 50,000 50, NELBA BROKER DE ASIGURARE SRL 14,096 25,000 25, NEMES BROKER DE ASIGURARE SRL** 402 NEOBROKER BROKER DE ASIGURARE SRL 93,674 25,000 25, NEPTUN BROKER DE ASIGURARE SRL 9,215 25,000 25, NET BROKER DE ASIGURARE SRL 32,823 25,000 25, NETRISK BROKER DE ASIGURARE SRL 3,375, , , NEUTRO RISK - BROKER DE ASIGURARE SRL** 407 NEW AGE INSURANCE BROKER SRL 66,035 25,000 25, NEW VISION BROKER DE ASIGURARE - REASIGURARE SRL 4,644 25,000 25, NEWBROKER ASIG MC BROKER DE ASIGURARE SRL ** 410 NEWPORT INSURANCE - REINSURANCE BROKER SRL 166,625 25,000 25, NORD - BROKER DE ASIGURARE SRL** 412 NOVA GRUP ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL* 413 NOVALTO BROKER DE ASIGURARE SRL 3,067 25,000 25, NOVOFINANCE GROUPE - BROKER DE ASIGURARE SI REASIGURARE SRL ** 415 OFFICE INSURANCE - BROKER DE ASIGURARE SRL 274,601 25,000 25, isc.ro

97 Annual Report 2012 No. Insurance Broker Total balance sheet assets Subscribed share capital Paid-up share capital 416 OLSA RE BROKER DE ASIGURARE-REASIGURARE SRL 265,467 49,600 49, OLTENIA BROKER DE ASIGURARE-REASIGURARE SRL** 418 OMEGA BROKER DE ASIGURARE SRL 872,649 25,000 25, ONE - BROKER DE ASIGURARE SRL 83,132 25,000 25, ONEST ASIG BROKER DE ASIGURARE SRL* 421 ONSPOT BROKER DE ASIGURARE SRL 55,588 25,000 25, ORIZONT BROKER DE ASIGURARE - REASIGURARE SA 600, , , OTTO BROKER DE ASIGURARE SRL 3,309, , , OVB ALLFINANZ ROMANIA BROKER DE ASIGURARE SRL 1,316,558 25,000 25, OXIGEN INSURANCE - BROKER DE ASIGURARE SRL 244,532 25,000 25, OXYGEN EXPRESS BROKER DE ASIGURARE - REASIGURARE SRL 164,149 25,000 25, PALLADIUM INSURANCE BROKER SRL** 428 PAN GABRIEL BROKER DE ASIGURARE SRL ** 429 PANNON SAFE BROKER DE ASIGURARE SRL 22,442 39,000 39, PARTENER A&S BROKER DE ASIGURARE SRL 7,249 25,000 25, PARTENERUL MEU BROKER DE ASIGURARE SRL* 432 PATY - ASIG BROKER DE ASIGURARE SRL 1,214,290 30,000 30, PEIA GROUP BROKER DE ASIGURARE SRL 86,244 25,000 25, PENTA-International Insurance Reinsurance Broker SRL 741, , , PERFECT ASIG - BROKER DE ASIGURARE SRL 318,363 55,000 55, PERSONAL BROKER-BROKER DE ASIG - REASIG SRL* 437 PERSONAL INSURANCE - BROKER DE ASIG REASIG. SRL 21,456 25,000 25, PINTILIE BROKER DE ASIGURARE SRL 1,308,977 25,000 25, PIRAEUS INSURANCE REINSURANCE BROKER ROMANIA SRL 23,455, , , PLUS-ASIG-INVEST BROKER DE ASIGURARE SRL 87,709 25,000 25, POLY BROKER DE ASIGURARE - REASIGURARE SRL 174,333 25,000 25, PORSCHE BROKER DE ASIGURARE SRL 45,237,760 30,000 30, PORTAL BROKER DE ASIGURARE SRL 360,314 25,000 25, POWER INSURANCE BROKERS SRL 3,477, , , PRAVASIG BROKER DE ASIGURARE SRL 122,492 25,000 25, PREMIER - BROKER DE ASIGURARE SRL 94,558 25,000 25, PREMIUM BROKER DE ASIGURARE SRL 218,719 25,000 25, PRESTIGE INSURANCE BROKER DE ASIGURARE SRL* 449 PREVENT ASIG BROKER DE ASIGURARE SRL* 450 PRIMA BROKER DE ASIGURARE-REASIGURARE SRL** 451 PRIMASIG BROKER DE ASIGURARE SRL 168,722 25,000 25, PRIME INSURANCE - BROKER DE ASIGURARE SRL 321,685 25,000 25, PRIVAT CONSULTING-BROKER DE ASIGURARE-REASIG. SRL 205,472 25,000 25, PRO AS MILENIUM BROKER DE ASIGURARE SRL 418,826 25,000 25, PRO ASIG INSURANCE BROKER DE ASIGURARE SRL 285,628 50,500 50, PROASIG BROKER DE ASIGURARE SRL 140,565 25,000 25, PROFESSIONAL BROKER DE ASIGURARE SRL 878,379 30,000 30, PROPERTY INSURANCE BROKER SRL 19,806 25,000 25, PROXIMUS BROKER DE ASIGURARI SRL* 460 PSG INSURANCE BROKER SRL 1,358,448 25,000 25, QUALITRON INSURANCE BROKER SRL 5,083 25,000 25, QUALITY ASIG - BROKER DE ASIGURARE SRL 405,851 25,000 25, QUARTZ - ASIG BROKER DE ASIGURARE SRL 252,104 25,000 25, R.C.G. BROKER DE ASIGURARE SA 22, , , RAIFFEISEN BROKER DE ASIGURARE-REASIGURARE SRL 24,595, , , RAMY - 95 ASIG BROKER DE ASIGURARE SRL 128,830 25,000 25, RBA REKORD BROKER DE ASIGURARE SRL 129,180 26,000 26, RCI BROKER DE ASIGURARE SRL 20,077, , , REAL EXPERT BROKER DE ASIGURARE REASIGURARE SRL 123,681 25,000 25, RELIANCE BROKER HOUSE- BROKER DE ASIGURARE SRL** 471 REMABO BROKER DE ASIGURARE SRL 58,152 25,000 25, RIB TEAM - BROKER DE ASIGURARE - REASIGURARE S.A 189, , , RISC TOTAL ASIG - BROKER DE ASIGURARE SRL 199,486 25,000 25, RISK CONTROL INSURANCE AND REINSURANCE BROKER SRL 412,256 25,000 25, RISK EXPERT INSURANCE BROKER SRL** 476 RISK MANAGEMENT CONSULTING BROKER DE ASIGURARE SRL 42,192 25,000 25, RISK MANAGEMENT GRUP BROKER DE ASIGURARE SRL 196,076 25,000 25, RITTER - BROKER DE ASIGURARE SI REASIGURARE SRL 172,352 40,000 40, RIVERA BROKER DE ASIGURARE SRL** 480 ROCREDIT - BROKER DE ASIGURARE SRL 160,774 25,000 25, ROGRUP BROKER DE ASIGURARE SRL 220,921 25,000 25, ROM INSURANCE BROKER DE ASIGURARE SRL 534,110 37,000 37, ROMAGENT CONSULTING BROKER DE ASIGURARE SRL 89,940 25,000 25, ROMASIG BROKER DE ASIGURARE SRL 212,505 25,000 25, ROMASIR BROKER DE ASIGURARE SRL 22,876 77,000 77, ROMEURO INSURANCE CONSULTING-BROKER DE ASIG SRL 799,186 40,000 40,000 Annexes - Insurance Brokers 95

98 No. Insurance Broker Total balance sheet assets Subscribed share capital Paid-up share capital 487 ROMINS BROKER DE ASIGURARE SRL 7,977 25,000 25, ROMTIR SERVICE BROKER DE ASIGURARE SRL 145,208 25,000 25, ROYAL BUSINESS BROKER DE ASIGURARE SRL** 490 S.I.N. INSURANCE BROKER SRL* 491 S.I.R. INTERNATIONAL SERVICES BROKER DE ASIGURARE-REASIGURARE SRL 149,011 36,700 36, S.O.S. ASIGURARI - BROKER DE ASIGURARE SRL* 493 SAB BROKER DE ASIGURARE SRL 104,131 25,000 25, SAFE INVEST ROMANIA BROKER DE ASIGURARE SRL 565,231 25,050 25, SAFEGUARD BROKER DE ASIGURARE-REASIGURARE SRL 23,329 25,000 25, SAFETY BROKER DE ASIGURARE SRL 4,937,430 25,000 25, SAFEWAYS INTERNATIONAL BROKER DE ASIGURARE SRL 91,145 25,000 25, SALES GROUP BROKER DE ASIGURARE SRL 94,669 25,500 25, SALVE BROKER DE ASIGURARE SRL** 500 SCALA BROKER DE ASIGURARE SRL 80,801 25,000 25, SCHIOPU BROKER DE ASIGURARE SRL 47,367 25,000 25, SCORPION BROKER DE ASIGURARE SRL 21,072 25,000 25, SDH BROKER DE ASIGURARE SRL 88,259 25,000 25, SECONY PROFESIONAL CONSULTING SRL 496,192 25,000 25, SELECT AUTOMOTIVE BROKER DE ASIGURARE SRL 11,217 25,000 25, SEMPER FIDELIS-BROKER DE ASIGURARE SRL 383,289 25,000 25, SENIOR BROKER DE ASIGURARE SRL** 508 SERVBROK BROKER DE ASIGURARE SRL*** 509 SFINX BROKER DE ASIGURARE SRL 16,911 25,000 25, SIC ASIGURARI BROKER DE ASIGURARE SRL* 511 SIGMA BROKER DE ASIGURARE SRL** 512 SIGURA BROKER DE ASIGURARE SRL 138,603 25,000 25, SILGA BROKER DE ASIGURARE-REASIGURARE SRL 589, , , SILVER BROKER DE ASIGURARE-REASIGURARE SRL 6,633 25,000 25, SIMAX BROKER DE ASIGURARE SRL 87,278 30,000 30, SIMPLEX BROKER DE ASIGURARE SRL 108,897 30,000 30, SIRCOM INSURANCE BROKER SRL 62,924 25,000 25, SIRIUS - BROKER DE ASIGURARE SRL 16,750 25,000 25, SIS BROKER DE ASIGURARE SRL 291,896 25,000 25, SITAL ASIGURARI - BROKER DE ASIGURARE SRL** 521 SL - TEAM ASIG - BROKER DE ASIGURARE-REASIGURARE SRL 1,385,187 25,000 25, SMARALD BROKER DE ASIGURARE SRL 8,193 25,000 25, SMART BROKER DE ASIGURARE - REASIGURARE SRL 223,274 35,000 35,000 SOCIETATEA COMERCIALA DE PRESTARI SERVICII IN DOMENIUL ASIGURARILOR CAROM - BROKER DE 524 ASIGURARE SA 1,441, , , SOFAD BROKER DE ASIG. SRL 56,192 25,900 25, SOKO BROKER DE ASIGURARE SRL 134,247 25,000 25, SOLARIS BROKER DE ASIGURARE SRL** 528 SOLVENTA - BROKER DE ASIGURARE SRL** 529 SOTER - FINANCE BROKER DE ASIGURARE SRL 282,127 25,000 25, SOVEREIGN AND PARTNERS EUROPE - INSURANCE BROKERS SRL* 531 SP ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL** 532 SPECIAL OFFICE - BROKER DE ASIGURARE REASIGURARE SRL 172,635 25,000 25, SPEED INSURANCE GROUP BROKER DE ASIG.- REASIG. SRL 83,343 25,000 25, SPOT INSURANCE - BROKER DE ASIGURARE SRL** 535 SRBA - BROKER DE ASIGURARE REASIGURARE SRL 3,005,876 90,000 90, STABILITY INSURANCE - BROKER DE ASIG - REASIG. SRL* 537 STANDARD ASIGURARI - BROKER DE ASIGURARE SRL 243,398 25,000 25, STANDARD CLASS BROKER DE ASIGURARE - REASIG. SRL* 21,828 25,000 25, STAR BROKER DE ASIGURARE SRL 809,761 25,200 25, STAR EXPRESS BROKER DE ASIGURARE SRL** 541 STAR OFFICE - BROKER DE ASIGURARE SRL** 542 START BROKER DE ASIGURARE SRL 31,059 25,000 25, STEIN INSURANCE BROKER SRL 5,024,429 25,000 25, STELLAR RE BROKER DE ASIGURARE SI REASIGURARE SRL 518,886 25,000 25, STEMMA BROKER DE ASIGURARE SRL*** 1,240 25,000 25, STRASIG BROKER DE ASIGURARE SRL 3,838 25,000 25, STRATEGIC INSURANCE BROKER SRL** 548 SUCCESOR BROKER DE ASIGURARE SRL 213,301 25,000 25, SUD ASIG BROKER DE ASIGURARE SRL 799,547 25,000 25, SURE INVEST COMPANY - BROKER DE ASIGURARE SRL* 551 TAKTIQ - BROKER DE ASIGURARE - REASIGURARE SRL 130,338 25,000 25, TAR & TAR BROKER DE ASIGURARE SRL 608,499 25,000 25, TEAHA ASIGURARI - BROKER DE ASIGURARE SRL 28,845 25,000 25, TEMPO ASIG - INSURANCE BROKER SRL 538,984 35,000 35, TENY BROKER DE ASIGURARE SRL 17,241 25,000 25, TERANO ASIG - BROKER DE ASIGURARE SRL** isc.ro

99 Annual Report 2012 No. Insurance Broker Total balance sheet assets Subscribed share Paid-up share capital capital 557 TERRA BROKER DE ASIGURARE SRL 12,567 30,000 30, TERRA BROKER DE ASIGURARE SRL(ATLASSIB)** 559 TITAN BROKER DE ASIGURARE SRL 530,120 25,000 25, TOMASIG - BROKER DE ASIGURARE SRL 142,516 25,000 25, TOP ASIG BROKER DE ASIGURARE SRL 63,796 25,000 25, TOP INSURANCE CONSULTING BROKER DE ASIGURARE - REASIGURARE SRL 246,447 25,000 25, TOTAL ASIG - BROKER DE ASIGURARE-REASIGURARE SRL 78,210 25,000 25, TOYO MOTOR BROKER DE ASIGURARE SRL 2,366,158 25,000 25, TRADITIONAL BROKER DE ASIGURARE SRL** 566 TRANSILVANIA BROKER DE ASIGURARE SRL 5,478,637 25,000 25, TRANSWORLD ASIG - BROKER DE ASIGURARE SRL 349,171 25,000 25, TREND AS BROKER DE ASIGURARE SRL 86,759 25,200 25, TRINITY GLOBAL INSURANCE BROKERS SRL 141,629 25,000 25, TRIUMF INSURANCE BROKER DE ASIGURARE SRL 64,869 25,000 25, TRUST - ASIG BROKER DE ASIGURARE SRL 59,522 25,000 25, TRUST BROKERS BROKER DE ASIGURARE SRL 445,709 25,500 25, TRYGON BROKER DE ASIGURARE SRL 89,030 45,000 45, UBI BROKER DE ASIGURARE SRL* 72,392 25,000 25, UIRB- UNITED INSURANCE REINSURANCE BROKER SA 484, , , ULTRA BROKER DE ASIGURARE SRL* 577 UNIASIG BROKER DE ASIGURARE SRL 63, , , UNIBROKER DOBROGEA - BROKER DE ASIGURARE SI REASIGURARE SRL** 579 UNICREDIT INSURANCE BROKER SRL 170,541,763 25,000 25, UNION CONSULTING - BROKER DE ASIGURARE SRL 219,674 45,000 45, UNION FIRST INSURANCE BROKERS SRL** 582 UNIPET BROKER DE ASIGURARE SRL 243,452 25,000 25, UNITED BROKER DE ASIGURARE SRL* 584 UNITED INSURANCE BROKERS - BROKER DE ASIGURARE - REASIGURARE SRL** 585 UNITY BROKER DE ASIGURARE REASIGURARE SRL 24,200, , , UNIVERS BROKER DE ASIGURARE SRL 147,548 25,000 25, URBAN BROKER DE ASIGURARE SRL 366,252 25,000 25, USC ALL FINANCE BROKER DE ASIGURARE SRL** 589 V.P. INVESTMENTS-INSURANCE BROKER SRL 30,721 25,000 25, VBL BROKER DE ASIGURARE SRL 10,353,301 25,000 25, VECTOR BROKER DE ASIGURARE - REASIGURARE SRL 1,338,339 25,000 25, VERASIG BROKER DE ASIGURARE SRL 1,025,497 25,000 25, VERBITA-BROKER DE ASIGURARE SRL 203,249 25,000 25, VERGLASER BROKER DE ASIGURARE SRL* 595 VERTICAL ASSURANCE BROKER DE ASIGURARE SRL 100,873 25,000 25, VICTORIA BROKER - BROKER DE ASIGURARE SRL*** 16,312 25,100 25, VIENNA BROKER DE ASIGURARE SRL** 598 VIO ILE BROKER DE ASIGURARE SRL 285,986 25,000 25, VIP BROKER ASIGURARI SRL 219,326 25,000 25, VIVA BROKER DE ASIGURARE SRL 221,300 25,000 25, VLT EXPERT BROKER DE ASIGURARE SRL 133,829 50,000 50, VNT BROKER DE ASIGURARE SRL* 603 VS COMPANY BROKER DE ASIGURARE SRL 2,693,980 25,000 25, WESTACO BROKER DE ASIGURARE SRL 126,188 25,000 25, WISE INSURANCE BROKERS SRL 29,253 25,000 25, WVP RO - BROKER DE ASIGURARE SRL 48,925 25,000 25, YORK - BROKER DE ASIGURARE-REASIGURARE SRL 21,550 25,000 25, Z&A ASIGURARI - BROKER DE ASIGURARE SRL 483,763 35,000 35, ZOE BROKER ASIGURARE REASIGURARE SRL** 610 ZURICH BROKER DE ASIGURARE - REASIGURARE SRL 918, , ,000 Total ,976,290 22,442,157 22,442,157 Total ,721,569 26,475,744 26,475,744 *Insurance and/or reinsurance brokers who filed late or incomplete Q4/2012 reports and 2012 annual financial statements **Insurance and/or reinsurance brokers whose business has been suspended/temporarily prohibited or whose authorisation has been withdrawn and filed late or incomplete Q4/2012 reports and 2012 annual financial statements ***Insurance and/or reinsurance brokers who reported no insurance mediation business as of authorisation/resumption of business and filed Q4/2012 reports and 2012 annual financial statements or statements which report no business as of Annexes - Insurance Brokers 97

100 ANNEX 15 Premiums generated from business written by insurance brokers and claims adjustment as of (RON) No. Insurance Broker Premiums written Total, of which: Non-life insurance Life insurance Claims adjustment 1 5MM BROKER DE ASIGURARE SRL 2,802,168 2,794,091 8, A & E INSURANCE BROKER DE ASIGURARE SRL 1,914,980 1,907,072 7, ,200 3 A&A BROKER DE ASIGURARE SRL 5,017,019 5,017, A&G MARITIM Broker de Asigurare SRL 58,903 58, A.T. BROKER INSURANCE - BROKER DE ASIGURARE SRL 620, ,195 30, AB ASIG BROKER DE ASIGURARE-REASIGURARE SRL 1,269,387 1,269, AB BROKER - BROKER DE ASIGURARE-REASIGURARE SRL 4,835,873 4,835, ABADO SYNERGIC DEVELOPMENT BROKER DE ASIGURARE SRL* 11,344,899 10,965, , ABSOLUT ASIG - BROKER DE ASIGURARE SRL 1,461,193 1,453,981 7, ACCENTASIG BROKER DE ASIGURARE SRL 1,749,186 1,748, ACCORD BROKER DE ASIGURARE SRL 1,089,676 1,089, ACE BROKER DE ASIGURARE REASIGURARE SRL 1,809,793 1,803,809 5, ACR BROKER DE ASIGURARE - REASIGURARE SRL 1,047,904 1,047, ACTIV ASIGURARI - BROKER DE ASIGURARE-REASIGURARE SRL 26,383,064 26,336,726 46, ADA BROKER DE ASIGURARE SRL 579, ,188 19, ADAMAS BROKER DE ASIGURARE SRL 1,425,233 1,425, ADECAR BROKER DE ASIGURARE - REASIGURARE SRL 355, , ADELPHIA BROKER DE ASIGURARE SRL* 19 AERO ASIG BROKER DE ASIGURARE SRL 811, ,716 1, AG - BROKER DE ASIGURARE SRL 2,314,519 2,313, AGORA GROUP - BROKER DE ASIGURARE SRL 171, , AGRICOVER BROKER DE ASIGURARE SRL 2,827,434 2,812,023 15, AGRO PROTECTOR 2010 ASIGURARI - BK DE ASIGURARE SRL 5,954,305 5,946,700 7, AGX - BROKER DE ASIGURARE SRL 1,135,055 1,135, AIDA BROKER DE ASIGURARE SRL 1,147,291 1,145,849 1, AIR BROKER ASIGURARE REASIGURARE SRL 63,520,951 63,510,146 10, AKG - BROKER DE ASIGURARE SRL** 28 AKTUALIS BROKER DE ASIGURARE SRL 7,953,034 7,952, AL BROKER INVEST - BROKER DE ASIGURARE SA** 30 ALFA BROKER DE ASIGURARE SRL 395, , ALIAT BROKER DE ASIGURARE SRL 973, ,344 9, , ALL INSURANCE BROKER DE ASIGURARE SRL* 982, , ALLEANZA BROKER DE ASIGURARE SRL 152, ,114 9, ALLIED TEAM BROKER DE ASIGURARE-REASIGURARE SRL** 35 ALMA BROKER DE ASIGURARE SRL 6,655,833 6,648,891 6, ALO ASIGURARI BROKER DE ASIGURARE SI REASIGURARE SRL 167, , ALPHA INSURANCE BROKERS - SOCIETATE DE BROKERAJ IN ASIGURARE - REASIGURARE SRL 4,453,911 4,453, ALPINA BROKER DE ASIGURARE SRL 34,926,654 34,917,035 9, ALTO BROKER DE ASIGURARE REASIGURARE SRL 1,465,897 1,465, AMA BROKER DE ASIGURARE-REASIGURARE SRL 1,785,350 1,780,929 4, AMAP ASIGURARI SI PENSII - BROKER DE ASIGURARE- REASIGURARE SRL 307, , AMEX - BROKER DE ASIGURARE SRL** 1,694,602 1,694, AMG BROKER DE ASIGURARE SRL 3,262,528 3,262, AMSTERDAM BROKER DE ASIGURARE SRL 25,680,934 9,726,012 15,954, AMTEC BROKER DE ASIGURARE SRL 372, , ANA BROKER DE ASIGURARE - REASIGURARE SRL 591, ,136 16, AON ROMANIA BROKER DE ASIGURARE - REASIGURARE SRL 94,723,234 93,205,062 1,518, AQUA INVESTMENT BROKER DE ASIGURARE SRL 1,265,795 1,259,473 6, ARCA BROKER DE ASIGURARE - REASIGURARE SRL 788, , ARGESIM ASIG BROKER DE ASIGURARE - REASIGURARE SRL 859, , ARPEMIX - CONSULT BROKER DE ASIGURARE SRL 6,448,244 6,417,575 30, ART BROKER DE ASIGURARE SRL 2,545,072 2,541,466 3, ARTIMM GENERAL ASIG BROKER DE ASIGURARE SRL 2,109,110 2,109, isc.ro

101 Annual Report 2012 No. Insurance Broker Premiums written Total, of which: Non-life insurance Life insurance Claims adjustment 54 ARTMA BROKER DE ASIGURARE SRL 233, , AS - INSURANCE - BROKER DE ASIGURARE SRL** 56 AS - INVEST BROKER DE ASIGURARE-REASIGURARE SRL 66,052 65, AS CONSULT BROKER DE ASIGURARE SRL 666, , ASA GROUP BROKER DE ASIGURARE SRL ** 59 ASIBBE BROKER DE ASIGURARE SRL 68,189 68, ASIBROK 2000 BROKER DE ASIGURARE SRL 1,776,351 1,776, ASIBROK BROKER DE ASIGURARE SRL** 62 ASICONS BROKER DE ASIGURARE SRL 26,015,462 25,897, , ASIDAC CONSULT BROKER DE ASIGURARE REASIGURARE SRL 1,502,798 1,493,033 9, ASIDAV AGRI BROKER DE ASIGURARE SRL 1,194,378 1,194, ASIDO EXPERT - BROKER DE ASIGURARE SRL 1,641,236 1,641, ASIFORT BROKER DE ASIGURARE SRL 8,433,449 8,382,807 50, ASIG BROKER S GROUP - BROKER DE ASIGURARE SA 74,251 74, ASIG CONSULT BROKER DE ASIGURARE SRL** 1,884,836 1,884, ASIG MANAGEMENT - BROKER DE ASIGURARE SRL 4,081,733 4,072,023 9, ASIGENT BROKER DE ASIGURARE SRL 2,447,602 2,447, ASIGEST BROKER DE ASIGURARE-REASIGURARE SA 23,564,989 23,533,753 31, ASIGEXCEL BROKER DE ASIGURARE SRL 85,946 85, ASIGRUP BROKER DE ASIGURARE SRL** 74 ASILEX BROKER DE ASIGURARE - REASIGURAE SRL 705, , ASIMAR INSURANCE - BROKER DE ASIGURARE-REASIGURARE SRL 8,514,356 8,497,706 16, ASIPLUS BROKER DE ASIGURARE REASIGURARE SRL 1,308,878 1,308, ASIPREST BROKER DE ASIGURARE SRL* 666, , ASIPROF CONSULTANTA ASIGURARI BROKER DE ASIGURARE- REASIGURARE SRL 1,391,605 1,365,492 26, ASIRAL BROKER DE ASIGURARE SRL** 80 ASIRAN BROKER DE ASIGURARI SI REASIGURARI SRL** 81 ASIREX - BROKER DE ASIGURARE SRL 7,608,382 7,608, ASIS ASIG CONSULT - BROKER DE ASIGURARE SRL 423, , ASISCO - BROKER DE ASIGURARE - REASIGURARE SRL 644, , ASIST ASIG BROKER DE ASIGURARE SRL 569, , ASIWEST - BROKER DE ASIGURARE SRL 4,529,377 4,529, ASKO ASSEKURANZ BROKER DE ASIGURARE SRL 12,471,828 12,471, ASSESS BROKER DE ASIGURARE SRL** 88 ASSET INCON PLUS BROKER DE ASIGURARE SRL** 89 AST BROKER DE ASIGURARE SRL 479, , ASTOP BROKER DE ASIGURARE SRL 729, ,608 3, ATLANTIC BROKER GROUP BROKER DE ASIGURARE SRL 12,848,116 12,657, , ATLAS BROKER DE ASIGURARE REASIGURARE SRL 119, , ATP EXODUS BROKER DE ASIGURARE SRL** 94 AUST INSURANCE BROKER DE ASIGURARE SRL 12,817,186 12,817, AUTO MARCU S BROKER DE ASIGURARE SRL 352, ,113 1, AUTO ONE BROKER DE ASIGURARE SRL 769, , AUTOACT BROKER DE ASIGURARE SRL 2,777,247 2,773,441 3, AUTOSINCRON BROKER DE ASIGURARE SRL 6,350,591 6,345,949 4, AVANTGARDE - BROKER DE ASIGURARE SRL 2,955,492 2,896,670 58, AVERAL CONSULT GROUP BROKER DE ASIGURARE SRL 3,279,607 3,265,633 13, AVIASIG BROKER DE ASIGURARE SRL* AVUS INTERNATIONAL - BROKER DE ASIGURARE-REASIGURARE 102 SRL 42,872, AXARO S BROKER DE ASIGURARE SRL 439, , AXASIG BROKER DE ASIGURARE-REASIGURARE SRL 15,833,637 15,825,164 8, AZT ROMASIG BROKER DE ASIGURARE - REASIGURARE SRL 759, , B&P COMPANY BROKER DE ASIGURARE - REASIGURARE SRL** 107 B.C.S. BROKER DE ASIGURARE SRL** 108 BALANS BROKER DE ASIGURARE SRL 432, ,264 2, BALDOR INSURANCE BROKER SRL 1,014,938 1,014, BALKAN INSURANCE BROKER DE ASIGURARE REASIGURARE SRL** 111 BAVARIA BROKER DE ASIGURARE SRL 6,685,282 6,685, BDT BROKER DE ASIGURARE SRL 819, , BECA BROKER DE ASIGURARE SRL 409, , BECHERU INSURANCE UNION - BROKER DE ASIGURARE SRL 75,503 75, BELLE ASSISTANCE - BROKER DE ASIGURARE/REASIGURARE SRL 1,731,430 1,731, BERTA - BROKER DE ASIGURARE SRL** 117 BEST AS BROKER DE ASIGURARE - REASIGURARE SRL 1,506,001 1,479,129 26,872 0 Annexes - Insurance Brokers 99

102 No. Insurance Broker Premiums written Total, of which: Non-life insurance Life insurance Claims adjustment 118 BEST BROKER - BROKER DE ASIGURARE SRL 1,422,634 1,422, BEST TEAM ASIG BROKER DE ASIGURARE SRL 5,393,283 5,393, BESTKLASS BROKER DE ASIGURARE SRL* 1,158,124 1,158, BIG BROKER DE ASIGURARE SRL 1,753,312 1,749,551 3, BIREX - BROKER DE ASIGURARE - REASIGURARE SRL** 123 BLAROS BROKER DE ASIGURARE REASIGURARE SRL 494, , BLITZ BROKER DE ASIGURARE SRL** 125 BNK OFFICE BROKER DE ASIGURARE SRL* 514, , BOAZ BROKER DE ASIGURARE - REASIGURARE SRL 699, ,546 7, BONO BROKER DE ASIGURARE REASIGURARE SRL* 332, , BONVIVA INSURANCE BROKER SRL 232, ,412 0 BRAIN INSURANCE GROUP - BROKER DE ASIGURARE SI 129 REASIGURARE SRL* 185, ,349 10, BRAS BROKER DE ASIGURARE SRL 1,624,402 1,624, BRAVO-R BROKER DE ASIGURARE SRL 477, , BROK AS BROKER DE ASIGURARE REASIGURARE SRL 216, , BROKASIG BROKER DE ASIGURARE SRL 2,011,430 2,011, BROKASIG CONSULTING - BROKER DE ASIGURARE SRL 1,182,101 1,182, BROKER ASIG-BROKER DE ASIGURARE SRL 480, ,327 30, BROKER DE ASIGURARE CAR ASIG SRL* 160, , BROKER DE ASIGURARE FORTZAAS SRL** 138 BROKER DE ASIGURARE: DACIA ASIG SRL 3,480,852 3,480, BROKER DE ASIGURARE-ECO BROKER SMART ACT SRL 665, ,441 3, BROKER INVEST BROKER DE ASIGURARE - REASIGURARE SRL** 141 BROKERS ASIST - BROKER DE ASIGURARE SRL 9,184,530 9,171,119 13, BRUSSELS BROKER DE ASIGURARE SRL 5,960,249 5,934,847 25, BUCOVINA ASIG - BROKER DE ASIGURARE SA** 144 BUSINESS BROKER - BROKER DE ASIGURARE SRL 706, ,178 92, BUSINESSWIDE BROKER DE ASIGURARE SRL 9,486,095 9,454,284 31, C.ADVICE BROKER DE ASIGURARE - REASIGURARE SRL 664, , C.P.R. EVAL - BROKER DE ASIGURARI SRL 10,867 10, CAMPION BROKER DE ASIGURARE SRL 53,747,651 53,389, , CAPITAL & ALLIANCE INSURANCE BROKERAGE SRL** 150 CAPITAL ASIG - BROKER DE ASIGURARE SRL 2,449,732 2,449, CAPITOLIUM INSURANCE BROKER SRL 5,600,846 5,560,800 40, CAPRICORN INSURANCE BROKER SRL* 560, , CARINA - BROKER DE ASIGURARE SRL 2,049,478 2,048,330 1, CARION BROKER DE ASIGURARE SA** 155 CAROL BROKER DE ASIGURARE SRL 1,514,368 1,513, CARS BROKER DE ASIGURARE - REASIGURARE SRL 212, , CASA DE LICHIDARI DAUNE - BROKER DE ASIGURARE SRL 1,191,111 1,189,034 2, CAVI - BROKER DE ASIGURARE SRL* CBASIG-BROKER DE ASIGURARE-REASIGURARE SRL 2,790,616 2,790, CENTRUM ASIG - BROKER DE ASIGURARE SRL** 161 CERTO - BROKER DE ASIGURARE SRL* 1, , CLAR BROKER DE ASIGURARE SRL** 163 CMC GRUP BROKER DE ASIGURARE SRL 8,230,501 8,152,810 77, CND INTERNATIONAL INSURANCE CONSULTANTS SRL 4,990,405 4,973,453 16, CO INVEST BROKER DE ASIGURARE SRL 700, ,384 17, COMISASIG BROKER DE ASIGURARE SRL 644, , COMPLEX ASIG BROKER DE ASIGURARE SRL 1,740,743 1,740, COMSIG BROKER DE ASIGURARE SRL 1,326,872 1,324,234 2, CONCRET BROKER DE ASIGURARE SRL** 170 CONDOR - BROKER DE ASIGURARE SRL 2,351,854 2,342,270 9,584 0 CONECTASIG EXPERT - BROKER DE ASIGURARE SI REASIGURARE 171 SRL 1,618,738 1,590,444 28, CONFIDENT BROKER DE ASIGURARE SRL 2,023,032 1,908, , CONFISIO BROKER DE ASIGURARE SRL 4,556,307 4,556, CONIMPEX INSURANCE BROKER SRL 3,419,098 3,410,215 8, CONSENS ASIG BROKER DE ASIGURARE - REASIGURARE SRL 279, , CONSILIUM BROKER DE ASIGURARE SRL 7,550,349 5,877,763 1,672, CONSTANTINESCU BROKER DE ASIGURARE SRL 1,301,370 1,301, CONSULT ASIG BROKER DE ASIGURARE SRL 3,991,095 3,985,460 5, CONSULTANT A.A. - BROKER DE ASIGURARE SRL 4,621,825 4,621, CONTACS BROKER DE ASIGURARE SRL 4,730,686 4,661,775 68, CONTRACT ASIG BROKER DE ASIGURARE SRL 281, , isc.ro

103 Annual Report 2012 No. Insurance Broker Premiums written Total, of which: Non-life insurance Life insurance Claims adjustment 182 CORIS ROUMANIE, BROKER DE ASIGURARE-REASIGURARE SRL 154, ,127 7,471,884 CORPORATE INSURANCE SERVICES - BROKER DE ASIGURARE- 183 REASIGURARE SRL** 184 CORSIG BROKER DE ASIGURARE SRL 1,860,333 1,851,689 8, COVER BROKER DE ASIGURARE SRL 1,336,493 1,336, CREDO INSURANCE BROKER SRL 6,223,729 6,223, CROWN PARTNERS - BROKER DE ASIGURARE SRL 4,000,129 4,000, CRUCIATII BROKER DE ASIGURARE SRL* 84,385 84, CRYS - ALLY S BROKER DE ASIGURARE SRL* 64,047 64, D EXPERT BROKER DE ASIGURARE REASIG SRL* 7,037 7, D&B BROKER DE ASIGURARE REASIGURARE SRL 434, ,634 7, D&CA INSURANCE BROKER SRL 71,735,017 71,544, , D.H. BROKER DE ASIGURARE SI REASIGURARE SRL 996, , DANUBIUS INSURANCE BROKER DE ASIGURARE SRL* 195 DASIG CONSULTING BROKER DE ASIGURARE-REASIGURARE SRL 2,096,526 2,071,666 24, DAW MANAGEMENT - BROKER DE ASIGURARE SRL 20,236,308 20,235, DEAASIG - CONSULTANTA, ASISTENTA SI BROKERAJ IN ASIGURARI 197 SRL 3,859,160 3,858, DECAGON BROKER DE ASIGURARE SRL 2,418,568 2,394,909 23, DECON INSURANCE BROKER DE ASIGURARE SRL 789, , DEIA BROKER ASIGURARI SRL 922, ,474 2, DELTA SRL.S. BROKER DE ASIGURARE - REASIGURARE SRL 1,404,482 1,369,089 35, DESTINE BROKER DE ASIGURARE SRL 78,208,216 76,810,918 1,397, DEXASIG BROKER DE ASIGURARE SRL 14,887,798 14,864,977 22, ,442 DIANA CLAIMS ADJUSTER S BUREAU REGULARIZARI DE DAUNE 204 SRL 1,307, DIAS - BROKER DE ASIGURARE SRL 621, , DINAMIC AS - BROKER DE ASIGURARE SRL 3,078,745 3,074,662 4, DINMAR BROKER DE ASIGURARE SRL 2,130,762 2,130, DIRECT AUTOMOTIVE BROKER DE ASIGURARE SRL** 209 DIREKTASIG FILADELFIA BROKER DE ASIGURARE SRL 2,583,956 2,578,518 5, DIVERS INSURANCE BROKER DE ASIGURARE SRL 482, ,688 59, DMI INSURANCE-BROKER DE ASIGURARE SRL 240, , DOIO ASIG BROKER DE ASIGURARE SRL 9,053 9, DOMAS INSURANCE BROKER DE ASIGURARE SRL 43,819,634 43,819, DONARIO BROKER DE ASIGURARE SRL 1,519,818 1,519, EAST BRIDGE INSURANCE - BROKER DE ASIGURARE SRL 91,608 91, EASY INSURANCE SOLUTIONS BROKER DE ASIG REASIG SRL 6,365,860 6,365, ECLAIMS MANAGEMENT - BROKER DE ASIGURARE SRL*** ECONOMY CONSULTING GROUP RO BROKER DE ASIG. SRL* 394, , EDEN PMB BROKER DE ASIGURARE SRL 2,125,992 2,125, EDY BROKER DE ASIGURARE SRL** 221 EFICIENT ASIG BROKER DE ASIGURARE SRL** 222 ELIRE BROKER DE ASIGURARE SRL 274, ,507 51, ELIYAMMA MM BROKER DE ASIGURARE SRL 3,334,780 3,260,058 74, EMIASIG BROKER DE ASIGURARE SRL 486, , ENERGO BROKER - BROKER DE ASIGURARE SRL 189, ,564 3, ENERGY BROKER DE ASIGURARE SRL 717, , EPM ROMANIA - BROKER DE ASIGURARE SRL 7,964, ,477 7,594, ERSTE BROKERS-BROKER DE ASIGURARE SRL** 229 ETICA BROKER DE ASIGURARE REASIGURARE SRL* 284, ,830 49, EUL BROKER DE ASIGURARE SRL 803, ,024 4, EURIAL BROKER DE ASIGURARE SRL 25,269,500 25,269, EURO ARC - INSURANCE BROKER SRL 1,190,545 1,189, EURO CREDIT BROKER DE ASIGURARE SRL** 234 EUROBROKERS GROUP SA** 235 EUROGROUP INSURANCE REINSURANCE BROKER ROMANIA SRL 7,849,453 7,595, , EUROPEAN ECONOMY ROMANIA - BROKER DE ASIGURARE SRL 1,160, , , EUROREALASIG - BROKER DE ASIGURARE SRL** 238 EURORISK BROKER DE ASIGURARE SRL 100, , EUROTEX - BROKER DE ASIGURARE SRL 101, , EVEREST BROKER DE ASIGURARE SRL 1,579,231 1,578, EWO INSURANCE - BROKER DE ASIGURARE SRL 561, ,649 6, EXA BROKER DE ASIGURARE SRL 8,795,374 8,773,537 21, EXECUTIV BROKER DE ASIGURARE SRL 112, , EXPERT ASIG BROKER DE ASIGURARE-REASIGURARE SRL 1,276,730 1,068, ,707 0 Annexes - Insurance Brokers 101

104 No. Insurance Broker Premiums written Total, of which: Non-life insurance Life insurance Claims adjustment 245 EXPERT BROKER DE ASIGURARE SRL 13,913,430 13,883,832 29, EXPRES BROKER DE ASIGURARE SRL 52,202 52, EXPRESS INSURANCE BROKER SRL 2,326,984 2,321,847 5, FABIS BROKER DE ASIGURARE REASIGURARE SRL 126, , FAIRWAY BROKER DE ASIGURARE SRL 5,613,573 5,613, FANBROK BROKER DE ASIGURARE - REASIGURARE SRL 1,490,072 1,490, FAST BROKERS - BROKER DE ASIGURARE - REASIGURARE SRL 11,063,782 11,063, FEHU BROKER DE ASIGURARE SRL 3,746,811 3,437, , FELIX INSURANCE BROKER DE ASIGURARE REASIG SRL 1,606,293 1,601,307 4, FEM - BROKER DE ASIGURARE SRL 264, ,343 27, FERDINAND ASIGURARI - BROKER DE ASIGURARE SRL 694, ,604 1, FIDELITY BROKER DE ASIGURARE - REASIGURARE SRL** 257 FILAS BROKER DE ASIGURARE SRL 6,048,920 5,969,845 79, FINANCE BROKER DE ASIGURARE SRL 3,892,875 3,892,875 0 FINANCIAL SERVICES GROUP BROKER DE ASIGURARE- 259 REASIGURARE SRL 3,624,918 3,616,371 8, FIRST CAR BROKER DE ASIGURARE SRL 1,771,946 1,771, FLASH BROKER DE ASIGURARE SRL 152, , FLY INSURANCE - BROKER DE ASIGURARE REASIG.SRL 1,243,046 1,241,596 1, FORTIS ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL 4,961,827 4,960,503 1, FORUM INSURANCE BROKER SRL 11,688,798 11,637,767 51, FREEDOM INSURANCE BROKER SRL 13,695,818 13,694,660 1, FULL CASCO BROKER DE ASIGURARE-REASIGURARE SRL 2,016,936 2,016,936 0 FUNK INTERNATIONAL ROMANIA BROKER DE 267 ASIGURARE - REASIGURARE SRL 10,190,067 10,190, G&B ASIGURANTA BROKER DE ASIGURARE SRL 2,690,175 2,690, GAMMA - ASIG BROKER DE ASIGURARE SRL 2,799,789 2,799, GELIAS BROKER DE ASIGURARE SRL 4,142,767 4,114,346 28, GEMARAL BROKER DE ASIGURARE SRL 1,277,603 1,277, GENERAL ASIG CONSULTING - BROKER DE ASIGURARE SRL 324, , GENERAL BROKER DE ASIGURARE SRL 1,520,631 1,520,631 0 GENERAL INSURANCE & CONSULTING BROKER DE 274 ASIGURARE-REASIGURARE SRL 1,155,799 1,153,097 2, GENERAL INSURANCE BROKER SRL 187, , GEORGIA SIG 2000 BROKER DE ASIGURARI SRL 594, , GEPA BROKER DE ASIGURARE SRL 5,995,560 5,948,924 46, GIO GROUP - BROKER DE ASIGURARE SRL** 279 GLOBAL ASSISTANCE BROKER DE ASIGURARE SRL 10,793,275 10,751,039 42, GLOBAL ASSURANCE BROKER DE ASIGURARE SRL 14,423,114 14,416,178 6, GLOBAL BROKER RO BROKER DE ASIGURARE SRL 331, , GLOBAL RISK SERVICES - INSURANCE BROKER SRL 5,247,372 5,247, GLOBASIG 2002 BROKER DE ASIGURARE-REASIGURARE SRL 8,501,833 8,466,747 35, GRAND GARAGE BROKER DE ASIGURARE SRL** GRAS SAVOYE ROMANIA BROKER DE ASIGURARE-REASIGURARE 285 SRL 56,630,194 53,949,849 2,680, GROUP INSURANCE BROKER SRL 6,474 6, GRUP PHOENIX BROKER DE ASIGURARE SRL 2,682,045 2,681, GT BROKER DE ASIGURARE SRL 8,120,091 8,112,459 7, GT-RO BROKER DE ASIGURARE - REASIGURARE SRL** 290 GTT INSURANCE BROKER SRL 7,564,469 7,530,951 33, HELMET BROKER DE ASIGURARE SRL** 292 HERMANNSTADT BROKER DE ASIGURARE - REASIGURARE SRL 6,680,348 6,526, , HOBBIT BROKER DE ASIGURARE REASIGURARE SRL 2,700,546 2,670,091 30, I.M. BRATU - BROKER DE ASIGURARE-REASIGURARE SRL 156, ,969 5, IBA - INSIEME BROKER DE ASIGURARE SRL** 296 IDEEA INTERMED INSURANCE BROKER DE ASIGURARE SRL 1,104,624 1,098,029 6, IMOSIG BROKER DE ASIGURARE SRL 129, , INFO ASIG - BROKER DE ASIGURARE SRL 2,443,874 2,443, INK CONSULTANTA - BROKER DE ASIGURARE SRL 20,646,300 20,618,949 27, INSURANCE CONSULTING&SOLUTIONS BROKER DE ASIG SRL ** 301 INSURANCE MIX BROKER DE ASIGURARE SRL 498, ,307 0 INSURANCE REINSURANCE INTERNATIONAL BROKER DE 302 ASIGURARE SA ** 303 INSURER BROKER DE ASIGURARE REASIG. SRL 7,152,178 7,044, , INSUROM BROKER DE ASIGURARE - REASIGURARE SRL 561, , INTEGRA BROKER DE ASIGURARE SRL 3,149,520 3,147,879 1, isc.ro

105 Annual Report 2012 No. Insurance Broker Premiums written Total, of which: Non-life insurance Life insurance Claims adjustment 306 INTEGRITY GECAST BROKER DE ASIGURARE SRL 5,616 5, INTEL BROKER DE ASIGURARE SRL 1,158,865 1,060,891 97, INTER ACTIV BROKER DE ASIGURARE - REASIGURARE SRL 3,099,819 3,099, INTER BROKER DE ASIGURARE SRL 28,626,697 28,595,415 31, INTER CONSULTING BROKER DE ASIGURARE SRL** 311 INTERALIA INSURANCE BROKER SRL 135, ,406 2, INTERAS - BROKER DE ASIGURARE SRL** 313 INTERASIG BROKER - BROKER DE ASIGURARE SRL 3,755,218 3,751,985 3, INTERASIG BROKER DE ASIGURARE SRL 502, , INTERBROK BROKER DE ASIGURARE SRL ** 316 INTERBUG INSURANCE BROKER SRL 7,785,604 7,745,519 40, INTERCAM BROKER D ASSURANCE SRL 19,667,128 19,097, , INTERCAPITAL ASIG BROKER DE ASIGURARE SRL* 319 INTERFIDES INTERNATIONAL - BROKER DE ASIGURARE SRL 4,908, INTERLAND BROKER DE ASIGURARE SRL* 826, , INTERNATIONAL BROKER CONSULTING-BROKER DE ASIG SRL 569, ,958 1, INTERNATIONAL INSURANCE BROKER SRL 7,822,512 7,821, INTERNATIONAL LINK INSURANCE BROKER SRL 876, ,580 28, INVEST CORP BROKER DE ASIGURARE SRL 55,873 14,190 41, IONASIG BROKER DE ASIGURARE SRL* 1,860,154 1,860, IRECSON BROKER DE ASIGURARE-REASIGURARE SRL** 327 IVAS BROKER DE ASIGURARE SRL 2,698,986 2,698, IVECO CAPITAL BROKER DE ASIGURARE-REASIGURARE SRL 27,959,760 27,959, JOLILI BROKER DE ASIGURARE - REASIGURARE SRL 3,695,882 3,674,376 21, KALL BROKER DE ASIGURARE SRL** 331 KAMER ACTIV - BROKER DE ASIGURARE - REASIGURARE SRL* 332 KARUSSELL INSURANCE - BROKER DE ASIGURARE SRL* 397, , KING OF BROKERS IN ROMANIA - BROKER DE ASIGURARE SRL** 334 KLASS BROKER DE ASIGURARE - REASIGURARE SRL 1,552,352 1,552, KRON - ASIG - BROKER DE ASIGURARE SRL 6,056,598 6,052,447 4, KUNDEN BROKER DE ASIGURARE SRL 23,240,277 2,273,609 20,966, L.M.C. ASIG BROKER DE ASIGURARE SRL 4,586,191 4,579,808 6, LACOLI BROKER DE ASIGURARE SRL 29,066,665 29,048,495 18, LAND - BROKER DE ASIGURARE - REASIGURARE SRL 1,099, , , LASTING INSURANCE AND REINSURANCE BROKER SRL** 341 LCG CONCEPT - BROKER DE ASIGURARE - REASIGURARE SRL 153, , LEADER TEAM BROKER DE ASIGURARE SRL 7,410,719 7,389,324 21, LEON FINANCIAL - BROKER DE ASIGURARE SRL 41,174 38,966 2, LEUMI BROKER DE ASIGURARE - REASIGURARE SRL 1,613,317 1,613, LIBER BROKER DE ASIGURARE SRL* 53,674 53, LIDA BROKER DE ASIGURARE SRL** 347 LION BROKER DE ASIGURARE SRL 11,616,860 11,616, LOGOS BROKER DE ASIGURARE SRL 382, , LONDON BROKERS - BROKER DE ASIGURARE-REASIGURARE SRL 13,632,678 13,432, , LORD BROKER DE ASIGURARE - REASIGURARE SRL 1,326,842 1,326, LOWE ASISGROUP BROKER DE ASIGURARE SRL 230, , LOYAL BROKER DE ASIGURARE SRL*** 353 LOYALTY INSURANCE BROKER SRL 4,679,835 4,679, M.C.M. - BROKER DE ASIGURARE - REASIGURARE SRL** 355 MAGAZINUL DE ASIGURARI BROKER DE ASIG. REASIG SRL** 356 MAGNA INSURANCE BROKER SRL** 357 MAI BROKER DE ASIGURARE SRL 7,176,565 7,101,944 74, MAKLER-SIG BROKER DE ASIGURARE SRL 980, ,023 1, ,815 MARINS INTERNATIONAL INSURANCE AND REINSURANCE 359 BROKER SRL*** MARKRON BROKER DE ASIGURARE SRL 3,185,811 3,182,879 2, MAROSI BROKER DE ASIGURARE SRL 245, , MARSH - BROKER DE ASIGURARE-REASIGURARE SRL 232,276, ,187,500 9,088,779 0 MARSHALY - ZEPTER INSURANCE FINANCIAL ASSOCIATED, 363 BROKER DE ASIGURARE - REASIGURARE SRL 1,174,345 1,080,836 93, MARSHALY INSURANCE FINANCIAL ASSOCIATED SRL** 365 MASTER BROKER DE ASIGURARE - REASIGURARE SRL 1,984,285 1,966,699 17, MAXYGO BROKER DE ASIGURARE SRL 39,301,948 38,332, , MB EUROPA BROKER DE ASIGURARE SRL 9,533,885 9,510,729 23, MBI MARKETINGBERATUNG AND INSURANCE BROKER SRL 5,430,006 5,223, , MCI INTERNATIONAL BROKER DE ASIGURARE-REASIGURARE SRL** Annexes - Insurance Brokers 103

106 No. Insurance Broker Premiums written Total, of which: Non-life insurance Life insurance Claims adjustment 370 MED LIFE BROKER DE ASIGURARE SRL 1,328,046 1,328, MEDIA INVEST BROKER DE ASIGURARE SRL 3,794,646 3,737,971 56, , MEDIATIS BROKER DE ASIGURARE SRL 2,722,579 2,719,545 3, MEDIHELP INTERNATIONAL BROKER DE ASIGURARE SRL 8,088,099 8,088, MEDINS 2002 ROMANIA BROKER DE ASIGURARE SRL 195, , MEGA GROUP BROKER DE ASIGURARI SRL 1,357,624 1,357, MENTOR BROKER DE ASIGURARE SRL 60,872 60, MERCEDES - BENZ INSURANCE BROKER SRL 25,791,601 25,791, MGM BROKER DE ASIGURARE-REASIGURARE SRL 176, , MIGO - BROKER DE ASIGURARE - REASIGURARE SRL** 380 MILLENIUM INSURANCE BROKER (M.I.B.) SA 59,931,356 59,234, , MIXERA BROKER DE ASIGURARE SRL 903, , MK SAFEZON INSURANCE BROKER SRL 116, ,599 3, MKB ROMEXTERRA BROKER DE ASIGURARE SRL 6,200,155 6,199, MLR INTER-ASIG BROKER DE ASIGURARE SRL** 385 MOBIL BROKER DE ASIGURARE SRL* 282, , MODEL BROKER DE ASIGURARE SRL 4,992,789 4,992, MOLD EXPERT BROKER DE ASIGURARE-REASIGURARE SRL 3,373,089 3,373, MOMENTUM INSURANCE AND REINSURANCE BROKER SRL 974, , MONDIAL BROKER DE ASIGURARE SRL 84,595 84, MONDO AS BROKER DE ASIGURARE REASIGURARE SRL 1,675,100 1,669,185 5, , MONEY COACH BROKER DE ASIGURARE SRL 882, , , MONKAD INTERMED BROKER DE ASIGURARE SI REASIG. SRL 247, , MTC ASIVEST BROKER DE ASIGURARE SRL 2,908,995 2,907,647 1, MULTI ASIG BROKER DE ASIGURARE SRL 2,546,429 2,546, MULTIEXPERT ASIG-BROKER DE ASIGURARE SRL** 396 MUNTENIA BROKER DE ASIGURARE SRL 186, , MUSTANG BROKER DE ASIGURARE - REASIGURARE SRL 499, , N.B. BROKER DE ASIGURARE-REASIGURARE SRL 8,155,833 8,155, NC SERVICES BROKER DE ASIGURARE SRL 372, ,855 2, NELBA BROKER DE ASIGURARE SRL 182, , NEMES BROKER DE ASIGURARE SRL** 402 NEOBROKER BROKER DE ASIGURARE SRL 491, ,460 8, NEPTUN BROKER DE ASIGURARE SRL 1,164,385 1,164, NET BROKER DE ASIGURARE SRL 792, ,263 21, NETRISK BROKER DE ASIGURARE SRL 13,131,558 13,047,627 83, NEUTRO RISK - BROKER DE ASIGURARE SRL** 407 NEW AGE INSURANCE BROKER SRL 1,011,206 1,011, NEW VISION BROKER DE ASIGURARE - REASIGURARE SRL 239, ,030 5, NEWBROKER ASIG MC BROKER DE ASIGURARE SRL ** 410 NEWPORT INSURANCE - REINSURANCE BROKER SRL 217, , NORD - BROKER DE ASIGURARE SRL** NOVA GRUP ASIGURARI BROKER DE ASIGURARE-REASIGURARE 412 SRL* 2,476,023 2,476, NOVALTO BROKER DE ASIGURARE SRL 262, ,282 0 NOVOFINANCE GROUPE - BROKER DE ASIGURARE SI 414 REASIGURARE SRL ** 415 OFFICE INSURANCE - BROKER DE ASIGURARE SRL 3,954,817 3,950,718 4, OLSA RE BROKER DE ASIGURARE-REASIGURARE SRL 13,805,420 13,805, OLTENIA BROKER DE ASIGURARE-REASIGURARE SRL** 418 OMEGA BROKER DE ASIGURARE SRL 8,105,128 8,101,916 3, ONE - BROKER DE ASIGURARE SRL 1,742,927 1,607, , ONEST ASIG BROKER DE ASIGURARE SRL* 141, , ONSPOT BROKER DE ASIGURARE SRL 698, , ORIZONT BROKER DE ASIGURARE - REASIGURARE SA 15,843,812 15,825,534 18, OTTO BROKER DE ASIGURARE SRL 40,626,535 40,560,847 65, OVB ALLFINANZ ROMANIA BROKER DE ASIGURARE SRL 7,092,111 5,420,148 1,671, OXIGEN INSURANCE - BROKER DE ASIGURARE SRL 5,178,181 5,178, OXYGEN EXPRESS BROKER DE ASIGURARE - REASIGURARE SRL 540, ,615 3, PALLADIUM INSURANCE BROKER SRL** 428 PAN GABRIEL BROKER DE ASIGURARE SRL ** 429 PANNON SAFE BROKER DE ASIGURARE SRL 310, , PARTENER A&S BROKER DE ASIGURARE SRL 90,498 90, PARTENERUL MEU BROKER DE ASIGURARE SRL* 5,674,667 5,501, , PATY - ASIG BROKER DE ASIGURARE SRL 11,772,934 11,772, PEIA GROUP BROKER DE ASIGURARE SRL 1,250,209 1,250, isc.ro

107 Annual Report 2012 No. Insurance Broker Premiums written Total, of which: Non-life insurance Life insurance Claims adjustment 434 PENTA-International Insurance Reinsurance Broker SRL 6,457,862 4,800,176 1,657, PERFECT ASIG - BROKER DE ASIGURARE SRL 29,822 29, PERSONAL BROKER-BROKER DE ASIG - REASIG SRL* 1,475,796 1,369, , PERSONAL INSURANCE - BROKER DE ASIG REASIG. SRL 239, , PINTILIE BROKER DE ASIGURARE SRL 27,579,189 27,578, PIRAEUS INSURANCE REINSURANCE BROKER ROMANIA SRL 41,361,147 32,607,375 8,753, PLUS-ASIG-INVEST BROKER DE ASIGURARE SRL 726, ,675 3, POLY BROKER DE ASIGURARE - REASIGURARE SRL 761, , PORSCHE BROKER DE ASIGURARE SRL 179,363, ,363, PORTAL BROKER DE ASIGURARE SRL 42,271 42, POWER INSURANCE BROKERS SRL 36,511,261 36,474,688 36, PRAVASIG BROKER DE ASIGURARE SRL 1,593,195 1,591,817 1, PREMIER - BROKER DE ASIGURARE SRL 4,397,382 4,397, PREMIUM BROKER DE ASIGURARE SRL 2,873,141 2,846,078 27, PRESTIGE INSURANCE BROKER DE ASIGURARE SRL* 20,880,504 20,108, , PREVENT ASIG BROKER DE ASIGURARE SRL* 450 PRIMA BROKER DE ASIGURARE-REASIGURARE SRL** 451 PRIMASIG BROKER DE ASIGURARE SRL 440, , PRIME INSURANCE - BROKER DE ASIGURARE SRL 2,042,010 2,042, PRIVAT CONSULTING-BROKER DE ASIGURARE-REASIG. SRL 3,178,362 3,178, PRO AS MILENIUM BROKER DE ASIGURARE SRL 3,672,744 3,663,822 8, PRO ASIG INSURANCE BROKER DE ASIGURARE SRL 6,364,969 6,364, PROASIG BROKER DE ASIGURARE SRL 1,587,314 1,577,502 9, PROFESSIONAL BROKER DE ASIGURARE SRL 21,658,183 21,634,791 23, PROPERTY INSURANCE BROKER SRL 122, , PROXIMUS BROKER DE ASIGURARI SRL* 74,511 74, PSG INSURANCE BROKER SRL 18,426,320 18,326, , QUALITRON INSURANCE BROKER SRL 273, ,518 7, QUALITY ASIG - BROKER DE ASIGURARE SRL 5,087,016 5,057,405 29, QUARTZ - ASIG BROKER DE ASIGURARE SRL 1,704,673 1,698,322 6, R.C.G. BROKER DE ASIGURARE SA 310, ,864 18, RAIFFEISEN BROKER DE ASIGURARE-REASIGURARE SRL 40,128,553 39,736, , RAMY - 95 ASIG BROKER DE ASIGURARE SRL 616, ,732 1, RBA REKORD BROKER DE ASIGURARE SRL 1,115,642 1,115, RCI BROKER DE ASIGURARE SRL 80,347,444 80,347, REAL EXPERT BROKER DE ASIGURARE REASIGURARE SRL 2,721,731 2,527, , RELIANCE BROKER HOUSE- BROKER DE ASIGURARE SRL** 471 REMABO BROKER DE ASIGURARE SRL 1,123,019 1,123, RIB TEAM - BROKER DE ASIGURARE - REASIGURARE S.A 2,264,763 2,183,604 81, RISC TOTAL ASIG - BROKER DE ASIGURARE SRL 2,431,448 2,410,948 20, RISK CONTROL INSURANCE AND REINSURANCE BROKER SRL 8,097,988 8,078,349 19, RISK EXPERT INSURANCE BROKER SRL** 476 RISK MANAGEMENT CONSULTING BROKER DE ASIGURARE SRL 139, , RISK MANAGEMENT GRUP BROKER DE ASIGURARE SRL 2,520,610 2,516,934 3, RITTER - BROKER DE ASIGURARE SI REASIGURARE SRL 1,296,863 1,296, RIVERA BROKER DE ASIGURARE SRL** 480 ROCREDIT - BROKER DE ASIGURARE SRL 2,046,061 2,046, ROGRUP BROKER DE ASIGURARE SRL 3,482,069 3,457,476 24, ROM INSURANCE BROKER DE ASIGURARE SRL 15,333,144 15,282,481 50, ROMAGENT CONSULTING BROKER DE ASIGURARE SRL 3,213,253 3,210,593 2, ROMASIG BROKER DE ASIGURARE SRL 3,140,835 3,131,650 9, ROMASIR BROKER DE ASIGURARE SRL 2,072,878 2,072, ROMEURO INSURANCE CONSULTING-BROKER DE ASIG SRL 5,910,650 5,910, ROMINS BROKER DE ASIGURARE SRL 43,705 43, ROMTIR SERVICE BROKER DE ASIGURARE SRL 320, , ROYAL BUSINESS BROKER DE ASIGURARE SRL** 490 S.I.N. INSURANCE BROKER SRL* S.I.R. INTERNATIONAL SERVICES BROKER DE ASIGURARE- 491 REASIGURARE SRL 322, , S.O.S. ASIGURARI - BROKER DE ASIGURARE SRL* 674, , SAB BROKER DE ASIGURARE SRL 741, ,563 1, SAFE INVEST ROMANIA BROKER DE ASIGURARE SRL 10,861, ,540 10,226, SAFEGUARD BROKER DE ASIGURARE-REASIGURARE SRL 350, , SAFETY BROKER DE ASIGURARE SRL 161,501, ,110,287 1,391, SAFEWAYS INTERNATIONAL BROKER DE ASIGURARE SRL 3,433,130 3,433, SALES GROUP BROKER DE ASIGURARE SRL 203, , Annexes - Insurance Brokers 105

108 No. Insurance Broker Premiums written Total, of which: Non-life insurance Life insurance Claims adjustment 499 SALVE BROKER DE ASIGURARE SRL ** 500 SCALA BROKER DE ASIGURARE SRL 1,925,312 1,923,073 2, SCHIOPU BROKER DE ASIGURARE SRL 270, ,747 6, SCORPION BROKER DE ASIGURARE SRL 70,186 70, SDH BROKER DE ASIGURARE SRL 958, ,891 1, SECONY PROFESIONAL CONSULTING SRL 1,924,320 1,922,498 1, SELECT AUTOMOTIVE BROKER DE ASIGURARE SRL 403, , SEMPER FIDELIS-BROKER DE ASIGURARE SRL 1,014,282 1,014, SENIOR BROKER DE ASIGURARE SRL** 508 SERVBROK BROKER DE ASIGURARE SRL*** 509 SFINX BROKER DE ASIGURARE SRL 268, , SIC ASIGURARI BROKER DE ASIGURARE SRL* 821, , SIGMA BROKER DE ASIGURARE SRL** 512 SIGURA BROKER DE ASIGURARE SRL 1,759,909 1,751,389 8, SILGA BROKER DE ASIGURARE-REASIGURARE SRL 1,022,095 1,019,861 2, SILVER BROKER DE ASIGURARE-REASIGURARE SRL 81,636 81, SIMAX BROKER DE ASIGURARE SRL 105, , SIMPLEX BROKER DE ASIGURARE SRL 2,003,644 1,982,826 20, SIRCOM INSURANCE BROKER SRL 1,055,913 1,053,846 2, SIRIUS - BROKER DE ASIGURARE SRL 2,732,859 2,653,028 79, SIS BROKER DE ASIGURARE SRL 4,106,732 4,106, SITAL ASIGURARI - BROKER DE ASIGURARE SRL** 521 SL - TEAM ASIG - BROKER DE ASIGURARE-REASIGURARE SRL 755, , SMARALD BROKER DE ASIGURARE SRL 314, , SMART BROKER DE ASIGURARE - REASIGURARE SRL 930, ,991 91,017 0 SOCIETATEA COMERCIALA DE PRESTARI SERVICII IN DOMENIUL 524 ASIGURARILOR CAROM - BROKER DE ASIGURARE SA 20,558 20, SOFAD BROKER DE ASIG. SRL 482, ,517 1, SOKO BROKER DE ASIGURARE SRL 4,599,676 4,599, SOLARIS BROKER DE ASIGURARE SRL** 528 SOLVENTA - BROKER DE ASIGURARE SRL** 529 SOTER - FINANCE BROKER DE ASIGURARE SRL 3,538,496 3,536,461 2, SOVEREIGN AND PARTNERS EUROPE - INSURANCE BROKERS SRL* 10,351 10, SP ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL ** 532 SPECIAL OFFICE - BROKER DE ASIGURARE REASIGURARE SRL 1,776,694 1,776, SPEED INSURANCE GROUP BROKER DE ASIG.- REASIG. SRL 2,222,630 2,197,577 25, SPOT INSURANCE - BROKER DE ASIGURARE SRL** 535 SRBA - BROKER DE ASIGURARE REASIGURARE SRL 40,701,310 40,541, , STABILITY INSURANCE - BROKER DE ASIG - REASIG. SRL* 15,432,192 15,338,706 93, STANDARD ASIGURARI - BROKER DE ASIGURARE SRL 993, , STANDARD CLASS BROKER DE ASIGURARE - REASIG. SRL* 388, , STAR BROKER DE ASIGURARE SRL 27,535,296 27,523,798 11, STAR EXPRESS BROKER DE ASIGURARE SRL** 541 STAR OFFICE - BROKER DE ASIGURARE SRL** 542 START BROKER DE ASIGURARE SRL 345, ,518 1, STEIN INSURANCE BROKER SRL 3,413,360 3,381,302 32, STELLAR RE BROKER DE ASIGURARE SI REASIGURARE SRL 12,292,894 12,292, , STEMMA BROKER DE ASIGURARE SRL*** STRASIG BROKER DE ASIGURARE SRL 18,506 18, STRATEGIC INSURANCE BROKER SRL** 548 SUCCESOR BROKER DE ASIGURARE SRL 925, ,448 85, SUD ASIG BROKER DE ASIGURARE SRL 9,947,192 9,942,579 4, SURE INVEST COMPANY - BROKER DE ASIGURARE SRL* 551 TAKTIQ - BROKER DE ASIGURARE - REASIGURARE SRL 379, ,424 8, TAR & TAR BROKER DE ASIGURARE SRL 202, , TEAHA ASIGURARI - BROKER DE ASIGURARE SRL 1,244,210 1,244, TEMPO ASIG - INSURANCE BROKER SRL 4,468,174 4,468, TENY BROKER DE ASIGURARE SRL 531, , TERANO ASIG - BROKER DE ASIGURARE SRL** 557 TERRA BROKER DE ASIGURARE SRL 82,199 82, TERRA BROKER DE ASIGURARE SRL(ATLASSIB) ** 559 TITAN BROKER DE ASIGURARE SRL 10,311,102 10,303,345 7, TOMASIG - BROKER DE ASIGURARE SRL 3,438,606 3,408,426 30, TOP ASIG BROKER DE ASIGURARE SRL 337, ,834 0 TOP INSURANCE CONSULTING BROKER DE ASIGURARE REASIGURARE SRL 1,900,622 1,877,021 23, isc.ro

109 Annual Report 2012 No. Insurance Broker Premiums written Total, of which: Non-life insurance Life insurance Claims adjustment 563 TOTAL ASIG - BROKER DE ASIGURARE-REASIGURARE SRL 735, , TOYO MOTOR BROKER DE ASIGURARE SRL 4,053,792 4,053, TRADITIONAL BROKER DE ASIGURARE SRL** 566 TRANSILVANIA BROKER DE ASIGURARE SRL 101,228, ,172,081 56, TRANSWORLD ASIG - BROKER DE ASIGURARE SRL 826, , TREND AS BROKER DE ASIGURARE SRL 786, ,823 43, TRINITY GLOBAL INSURANCE BROKERS SRL 2,058,386 2,048,713 9, TRIUMF INSURANCE BROKER DE ASIGURARE SRL 2,125,309 2,125, TRUST - ASIG BROKER DE ASIGURARE SRL 1,069,627 1,059,274 10, TRUST BROKERS BROKER DE ASIGURARE SRL 8,413,816 8,410,166 3, TRYGON BROKER DE ASIGURARE SRL 1,713,422 1,665,591 47, UBI BROKER DE ASIGURARE SRL* 707, , UIRB- UNITED INSURANCE REINSURANCE BROKER SA 1,682,245 1,682, ULTRA BROKER DE ASIGURARE SRL* 99,024 99, UNIASIG BROKER DE ASIGURARE SRL 1,416,298 1,401,347 14,951 0 UNIBROKER DOBROGEA - BROKER DE ASIGURARE SI 578 REASIGURARE SRL** 579 UNICREDIT INSURANCE BROKER SRL 159,791, ,790, UNION CONSULTING - BROKER DE ASIGURARE SRL 2,120,977 2,120, UNION FIRST INSURANCE BROKERS SRL** 582 UNIPET BROKER DE ASIGURARE SRL 4,347,966 4,342,861 5, UNITED BROKER DE ASIGURARE SRL* 7,804 7,804 0 UNITED INSURANCE BROKERS - BROKER DE ASIGURARE REASIGURARE SRL** 585 UNITY BROKER DE ASIGURARE REASIGURARE SRL 138,106, ,106, UNIVERS BROKER DE ASIGURARE SRL 400, , URBAN BROKER DE ASIGURARE SRL 962, ,358 74, USC ALL FINANCE BROKER DE ASIGURARE SRL** 589 V.P. INVESTMENTS-INSURANCE BROKER SRL 2,704,294 2,684,788 19, VBL BROKER DE ASIGURARE SRL 51,915,047 51,900,720 14, VECTOR BROKER DE ASIGURARE - REASIGURARE SRL 20,036,335 19,977,644 58, VERASIG BROKER DE ASIGURARE SRL 8,561,715 8,557,585 4, , VERBITA-BROKER DE ASIGURARE SRL 1,969,818 1,969, VERGLASER BROKER DE ASIGURARE SRL* 595 VERTICAL ASSURANCE BROKER DE ASIGURARE SRL 2,732,398 2,701,865 30, VICTORIA BROKER - BROKER DE ASIGURARE SRL*** VIENNA BROKER DE ASIGURARE SRL** 598 VIO ILE BROKER DE ASIGURARE SRL 3,624,695 3,624, VIP BROKER ASIGURARI SRL 128, , VIVA BROKER DE ASIGURARE SRL 2,501,477 2,457,189 44, VLT EXPERT BROKER DE ASIGURARE SRL 533, , VNT BROKER DE ASIGURARE SRL* 489, ,562 2, VS COMPANY BROKER DE ASIGURARE SRL 6,640,674 6,640, WESTACO BROKER DE ASIGURARE SRL 2,783,692 2,783, WISE INSURANCE BROKERS SRL 434, , WVP RO - BROKER DE ASIGURARE SRL 871, , , YORK - BROKER DE ASIGURARE-REASIGURARE SRL 387, ,821 2, Z&A ASIGURARI - BROKER DE ASIGURARE SRL 2,280,919 2,280, ZOE BROKER ASIGURARE REASIGURARE SRL** 610 ZURICH BROKER DE ASIGURARE - REASIGURARE SRL 33,897,973 33,845,425 52,548 0 TOTAL ,603,663,044 3,506,051,610 97,611,434 58,436,799 TOTAL ,115,073,506 3,034,249,425 80,824,080 47,977,172 **Insurance and/or reinsurance brokers who filed late or incomplete Q4/2012 reports and 2012 annual financial statements **Insurance and/or reinsurance brokers whose business has been suspended/temporarily prohibited or whose authorisation has been withdrawn and filed late or incomplete Q4/2012 reports and 2012 annual financial statements ****Insurance and/or reinsurance brokers who reported no insurance mediation business as of authorisation/resumption of business and filed Q4/2012 reports and 2012 annual financial statements or statements which report no business as of Annexes - Insurance Brokers 107

110 Annex 16 Premiums generated from business written by insurance brokers by development regions as of NORTH - WEST 9.18% NORTH - EAST 1.74% CENTER 6.08% WEST 2.26% SOUTH - WEST 1.68% SOUTH 7.34% SOUTH - EAST 6.28% Bucharest (including Ilfov) 65.44% WEST 2.26% NORTH - EAST 1.74% SOUTH - EAST 6.28% SOUTH 7.34% NORTH -WEST 9.18% CentEr 6.08% SOUTH- WEST 1.68% Bucharest (including Ilfov) 65.44% isc.ro

111 Annual Report 2012 ANNEX 17 Brokerage revenues as of (RON124) No. Insurance Undertaking Total of which: Revenues from writing insurance and reinsurance contracts Revenues from risk assessment Revenues from claims adjustment Revenues from damage inspection Other revenues 1 5MM BROKER DE ASIGURARE SRL 439, , , A & E INSURANCE BROKER DE ASIGURARE SRL 420, , , A&A BROKER DE ASIGURARE SRL 843, , A&G MARITIM Broker de Asigurare SRL 12,287 12, A.T. BROKER INSURANCE - BROKER DE ASIGURARE SRL 139, , AB ASIG BROKER DE ASIGURARE-REASIGURARE SRL 217, , AB BROKER - BROKER DE ASIGURARE-REASIGURARE SRL 902, , ABADO SYNERGIC DEVELOPMENT BROKER DE ASIGURARE SRL* 9 ABSOLUT ASIG - BROKER DE ASIGURARE SRL 246, , ACCENTASIG BROKER DE ASIGURARE SRL 431, , ACCORD BROKER DE ASIGURARE SRL 222, , ACE BROKER DE ASIGURARE REASIGURARE SRL 323, , ACR BROKER DE ASIGURARE - REASIGURARE SRL 221, , ACTIV ASIGURARI - BROKER DE ASIGURARE-REASIGURARE SRL 4,285,635 4,285, ADA BROKER DE ASIGURARE SRL 95,491 95, ADAMAS BROKER DE ASIGURARE SRL 289, , ADECAR BROKER DE ASIGURARE - REASIGURARE SRL 49,507 40, , ADELPHIA BROKER DE ASIGURARE SRL* 19 AERO ASIG BROKER DE ASIGURARE SRL 159, , AG - BROKER DE ASIGURARE SRL 393, , AGORA GROUP - BROKER DE ASIGURARE SRL 30,221 22, , AGRICOVER BROKER DE ASIGURARE SRL 560, , AGRO PROTECTOR 2010 ASIGURARI - BK DE ASIGURARE SRL 1,697,058 1,697, AGX - BROKER DE ASIGURARE SRL 157, , AIDA BROKER DE ASIGURARE SRL 223, , AIR BROKER ASIGURARE REASIGURARE SRL 16,317,065 16,317, AKG - BROKER DE ASIGURARE SRL** 28 AKTUALIS BROKER DE ASIGURARE SRL 555, , AL BROKER INVEST - BROKER DE ASIGURARE SA** 30 ALFA BROKER DE ASIGURARE SRL 81,101 81, ALIAT BROKER DE ASIGURARE SRL 192, , , ALL INSURANCE BROKER DE ASIGURARE SRL* 33 ALLEANZA BROKER DE ASIGURARE SRL 27,669 27, ALLIED TEAM BROKER DE ASIGURARE-REASIGURARE SRL** 35 ALMA BROKER DE ASIGURARE SRL 1,387,534 1,387, ALO ASIGURARI BROKER DE ASIGURARE SI REASIGURARE SRL 29, , ALPHA INSURANCE BROKERS - SOCIETATE DE BROKERAJ IN ASIG- URARE - REASIGURARE SRL 734, , ALPINA BROKER DE ASIGURARE SRL 7,328,749 7,327, , ALTO BROKER DE ASIGURARE REASIGURARE SRL 256, , AMA BROKER DE ASIGURARE-REASIGURARE SRL 326, , AMAP ASIGURARI SI PENSII - BROKER DE ASIGURARE-REASIG- URARE SRL 117, , AMEX - BROKER DE ASIGURARE SRL** 411, , AMG BROKER DE ASIGURARE SRL 559, , AMSTERDAM BROKER DE ASIGURARE SRL 8,549,671 8,549, AMTEC BROKER DE ASIGURARE SRL 67,935 67, ANA BROKER DE ASIGURARE - REASIGURARE SRL 110, , AON ROMANIA BROKER DE ASIGURARE - REASIGURARE SRL.L 12,790,020 10,985, ,804, AQUA INVESTMENT BROKER DE ASIGURARE SRL 168, , Annexes - Insurance Brokers 109

112 No. Insurance Undertaking Total of which: Revenues from writing insurance and reinsurance contracts Revenues from risk assessment Revenues from claims adjustment Revenues from damage inspection Other revenues 49 ARCA BROKER DE ASIGURARE - REASIGURARE SRL 142, , ARGESIM ASIG BROKER DE ASIGURARE - REASIGURARE SRL.L 163, , ARPEMIX - CONSULT BROKER DE ASIGURARE SRL 1,243,014 1,243, ART BROKER DE ASIGURARE SRL 509, , ARTIMM GENERAL ASIG BROKER DE ASIGURARE SRL 392, , ARTMA BROKER DE ASIGURARE SRL 37,336 37, AS - INSURANCE - BROKER DE ASIGURARE SRL** 56 AS - INVEST BROKER DE ASIGURARE-REASIGURARE SRL 12,596 12, AS CONSULT BROKER DE ASIGURARE SRL 125, , , ASA GROUP BROKER DE ASIGURARE SRL ** 59 ASIBBE BROKER DE ASIGURARE SRL 6,220 6, ASIBROK 2000 BROKER DE ASIGURARE SRL 312, , ASIBROK BROKER DE ASIGURARE SRL.L** 62 ASICONS BROKER DE ASIGURARE SRL 5,859,250 5,747, , ASIDAC CONSULT BROKER DE ASIGURARE REASIGURARE SRL 280, , ASIDAV AGRI BROKER DE ASIGURARE SRL 227, , ASIDO EXPERT - BROKER DE ASIGURARE SRL 243, , ASIFORT BROKER DE ASIGURARE SRL 1,661,204 1,661, ASIG BROKER S GROUP - BROKER DE ASIGURARE SA 10,307 10, ASIG CONSULT BROKER DE ASIGURARE SRL** 144, , ASIG MANAGEMENT - BROKER DE ASIGURARE SRL 898, , , ASIGENT BROKER DE ASIGURARE SRL 449, , ASIGEST BROKER DE ASIGURARE-REASIGURARE SA 4,391,795 4,357, , ASIGEXCEL BROKER DE ASIGURARE SRL 17,752 17, ASIGRUP BROKER DE ASIGURARE SRL** 74 ASILEX BROKER DE ASIGURARE - REASIGURAE SRL 128, , ASIMAR INSURANCE - BROKER DE ASIGURARE-REASIGURARE SRL 1,403,299 1,403, ASIPLUS BROKER DE ASIGURARE REASIGURARE SRL 246, , ASIPREST BROKER DE ASIGURARE SRL* 78 ASIPROF CONSULTANTA ASIGURARI BROKER DE ASIGURARE- REASIGURARE SRL 255, , ASIRAL BROKER DE ASIGURARE SRL** 80 ASIRAN BROKER DE ASIGURARI SI REASIGURARI SRL** 81 ASIREX - BROKER DE ASIGURARE SRL 1,390,105 1,390, ASIS ASIG CONSULT - BROKER DE ASIGURARE SRL 78,009 78, ASISCO - BROKER DE ASIGURARE - REASIGURARE SRL 105, , ASIST ASIG BROKER DE ASIGURARE SRL 137, , , ASIWEST - BROKER DE ASIGURARE SRL 863, , ASKO ASSEKURANZ BROKER DE ASIGURARE SRL 2,558,892 2,558, ASSESS BROKER DE ASIGURARE SRL** 88 ASSET INCON PLUS BROKER DE ASIGURARE SRL** 89 AST BROKER DE ASIGURARE SRL 87,103 87, ASTOP BROKER DE ASIGURARE SRL 132, , ATLANTIC BROKER GROUP BROKER DE ASIGURARE SRL 2,662,881 2,662, ATLAS BROKER DE ASIGURARE REASIGURARE SRL 33,847 33, ATP EXODUS BROKER DE ASIGURARE SRL** 94 AUST INSURANCE BROKER DE ASIGURARE SRL 2,448,156 2,448, AUTO MARCU S BROKER DE ASIGURARE SRL 53,938 53, AUTO ONE BROKER DE ASIGURARE SRL 143, , AUTOACT BROKER DE ASIGURARE SRL 532, , AUTOSINCRON BROKER DE ASIGURARE SRL 1,022,783 1,022, AVANTGARDE - BROKER DE ASIGURARE SRL 467, , AVERAL CONSULT GROUP BROKER DE ASIGURARE SRL 724, , AVIASIG BROKER DE ASIGURARE SRL* 102 AVUS INTERNATIONAL - BROKER DE ASIGURARE-REASIGURARE SRL 7,443, ,443, AXARO S BROKER DE ASIGURARE SRL 83,646 71, , AXASIG BROKER DE ASIGURARE-REASIGURARE SRL 3,792,327 3,792, AZT ROMASIG BROKER DE ASIGURARE - REASIGURARE SRL 154, , B&P COMPANY BROKER DE ASIGURARE - REASIGURARE SRL** 107 B.C.S. BROKER DE ASIGURARE SRL** isc.ro

113 Annual Report 2012 No. Insurance Undertaking Total of which: Revenues from writing insurance and reinsurance contracts Revenues from risk assessment Revenues from claims adjustment Revenues from damage inspection Other revenues 108 BALANS BROKER DE ASIGURARE SRL 75,317 75, BALDOR INSURANCE BROKER SRL 172, , BALKAN INSURANCE BROKER DE ASIGURARE REASIGURARE SRL** 111 BAVARIA BROKER DE ASIGURARE SRL 1,134,029 1,115, , BDT BROKER DE ASIGURARE SRL 117, , BECA BROKER DE ASIGURARE SRL 69,587 69, BECHERU INSURANCE UNION - BROKER DE ASIGURARE SRL.L 14,636 14, BELLE ASSISTANCE - BROKER DE ASIGURARE/REASIGURARE SRL 289, , BERTA - BROKER DE ASIGURARE SRL** 117 BEST AS BROKER DE ASIGURARE - REASIGURARE SRL 275, , BEST BROKER - BROKER DE ASIGURARE SRL 314, , BEST TEAM ASIG BROKER DE ASIGURARE SRL 1,757,967 1,757, BESTKLASS BROKER DE ASIGURARE SRL* 121 BIG BROKER DE ASIGURARE SRL 296, , BIREX - BROKER DE ASIGURARE - REASIGURARE SRL** 123 BLAROS BROKER DE ASIGURARE REASIGURARE SRL 100, , BLITZ BROKER DE ASIGURARE SRL** 125 BNK OFFICE BROKER DE ASIGURARE SRL* 126 BOAZ BROKER DE ASIGURARE - REASIGURARE SRL 116, , BONO BROKER DE ASIGURARE REASIGURARE SRL* 128 BONVIVA INSURANCE BROKER SRL 39, , BRAIN INSURANCE GROUP - BROKER DE ASIGURARE SI REASIGURARE SRL* 130 BRAS BROKER DE ASIGURARE SRL 279, , BRAVO-R BROKER DE ASIGURARE SRL 86,677 86, BROK AS BROKER DE ASIGURARE REASIGURARE SRL 45,890 45, BROKASIG BROKER DE ASIGURARE SRL 330, , BROKASIG CONSULTING - BROKER DE ASIGURARE SRL 198, , BROKER ASIG-BROKER DE ASIGURARE SRL 61,320 61, BROKER DE ASIGURARE CAR ASIG SRL* 137 BROKER DE ASIGURARE FORTZAAS SRL** 138 BROKER DE ASIGURARE: DACIA ASIG SRL 775, , BROKER DE ASIGURARE-ECO BROKER SMART ACT SRL 131, , BROKER INVEST BROKER DE ASIGURARE - REASIGURARE SRL** 141 BROKERS ASIST - BROKER DE ASIGURARE SRL 1,480,674 1,475, , BRUSSELS BROKER DE ASIGURARE SRL 1,036,934 1,036, BUCOVINA ASIG - BROKER DE ASIGURARE SA** 144 BUSINESS BROKER - BROKER DE ASIGURARE SRL 126, , BUSINESSWIDE BROKER DE ASIGURARE SRL 2,262,200 2,262, C.ADVICE BROKER DE ASIGURARE - REASIGURARE SRL 127, , C.P.R. EVAL - BROKER DE ASIGURARI SRL 1,612 1, CAMPION BROKER DE ASIGURARE SRL 13,094,920 13,094, CAPITAL & ALLIANCE INSURANCE BROKERAGE SRL** 150 CAPITAL ASIG - BROKER DE ASIGURARE SRL 401, , CAPITOLIUM INSURANCE BROKER SRL 1,045,080 1,045, CAPRICORN INSURANCE BROKER SRL* 153 CARINA - BROKER DE ASIGURARE SRL 316, , CARION BROKER DE ASIGURARE SA** 155 CAROL BROKER DE ASIGURARE SRL 385, , CARS BROKER DE ASIGURARE - REASIGURARE SRL 25,589 25, CASA DE LICHIDARI DAUNE - BROKER DE ASIGURARE SRL 288, ,915 56, , CAVI - BROKER DE ASIGURARE SRL* 159 CBASIG-BROKER DE ASIGURARE-REASIGURARE SRL 570, , , CENTRUM ASIG - BROKER DE ASIGURARE SRL** 161 CERTO - BROKER DE ASIGURARE SRL* 162 CLAR BROKER DE ASIGURARE SRL** 163 CMC GRUP BROKER DE ASIGURARE SRL 1,437,289 1,400, , CND INTERNATIONAL INSURANCE CONSULTANTS SRL 978, , , CO INVEST BROKER DE ASIGURARE SRL 145, , COMISASIG BROKER DE ASIGURARE SRL 104, , Annexes - Insurance Brokers 111

114 No. Insurance Undertaking Total of which: Revenues from writing insurance and reinsurance contracts Revenues from risk assessment Revenues from claims adjustment Revenues from damage inspection Other revenues 167 COMPLEX ASIG BROKER DE ASIGURARE SRL 286, , COMSIG BROKER DE ASIGURARE SRL 256, , CONCRET BROKER DE ASIGURARE SRL** 170 CONDOR - BROKER DE ASIGURARE SRL 435, , CONECTASIG EXPERT - BROKER DE ASIGURARE SI REASIGURARE SRL 261, , , CONFIDENT BROKER DE ASIGURARE SRL 453, , CONFISIO BROKER DE ASIGURARE SRL 879, , CONIMPEX INSURANCE BROKER SRL 602, , CONSENS ASIG BROKER DE ASIGURARE - REASIGURARE SRL 29,058 29, CONSILIUM BROKER DE ASIGURARE SRL 1,384,081 1,384, CONSTANTINESCU BROKER DE ASIGURARE SRL 244, , CONSULT ASIG BROKER DE ASIGURARE SRL 695, , CONSULTANT A.A. - BROKER DE ASIGURARE SRL 1,023,378 1,023, CONTACS BROKER DE ASIGURARE SRL 767, , CONTRACT ASIG BROKER DE ASIGURARE SRL 40,618 40, CORIS ROUMANIE, BROKER DE ASIGURARE-REASIGURARE SRL 3,399,585 72, ,923, , , CORPORATE INSURANCE SERVICES - BROKER DE ASIGURARE- REASIGURARE SRL** 184 CORSIG BROKER DE ASIGURARE SRL 360, , COVER BROKER DE ASIGURARE SRL 324, , CREDO INSURANCE BROKER SRL 1,095,062 1,095, CROWN PARTNERS - BROKER DE ASIGURARE SRL 797, , CRUCIATII BROKER DE ASIGURARE SRL* 189 CRYS - ALLY S BROKER DE ASIGURARE SRL* 190 D EXPERT BROKER DE ASIGURARE REASIG SRL* 191 D&B BROKER DE ASIGURARE REASIGURARE SRL 81,967 81, D&CA INSURANCE BROKER SRL 13,064,820 13,039, , D.H. BROKER DE ASIGURARE SI REASIGURARE SRL 168, , DANUBIUS INSURANCE BROKER DE ASIGURARE SRL* 195 DASIG CONSULTING BROKER DE ASIGURARE-REASIGURARE SRL 357, , DAW MANAGEMENT - BROKER DE ASIGURARE SRL 3,917,891 3,917, DEAASIG - CONSULTANTA, ASISTENTA SI BROKERAJ IN ASIGURARI SRL 830, , , DECAGON BROKER DE ASIGURARE SRL 385, , DECON INSURANCE BROKER DE ASIGURARE SRL 84,022 84, DEIA BROKER ASIGURARI SRL 159, , DELTA SRL.S. BROKER DE ASIGURARE - REASIGURARE SRL 239, , DESTINE BROKER DE ASIGURARE SRL 25,998,405 25,998, DEXASIG BROKER DE ASIGURARE SRL 2,848,144 2,844, , DIANA CLAIMS ADJUSTER S BUREAU REGULARIZARI DE DAUNE SRL 250, , DIAS - BROKER DE ASIGURARE SRL 120, , DINAMIC AS - BROKER DE ASIGURARE SRL 476, , DINMAR BROKER DE ASIGURARE SRL 314, , DIRECT AUTOMOTIVE BROKER DE ASIGURARE SRL** 209 DIREKTASIG FILADELFIA BROKER DE ASIGURARE SRL 495, , DIVERS INSURANCE BROKER DE ASIGURARE SRL 75,484 75, DMI INSURANCE-BROKER DE ASIGURARE SRL 42,983 42, DOIO ASIG BROKER DE ASIGURARE SRL 1,443 1, DOMAS INSURANCE BROKER DE ASIGURARE SRL 10,678,087 10,678, DONARIO BROKER DE ASIGURARE SRL 317, , EAST BRIDGE INSURANCE - BROKER DE ASIGURARE SRL 14,488 14, EASY INSURANCE SOLUTIONS BROKER DE ASIG REASIG SRL 4,283,408 1,727,974 2,555, ECLAIMS MANAGEMENT - BROKER DE ASIGURARE SRL*** ECONOMY CONSULTING GROUP RO BROKER DE ASIG. SRL* 219 EDEN PMB BROKER DE ASIGURARE SRL 386, , EDY BROKER DE ASIGURARE SRL** 221 EFICIENT ASIG BROKER DE ASIGURARE SRL** 222 ELIRE BROKER DE ASIGURARE SRL 79,081 79, isc.ro

115 Annual Report 2012 No. Insurance Undertaking Total of which: Revenues from writing insurance and reinsurance contracts Revenues from risk assessment Revenues from claims adjustment Revenues from damage inspection Other revenues 223 ELIYAMMA MM BROKER DE ASIGURARE SRL 416, , EMIASIG BROKER DE ASIGURARE SRL 55,309 55, ENERGO BROKER - BROKER DE ASIGURARE SRL 43,693 43, ENERGY BROKER DE ASIGURARE SRL 139, , EPM ROMANIA - BROKER DE ASIGURARE SRL 1,587,915 1,587, ERSTE BROKERS-BROKER DE ASIGURARE SRL** 229 ETICA BROKER DE ASIGURARE REASIGURARE SRL* 230 EUL BROKER DE ASIGURARE SRL 136, , EURIAL BROKER DE ASIGURARE SRL 3,793,403 3,793, EURO ARC - INSURANCE BROKER SRL 190, , EURO CREDIT BROKER DE ASIGURARE SRL** 234 EUROBROKERS GROUP SA** 235 EUROGROUP INSURANCE REINSURANCE BROKER ROMANIA SRL 1,422,005 1,422, EUROPEAN ECONOMY ROMANIA - BROKER DE ASIGURARE SRL 431, , EUROREALASIG - BROKER DE ASIGURARE SRL** 238 EURORISK BROKER DE ASIGURARE SRL 14,464 14, EUROTEX - BROKER DE ASIGURARE SRL 17,291 17, EVEREST BROKER DE ASIGURARE SRL 278, , EWO INSURANCE - BROKER DE ASIGURARE SRL 98,720 98, EXA BROKER DE ASIGURARE SRL 1,824,378 1,824, EXECUTIV BROKER DE ASIGURARE SRL 11,488 11, EXPERT ASIG BROKER DE ASIGURARE-REASIGURARE SRL 214, , EXPERT BROKER DE ASIGURARE SRL 2,732,730 2,732, EXPRES BROKER DE ASIGURARE SRL 7,620 7, EXPRESS INSURANCE BROKER SRL 385, , FABIS BROKER DE ASIGURARE REASIGURARE SRL 24,641 24, FAIRWAY BROKER DE ASIGURARE SRL 1,145,619 1,145, FANBROK BROKER DE ASIGURARE - REASIGURARE SRL 222, , , FAST BROKERS - BROKER DE ASIGURARE - REASIGURARE SRL 2,266,830 2,266, FEHU BROKER DE ASIGURARE SRL 604, , FELIX INSURANCE BROKER DE ASIGURARE REASIG SRL 328, , FEM - BROKER DE ASIGURARE SRL 72,160 72, FERDINAND ASIGURARI - BROKER DE ASIGURARE SRL 149, , FIDELITY BROKER DE ASIGURARE - REASIGURARE SRL** 257 FILAS BROKER DE ASIGURARE SRL 997, , , FINANCE BROKER DE ASIGURARE SRL 1,561,729 1,561, FINANCIAL SERVICES GROUP BROKER DE ASIGURARE-REASIG- URARE SRL 579, , , FIRST CAR BROKER DE ASIGURARE SRL 257, , FLASH BROKER DE ASIGURARE SRL 23,913 23, FLY INSURANCE - BROKER DE ASIGURARE REASIG.SRL 237, ,320 6, FORTIS ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL 900, , , FORUM INSURANCE BROKER SRL 2,291,579 2,291, FREEDOM INSURANCE BROKER SRL 2,986,600 2,986, FULL CASCO BROKER DE ASIGURARE-REASIGURARE SRL 198, , FUNK INTERNATIONAL ROMANIA BROKER DE ASIGURARE - REAS- IGURARE SRL 1,848,570 1,755, , G&B ASIGURANTA BROKER DE ASIGURARE SRL 390, , GAMMA - ASIG BROKER DE ASIGURARE SRL 490, , GELIAS BROKER DE ASIGURARE SRL 678, , GEMARAL BROKER DE ASIGURARE SRL 203, , GENERAL ASIG CONSULTING - BROKER DE ASIGURARE SRL 68,012 68, GENERAL BROKER DE ASIGURARE SRL 287, , GENERAL INSURANCE & CONSULTING BROKER DE ASIGURARE- REASIGURARE SRL 218, , GENERAL INSURANCE BROKER SRL 39,958 39, GEORGIA SIG 2000 BROKER DE ASIGURARI SRL 81, , GEPA BROKER DE ASIGURARE SRL 1,257,926 1,257, GIO GROUP - BROKER DE ASIGURARE SRL** 279 GLOBAL ASSISTANCE BROKER DE ASIGURARE SRL 1,943,741 1,943, Annexes - Insurance Brokers 113

116 No. Insurance Undertaking Total of which: Revenues from writing insurance and reinsurance contracts Revenues from risk assessment Revenues from claims adjustment Revenues from damage inspection Other revenues 280 GLOBAL ASSURANCE BROKER DE ASIGURARE SRL 2,711,640 2,711, GLOBAL BROKER RO BROKER DE ASIGURARE SRL 40,762 40, GLOBAL RISK SERVICES - INSURANCE BROKER SRL 1,024,529 1,024, GLOBASIG 2002 BROKER DE ASIGURARE-REASIGURARE SRL 1,847,113 1,847, GRAND GARAGE BROKER DE ASIGURARE SRL** 285 GRAS SAVOYE ROMANIA BROKER DE ASIGURARE-REASIGURARE SRL 10,138,586 10,138, GROUP INSURANCE BROKER SRL 2,302 2, GRUP PHOENIX BROKER DE ASIGURARE SRL 549, , , GT BROKER DE ASIGURARE SRL 1,568,727 1,568, GT-RO BROKER DE ASIGURARE - REASIGURARE SRL** 290 GTT INSURANCE BROKER SRL 1,624,262 1,624, HELMET BROKER DE ASIGURARE SRL** 292 HERMANNSTADT BROKER DE ASIGURARE - REASIGURARE SRL 1,343,366 1,337, , HOBBIT BROKER DE ASIGURARE REASIGURARE SRL 533, , , I.M. BRATU - BROKER DE ASIGURARE-REASIGURARE SRL 27,736 27, IBA - INSIEME BROKER DE ASIGURARE SRL** 296 IDEEA INTERMED INSURANCE BROKER DE ASIGURARE SRL.L 172, , IMOSIG BROKER DE ASIGURARE SRL 23,798 23, INFO ASIG - BROKER DE ASIGURARE SRL 467, , INK CONSULTANTA - BROKER DE ASIGURARE SRL 3,308,634 3,179, , INSURANCE CONSULTING&SOLUTIONS BROKER DE ASIG SRL ** 301 INSURANCE MIX BROKER DE ASIGURARE SRL 91,681 91, INSURANCE REINSURANCE INTERNATIONAL BROKER DE ASIG- URARE SA ** 303 INSURER BROKER DE ASIGURARE REASIG. SRL 1,277,465 1,277, INSUROM BROKER DE ASIGURARE - REASIGURARE SRL 100, , INTEGRA BROKER DE ASIGURARE SRL 575, , INTEGRITY GECAST BROKER DE ASIGURARE SRL INTEL BROKER DE ASIGURARE SRL 159, , INTER ACTIV BROKER DE ASIGURARE - REASIGURARE SRL 932, , INTER BROKER DE ASIGURARE SRL 6,541,279 6,541, INTER CONSULTING BROKER DE ASIGURARE SRL** 311 INTERALIA INSURANCE BROKER SRL 24,307 24, INTERAS - BROKER DE ASIGURARE SRL** 313 INTERASIG BROKER - BROKER DE ASIGURARE SRL 679, , INTERASIG BROKER DE ASIGURARE SRL 82,075 82, INTERBROK BROKER DE ASIGURARE SRL ** 316 INTERBUG INSURANCE BROKER SRL 1,314,902 1,314, INTERCAM BROKER D ASSURANCE SRL 3,241,139 3,241, INTERCAPITAL ASIG BROKER DE ASIGURARE SRL* 319 INTERFIDES INTERNATIONAL - BROKER DE ASIGURARE SRL 831, , , INTERLAND BROKER DE ASIGURARE SRL* 321 INTERNATIONAL BROKER CONSULTING-BROKER DE ASIG SRL 241, , INTERNATIONAL INSURANCE BROKER SRL 1,395,321 1,073, , INTERNATIONAL LINK INSURANCE BROKER SRL 135, , INVEST CORP BROKER DE ASIGURARE SRL 4,779 4, IONASIG BROKER DE ASIGURARE SRL* 326 IRECSON BROKER DE ASIGURARE-REASIGURARE SRL** 327 IVAS BROKER DE ASIGURARE SRL 363, , IVECO CAPITAL BROKER DE ASIGURARE-REASIGURARE SRL 4,269,525 4,269, JOLILI BROKER DE ASIGURARE - REASIGURARE SRL 573, , KALL BROKER DE ASIGURARE SRL** 331 KAMER ACTIV - BROKER DE ASIGURARE - REASIGURARE SRL* 332 KARUSSELL INSURANCE - BROKER DE ASIGURARE SRL* 333 KING OF BROKERS IN ROMANIA - BROKER DE ASIGURARE SRL** 334 KLASS BROKER DE ASIGURARE - REASIGURARE SRL 262, , KRON - ASIG - BROKER DE ASIGURARE SRL 1,136,843 1,136, KUNDEN BROKER DE ASIGURARE SRL 3,579,109 3,579, L.M.C. ASIG BROKER DE ASIGURARE SRL 873, , isc.ro

117 Annual Report 2012 No. Insurance Undertaking Total of which: Revenues from writing insurance and reinsurance contracts Revenues from risk assessment Revenues from claims adjustment Revenues from damage inspection Other revenues 338 LACOLI BROKER DE ASIGURARE SRL 6,236,155 6,236, LAND - BROKER DE ASIGURARE - REASIGURARE SRL 178, , LASTING INSURANCE AND REINSURANCE BROKER SRL** 341 LCG CONCEPT - BROKER DE ASIGURARE - REASIGURARE SRL 58,726 58, LEADER TEAM BROKER DE ASIGURARE SRL 1,211,105 1,211, LEON FINANCIAL - BROKER DE ASIGURARE SRL 6,126 6, LEUMI BROKER DE ASIGURARE - REASIGURARE SRL 466, , LIBER BROKER DE ASIGURARE SRL* 346 LIDA BROKER DE ASIGURARE SRL** 347 LION BROKER DE ASIGURARE SRL 2,202,617 2,197, , LOGOS BROKER DE ASIGURARE SRL 93,436 93, LONDON BROKERS - BROKER DE ASIGURARE-REASIGURARE SRL 2,655,340 2,569, , LORD BROKER DE ASIGURARE - REASIGURARE SRL 241, , LOWE ASISGROUP BROKER DE ASIGURARE SRL 25,338 25, LOYAL BROKER DE ASIGURARE SRL*** 353 LOYALTY INSURANCE BROKER SRL 757, , , M.C.M. - BROKER DE ASIGURARE - REASIGURARE SRL** 355 MAGAZINUL DE ASIGURARI BROKER DE ASIG. REASIG SRL ** 356 MAGNA INSURANCE BROKER SRL** 357 MAI BROKER DE ASIGURARE SRL 1,607,928 1,129, , MAKLER-SIG BROKER DE ASIGURARE SRL 166, , , MARINS INTERNATIONAL INSURANCE AND REINSURANCE BROKER SRL *** MARKRON BROKER DE ASIGURARE SRL 517, , MAROSI BROKER DE ASIGURARE SRL 43,487 43, MARSH - BROKER DE ASIGURARE-REASIGURARE SRL 28,206,330 27,953, , , MARSHALY - ZEPTER INSURANCE FINANCIAL ASSOCIATED, BROKER DE ASIGURARE - REASIGURARE SRL 496, , MARSHALY INSURANCE FINANCIAL ASSOCIATED SRL** 365 MASTER BROKER DE ASIGURARE - REASIGURARE SRL 298, , MAXYGO BROKER DE ASIGURARE SRL 9,030,343 9,030, MB EUROPA BROKER DE ASIGURARE SRL 1,830,982 1,830, MBI MARKETINGBERATUNG AND INSURANCE BROKER SRL 1,916,760 1,916, MCI INTERNATIONAL BROKER DE ASIGURARE-REASIGURARE SRL** 370 MED LIFE BROKER DE ASIGURARE SRL 205, , MEDIA INVEST BROKER DE ASIGURARE SRL 670, , MEDIATIS BROKER DE ASIGURARE SRL 559, , , MEDIHELP INTERNATIONAL BROKER DE ASIGURARE SRL 1,020,500 1,020, MEDINS 2002 ROMANIA BROKER DE ASIGURARE SRL 89,658 86, , MEGA GROUP BROKER DE ASIGURARI SRL 247, , MENTOR BROKER DE ASIGURARE SRL 10,849 10, MERCEDES - BENZ INSURANCE BROKER SRL 3,804,112 3,804, MGM BROKER DE ASIGURARE-REASIGURARE SRL 35,734 35, MIGO - BROKER DE ASIGURARE - REASIGURARE SRL** 380 MILLENIUM INSURANCE BROKER (M.I.B.) SA 12,007,609 12,007, MIXERA BROKER DE ASIGURARE SRL 168, , MK SAFEZON INSURANCE BROKER SRL 21,206 21, MKB ROMEXTERRA BROKER DE ASIGURARE SRL 1,047,697 1,047, MLR INTER-ASIG BROKER DE ASIGURARE SRL** 385 MOBIL BROKER DE ASIGURARE SRL* 386 MODEL BROKER DE ASIGURARE SRL 901, , MOLD EXPERT BROKER DE ASIGURARE-REASIGURARE SRL 628, , MOMENTUM INSURANCE AND REINSURANCE BROKER SRL 222, , MONDIAL BROKER DE ASIGURARE SRL 15,061 15, MONDO AS BROKER DE ASIGURARE REASIGURARE SRL 533, , , MONEY COACH BROKER DE ASIGURARE SRL 145, , MONKAD INTERMED BROKER DE ASIGURARE SI REASIG. SRL 46,872 46, MTC ASIVEST BROKER DE ASIGURARE SRL 440, , MULTI ASIG BROKER DE ASIGURARE SRL 451, , Annexes - Insurance Brokers 115

118 No. Insurance Undertaking Total of which: Revenues from writing insurance and reinsurance contracts Revenues from risk assessment Revenues from claims adjustment Revenues from damage inspection Other revenues 395 MULTIEXPERT ASIG-BROKER DE ASIGURARE SRL** 396 MUNTENIA BROKER DE ASIGURARE SRL 66,197 66, MUSTANG BROKER DE ASIGURARE - REASIGURARE SRL 82,648 82, N.B. BROKER DE ASIGURARE-REASIGURARE SRL 1,743,998 1,743, NC SERVICES BROKER DE ASIGURARE SRL 70,408 70, NELBA BROKER DE ASIGURARE SRL 20,699 20, NEMES BROKER DE ASIGURARE SRL** 402 NEOBROKER BROKER DE ASIGURARE SRL 24,952 24, NEPTUN BROKER DE ASIGURARE SRL 201, , NET BROKER DE ASIGURARE SRL 176, , NETRISK BROKER DE ASIGURARE SRL 2,576,219 2,576, NEUTRO RISK - BROKER DE ASIGURARE SRL** 407 NEW AGE INSURANCE BROKER SRL 214, , NEW VISION BROKER DE ASIGURARE - REASIGURARE SRL 29,627 29, NEWBROKER ASIG MC BROKER DE ASIGURARE SRL ** 410 NEWPORT INSURANCE - REINSURANCE BROKER SRL 346, , NORD - BROKER DE ASIGURARE SRL** 412 NOVA GRUP ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL* 413 NOVALTO BROKER DE ASIGURARE SRL 66,993 66, NOVOFINANCE GROUPE - BROKER DE ASIGURARE SI REASIGURARE SRL ** 415 OFFICE INSURANCE - BROKER DE ASIGURARE SRL 875, , OLSA RE BROKER DE ASIGURARE-REASIGURARE SRL 791, , OLTENIA BROKER DE ASIGURARE-REASIGURARE SRL** 418 OMEGA BROKER DE ASIGURARE SRL 1,531,910 1,467, , ONE - BROKER DE ASIGURARE SRL 261, , ONEST ASIG BROKER DE ASIGURARE SRL* 421 ONSPOT BROKER DE ASIGURARE SRL 143, , ORIZONT BROKER DE ASIGURARE - REASIGURARE SA 3,344,144 3,344, OTTO BROKER DE ASIGURARE SRL 9,649,100 9,647, , OVB ALLFINANZ ROMANIA BROKER DE ASIGURARE SRL 1,957,092 1,957, OXIGEN INSURANCE - BROKER DE ASIGURARE SRL 1,322,133 1,322, OXYGEN EXPRESS BROKER DE ASIGURARE - REASIGURARE SRL 93,120 93, PALLADIUM INSURANCE BROKER SRL** 428 PAN GABRIEL BROKER DE ASIGURARE SRL ** 429 PANNON SAFE BROKER DE ASIGURARE SRL 172,079 62, , PARTENER A&S BROKER DE ASIGURARE SRL 18,791 18, PARTENERUL MEU BROKER DE ASIGURARE SRL* 432 PATY - ASIG BROKER DE ASIGURARE SRL 2,509,215 2,509, PEIA GROUP BROKER DE ASIGURARE SRL 224, , PENTA-International Insurance Reinsurance Broker SRL 1,217,749 1,217, PERFECT ASIG - BROKER DE ASIGURARE SRL 11,971 11, PERSONAL BROKER-BROKER DE ASIG - REASIG SRL* 437 PERSONAL INSURANCE - BROKER DE ASIG REASIG. SRL 33,740 33, PINTILIE BROKER DE ASIGURARE SRL 5,817,441 5,817, PIRAEUS INSURANCE REINSURANCE BROKER ROMANIA SRL 15,678,081 15,678, PLUS-ASIG-INVEST BROKER DE ASIGURARE SRL 116, , POLY BROKER DE ASIGURARE - REASIGURARE SRL 298, , PORSCHE BROKER DE ASIGURARE SRL 27,690,721 25,364, ,326, PORTAL BROKER DE ASIGURARE SRL.L 10,080 10, POWER INSURANCE BROKERS SRL 7,605,266 7,605, PRAVASIG BROKER DE ASIGURARE SRL 246, , PREMIER - BROKER DE ASIGURARE SRL 667, , PREMIUM BROKER DE ASIGURARE SRL 647, , PRESTIGE INSURANCE BROKER DE ASIGURARE SRL* 449 PREVENT ASIG BROKER DE ASIGURARE SRL* 450 PRIMA BROKER DE ASIGURARE-REASIGURARE SRL** 451 PRIMASIG BROKER DE ASIGURARE SRL 64,556 64, PRIME INSURANCE - BROKER DE ASIGURARE SRL 362, , , isc.ro

119 Annual Report 2012 No. Insurance Undertaking Total of which: Revenues from writing insurance and reinsurance contracts Revenues from risk assessment Revenues from claims adjustment Revenues from damage inspection Other revenues 453 PRIVAT CONSULTING-BROKER DE ASIGURARE-REASIG. SRL 561, , PRO AS MILENIUM BROKER DE ASIGURARE SRL 585, , PRO ASIG INSURANCE BROKER DE ASIGURARE SRL 1,309,654 1,309, PROASIG BROKER DE ASIGURARE SRL 258, , PROFESSIONAL BROKER DE ASIGURARE SRL 4,549,736 4,543, , PROPERTY INSURANCE BROKER SRL 32,164 32, PROXIMUS BROKER DE ASIGURARI SRL* 460 PSG INSURANCE BROKER SRL 3,178,354 3,173, , QUALITRON INSURANCE BROKER SRL 50,154 50, QUALITY ASIG - BROKER DE ASIGURARE SRL 951, , , QUARTZ - ASIG BROKER DE ASIGURARE SRL 341, , R.C.G. BROKER DE ASIGURARE SA 56,456 56, RAIFFEISEN BROKER DE ASIGURARE-REASIGURARE SRL 7,047,182 7,047, RAMY - 95 ASIG BROKER DE ASIGURARE SRL 131, , RBA REKORD BROKER DE ASIGURARE SRL 197, , RCI BROKER DE ASIGURARE SRL 17,184,231 17,184, REAL EXPERT BROKER DE ASIGURARE REASIGURARE SRL 478, , RELIANCE BROKER HOUSE- BROKER DE ASIGURARE SRL** 471 REMABO BROKER DE ASIGURARE SRL 217, , , RIB TEAM - BROKER DE ASIGURARE - REASIGURARE S.A 439, , RISC TOTAL ASIG - BROKER DE ASIGURARE SRL 417, , RISK CONTROL INSURANCE AND REINSURANCE BROKER SRL 1,586,696 1,561, , RISK EXPERT INSURANCE BROKER SRL** 476 RISK MANAGEMENT CONSULTING BROKER DE ASIGURARE SRL 24,591 24, RISK MANAGEMENT GRUP BROKER DE ASIGURARE SRL 518, , RITTER - BROKER DE ASIGURARE SI REASIGURARE SRL 200, , RIVERA BROKER DE ASIGURARE SRL** 480 ROCREDIT - BROKER DE ASIGURARE SRL 434, , , ROGRUP BROKER DE ASIGURARE SRL 650, , ROM INSURANCE BROKER DE ASIGURARE SRL 3,069,033 3,069, ROMAGENT CONSULTING BROKER DE ASIGURARE SRL 612, , ROMASIG BROKER DE ASIGURARE SRL 544, , ROMASIR BROKER DE ASIGURARE SRL 354, , ROMEURO INSURANCE CONSULTING-BROKER DE ASIG SRL 1,251,418 1,251, ROMINS BROKER DE ASIGURARE SRL 9,351 9, ROMTIR SERVICE BROKER DE ASIGURARE SRL 67,830 67, ROYAL BUSINESS BROKER DE ASIGURARE SRL** 490 S.I.N. INSURANCE BROKER SRL* 491 S.I.R. INTERNATIONAL SERVICES BROKER DE ASIGURARE-REASIG- URARE SRL 95,608 95, S.O.S. ASIGURARI - BROKER DE ASIGURARE SRL* 493 SAB BROKER DE ASIGURARE SRL 204, , SAFE INVEST ROMANIA BROKER DE ASIGURARE SRL 2,768,784 2,768, SAFEGUARD BROKER DE ASIGURARE-REASIGURARE SRL 74,388 74, SAFETY BROKER DE ASIGURARE SRL 32,072,570 32,063,764 8, SAFEWAYS INTERNATIONAL BROKER DE ASIGURARE SRL 698, , SALES GROUP BROKER DE ASIGURARE SRL 20,588 18, , SALVE BROKER DE ASIGURARE SRL ** 500 SCALA BROKER DE ASIGURARE SRL 269, , SCHIOPU BROKER DE ASIGURARE SRL 50,931 50, SCORPION BROKER DE ASIGURARE SRL 15,019 15, SDH BROKER DE ASIGURARE SRL 205, , SECONY PROFESIONAL CONSULTING SRL 340, , SELECT AUTOMOTIVE BROKER DE ASIGURARE SRL 54,802 54, SEMPER FIDELIS-BROKER DE ASIGURARE SRL 183, , , SENIOR BROKER DE ASIGURARE SRL** 508 SERVBROK BROKER DE ASIGURARE SRL*** 509 SFINX BROKER DE ASIGURARE SRL 20,431 20, SIC ASIGURARI BROKER DE ASIGURARE SRL* 511 SIGMA BROKER DE ASIGURARE SRL** Annexes - Insurance Brokers 117

120 No. Insurance Undertaking Total of which: Revenues from writing insurance and reinsurance contracts Revenues from risk assessment Revenues from claims adjustment Revenues from damage inspection Other revenues 512 SIGURA BROKER DE ASIGURARE SRL 312, , SILGA BROKER DE ASIGURARE-REASIGURARE SRL 186, , SILVER BROKER DE ASIGURARE-REASIGURARE SRL 1,657 1, SIMAX BROKER DE ASIGURARE SRL 114, , SIMPLEX BROKER DE ASIGURARE SRL 372, , SIRCOM INSURANCE BROKER SRL 176, , SIRIUS - BROKER DE ASIGURARE SRL 670, , SIS BROKER DE ASIGURARE SRL 783, , SITAL ASIGURARI - BROKER DE ASIGURARE SRL** 521 SL - TEAM ASIG - BROKER DE ASIGURARE-REASIGURARE SRL 126, , SMARALD BROKER DE ASIGURARE SRL 59,320 59, SMART BROKER DE ASIGURARE - REASIGURARE SRL 142, , SOCIETATEA COMERCIALA DE PRESTARI SERVICII IN DOMENIUL ASIGURARILOR CAROM - BROKER DE ASIGURARE SA 864,234 3, , , SOFAD BROKER DE ASIG. SRL 75,211 75, SOKO BROKER DE ASIGURARE SRL 934, , SOLARIS BROKER DE ASIGURARE SRL** 528 SOLVENTA - BROKER DE ASIGURARE SRL** 529 SOTER - FINANCE BROKER DE ASIGURARE SRL 719, , SOVEREIGN AND PARTNERS EUROPE - INSURANCE BROKERS SRL* 531 SP ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL ** 532 SPECIAL OFFICE - BROKER DE ASIGURARE REASIGURARE SRL 328, , SPEED INSURANCE GROUP BROKER DE ASIG.- REASIG. SRL 397, , SPOT INSURANCE - BROKER DE ASIGURARE SRL** 535 SRBA - BROKER DE ASIGURARE REASIGURARE SRL 8,298,568 8,298, STABILITY INSURANCE - BROKER DE ASIG - REASIG. SRL* 537 STANDARD ASIGURARI - BROKER DE ASIGURARE SRL 253, , STANDARD CLASS BROKER DE ASIGURARE - REASIG. SRL* 75,935 75, STAR BROKER DE ASIGURARE SRL 6,239,143 6,239, STAR EXPRESS BROKER DE ASIGURARE SRL** 541 STAR OFFICE - BROKER DE ASIGURARE SRL** 542 START BROKER DE ASIGURARE SRL 76,499 76, STEIN INSURANCE BROKER SRL 877, , , STELLAR RE BROKER DE ASIGURARE SI REASIGURARE SRL 1,440,815 1,440, STEMMA BROKER DE ASIGURARE SRL*** STRASIG BROKER DE ASIGURARE SRL 3,021 3, STRATEGIC INSURANCE BROKER SRL** 548 SUCCESOR BROKER DE ASIGURARE SRL 156, , SUD ASIG BROKER DE ASIGURARE SRL 1,923,121 1,923, SURE INVEST COMPANY - BROKER DE ASIGURARE SRL* 551 TAKTIQ - BROKER DE ASIGURARE - REASIGURARE SRL 73,830 73, TAR & TAR BROKER DE ASIGURARE SRL 32,686 32, TEAHA ASIGURARI - BROKER DE ASIGURARE SRL 192, , TEMPO ASIG - INSURANCE BROKER SRL 695, , TENY BROKER DE ASIGURARE SRL 92,036 92, TERANO ASIG - BROKER DE ASIGURARE SRL** 557 TERRA BROKER DE ASIGURARE SRL 15,550 15, TERRA BROKER DE ASIGURARE SRL(ATLASSIB) ** 559 TITAN BROKER DE ASIGURARE SRL 1,787,624 1,787, TOMASIG - BROKER DE ASIGURARE SRL 583, , TOP ASIG BROKER DE ASIGURARE SRL 102, , TOP INSURANCE CONSULTING BROKER DE ASIGURARE - REASIGURARE SRL 347, , TOTAL ASIG - BROKER DE ASIGURARE-REASIGURARE SRL 131, , TOYO MOTOR BROKER DE ASIGURARE SRL 572, , TRADITIONAL BROKER DE ASIGURARE SRL** 566 TRANSILVANIA BROKER DE ASIGURARE SRL 24,272,492 24,272, TRANSWORLD ASIG - BROKER DE ASIGURARE SRL 213, , TREND AS BROKER DE ASIGURARE SRL 118, , TRINITY GLOBAL INSURANCE BROKERS SRL 316, , isc.ro

121 Annual Report 2012 No. Insurance Undertaking Total of which: Revenues from writing insurance and reinsurance contracts Revenues from risk assessment Revenues from claims adjustment Revenues from damage inspection Other revenues 570 TRIUMF INSURANCE BROKER DE ASIGURARE SRL 399, , TRUST - ASIG BROKER DE ASIGURARE SRL 194, , TRUST BROKERS BROKER DE ASIGURARE SRL 1,090,018 1,090, TRYGON BROKER DE ASIGURARE SRL 266, , UBI BROKER DE ASIGURARE SRL* 188, , UIRB- UNITED INSURANCE REINSURANCE BROKER SA 364, , , ULTRA BROKER DE ASIGURARE SRL* 577 UNIASIG BROKER DE ASIGURARE SRL 255, , , UNIBROKER DOBROGEA - BROKER DE ASIGURARE SI REASIGURARE SRL** 579 UNICREDIT INSURANCE BROKER SRL 30,869,220 30,869, UNION CONSULTING - BROKER DE ASIGURARE SRL 393, , UNION FIRST INSURANCE BROKERS SRL** 582 UNIPET BROKER DE ASIGURARE SRL 824, , UNITED BROKER DE ASIGURARE SRL* 584 UNITED INSURANCE BROKERS - BROKER DE ASIGURARE - REASIGURARE SRL** 585 UNITY BROKER DE ASIGURARE REASIGURARE SRL 30,064,398 30,064, UNIVERS BROKER DE ASIGURARE SRL 75,688 75, URBAN BROKER DE ASIGURARE SRL 482, , , USC ALL FINANCE BROKER DE ASIGURARE SRL** 589 V.P. INVESTMENTS-INSURANCE BROKER SRL 549, , VBL BROKER DE ASIGURARE SRL 8,283,204 8,283, VECTOR BROKER DE ASIGURARE - REASIGURARE SRL 4,069,785 4,069, VERASIG BROKER DE ASIGURARE SRL 1,722,176 1,722, VERBITA-BROKER DE ASIGURARE SRL 354, , VERGLASER BROKER DE ASIGURARE SRL* 595 VERTICAL ASSURANCE BROKER DE ASIGURARE SRL 503, , VICTORIA BROKER - BROKER DE ASIGURARE SRL*** VIENNA BROKER DE ASIGURARE SRL** 598 VIO ILE BROKER DE ASIGURARE SRL 732, , VIP BROKER ASIGURARI SRL 15,744 15, VIVA BROKER DE ASIGURARE SRL 454, , VLT EXPERT BROKER DE ASIGURARE SRL 115, , VNT BROKER DE ASIGURARE SRL* 603 VS COMPANY BROKER DE ASIGURARE SRL 1,318,502 1,318, WESTACO BROKER DE ASIGURARE SRL 494, , WISE INSURANCE BROKERS SRL 80,151 80, WVP RO - BROKER DE ASIGURARE SRL 186, , YORK - BROKER DE ASIGURARE-REASIGURARE SRL 60,635 60, Z&A ASIGURARI - BROKER DE ASIGURARE SRL 523, , ZOE BROKER ASIGURARE REASIGURARE SRL** 610 ZURICH BROKER DE ASIGURARE - REASIGURARE SRL 12,085,696 12,085, Total ,274, ,195,327 3,227,540 12,297, ,744 7,244,918 Total ,802, ,707,636 2,378,991 9,577,096 2,663,540 7,475,130 *Insurance and/or reinsurance brokers who filed late or incomplete Q4/2012 reports and 2012 annual financial statements **Insurance and/or reinsurance brokers whose business has been suspended/temporarily prohibited or whose authorisation has been withdrawn and filed late or incomplete Q4/2012 reports and 2012 annual financial statements ***Insurance and/or reinsurance brokers who reported no insurance mediation business as of authorisation/resumption of business and filed Q4/2012 reports and 2012 annual financial statements or statements which report no business as of Annexes - Insurance Brokers 119

122 ANNEX 18 Financial results of insurance brokers as per balance sheet (RON) No. Insurance Undertaking Profit Loss 1 5MM BROKER DE ASIGURARE SRL 237, A & E INSURANCE BROKER DE ASIGURARE SRL 25, A&A BROKER DE ASIGURARE SRL 7, A&G MARITIM Broker de Asigurare SRL 0 18,351 5 A.T. BROKER INSURANCE - BROKER DE ASIGURARE SRL 0 2,140 6 AB ASIG BROKER DE ASIGURARE-REASIGURARE SRL 0 10,445 7 AB BROKER - BROKER DE ASIGURARE-REASIGURARE SRL 483, ABADO SYNERGIC DEVELOPMENT BROKER DE ASIGURARE SRL* 9 ABSOLUT ASIG - BROKER DE ASIGURARE SRL 16, ACCENTASIG BROKER DE ASIGURARE SRL 190, ACCORD BROKER DE ASIGURARE SRL 8, ACE BROKER DE ASIGURARE REASIGURARE SRL 13, ACR BROKER DE ASIGURARE - REASIGURARE SRL 5, ACTIV ASIGURARI - BROKER DE ASIGURARE-REASIGURARE SRL 387, ADA BROKER DE ASIGURARE SRL 11, ADAMAS BROKER DE ASIGURARE SRL 1, ADECAR BROKER DE ASIGURARE - REASIGURARE SRL ADELPHIA BROKER DE ASIGURARE SRL** 19 AERO ASIG BROKER DE ASIGURARE SRL 54, AG - BROKER DE ASIGURARE SRL 1, AGORA GROUP - BROKER DE ASIGURARE SRL 0 18, AGRICOVER BROKER DE ASIGURARE SRL 103, AGRO PROTECTOR 2010 ASIGURARI - BK DE ASIGURARE SRL 0 12, AGX - BROKER DE ASIGURARE SRL 29, AIDA BROKER DE ASIGURARE SRL 6, AIR BROKER ASIGURARE REASIGURARE SRL 25, AKG - BROKER DE ASIGURARE SRL** 28 AKTUALIS BROKER DE ASIGURARE SRL 0 100, AL BROKER INVEST - BROKER DE ASIGURARE SA** 30 ALFA BROKER DE ASIGURARE SRL ALIAT BROKER DE ASIGURARE SRL 0 122, ALL INSURANCE BROKER DE ASIGURARE SRL* 33 ALLEANZA BROKER DE ASIGURARE SRL 2, ALLIED TEAM BROKER DE ASIGURARE-REASIGURARE SRL** 35 ALMA BROKER DE ASIGURARE SRL 472, ALO ASIGURARI BROKER DE ASIGURARE SI REASIGURARE SRL 0 177, ALPHA INSURANCE BROKERS - SOCIETATE DE BROKERAJ IN ASIGURARE - REASIGURARE SRL 235, ALPINA BROKER DE ASIGURARE SRL 5, ALTO BROKER DE ASIGURARE REASIGURARE SRL 7, AMA BROKER DE ASIGURARE-REASIGURARE SRL 8, AMAP ASIGURARI SI PENSII - BROKER DE ASIGURARE-REASIGURARE SRL 2, AMEX - BROKER DE ASIGURARE SRL** 0 6, AMG BROKER DE ASIGURARE SRL 0 66, AMSTERDAM BROKER DE ASIGURARE SRL 5,874, AMTEC BROKER DE ASIGURARE SRL 17, ANA BROKER DE ASIGURARE - REASIGURARE SRL 23, AON ROMANIA BROKER DE ASIGURARE - REASIGURARE SRL 2,014, AQUA INVESTMENT BROKER DE ASIGURARE SRL 0 153, isc.ro

123 Annual Report 2012 No. Insurance Undertaking Profit Loss 49 ARCA BROKER DE ASIGURARE - REASIGURARE SRL 6, ARGESIM ASIG BROKER DE ASIGURARE - REASIGURARE SRL 20, ARPEMIX - CONSULT BROKER DE ASIGURARE SRL 35, ART BROKER DE ASIGURARE SRL 54, ARTIMM GENERAL ASIG BROKER DE ASIGURARE SRL 8, ARTMA BROKER DE ASIGURARE SRL 10, AS - INSURANCE - BROKER DE ASIGURARE SRL** 56 AS - INVEST BROKER DE ASIGURARE-REASIGURARE SRL 2, AS CONSULT BROKER DE ASIGURARE SRL 37, ASA GROUP BROKER DE ASIGURARE SRL ** 59 ASIBBE BROKER DE ASIGURARE SRL 0 24, ASIBROK 2000 BROKER DE ASIGURARE SRL 31, ASIBROK BROKER DE ASIGURARE SRL** 62 ASICONS BROKER DE ASIGURARE SRL 23, ASIDAC CONSULT BROKER DE ASIGURARE REASIGURARE SRL 18, ASIDAV AGRI BROKER DE ASIGURARE SRL 0 2, ASIDO EXPERT - BROKER DE ASIGURARE SRL 35, ASIFORT BROKER DE ASIGURARE SRL 47, ASIG BROKER S GROUP - BROKER DE ASIGURARE SA 2, ASIG CONSULT BROKER DE ASIGURARE SRL** 0 9, ASIG MANAGEMENT - BROKER DE ASIGURARE SRL 211, ASIGENT BROKER DE ASIGURARE SRL ASIGEST BROKER DE ASIGURARE-REASIGURARE SA 87, ASIGEXCEL BROKER DE ASIGURARE SRL ASIGRUP BROKER DE ASIGURARE SRL** 74 ASILEX BROKER DE ASIGURARE - REASIGURAE SRL 15, ASIMAR INSURANCE - BROKER DE ASIGURARE-REASIGURARE SRL 109, ASIPLUS BROKER DE ASIGURARE REASIGURARE SRL 71, ASIPREST BROKER DE ASIGURARE SRL* 78 ASIPROF CONSULTANTA ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL 20, ASIRAL BROKER DE ASIGURARE SRL** 80 ASIRAN BROKER DE ASIGURARI SI REASIGURARI SRL** 81 ASIREX - BROKER DE ASIGURARE SRL 941, ASIS ASIG CONSULT - BROKER DE ASIGURARE SRL ASISCO - BROKER DE ASIGURARE - REASIGURARE SRL 6, ASIST ASIG BROKER DE ASIGURARE SRL 0 27, ASIWEST - BROKER DE ASIGURARE SRL 425, ASKO ASSEKURANZ BROKER DE ASIGURARE SRL 1,040, ASSESS BROKER DE ASIGURARE SRL** 88 ASSET INCON PLUS BROKER DE ASIGURARE SRL** 89 AST BROKER DE ASIGURARE SRL 0 10, ASTOP BROKER DE ASIGURARE SRL 0 29, ATLANTIC BROKER GROUP BROKER DE ASIGURARE SRL 103, ATLAS BROKER DE ASIGURARE REASIGURARE SRL ATP EXODUS BROKER DE ASIGURARE SRL** 94 AUST INSURANCE BROKER DE ASIGURARE SRL 47, AUTO MARCU S BROKER DE ASIGURARE SRL 0 5, AUTO ONE BROKER DE ASIGURARE SRL 33, AUTOACT BROKER DE ASIGURARE SRL AUTOSINCRON BROKER DE ASIGURARE SRL 0 25, AVANTGARDE - BROKER DE ASIGURARE SRL 23, AVERAL CONSULT GROUP BROKER DE ASIGURARE SRL 4, AVIASIG BROKER DE ASIGURARE SRL* 102 AVUS INTERNATIONAL - BROKER DE ASIGURARE-REASIGURARE SRL 2,194, AXARO S BROKER DE ASIGURARE SRL 16, AXASIG BROKER DE ASIGURARE-REASIGURARE SRL 32, AZT ROMASIG BROKER DE ASIGURARE - REASIGURARE SRL 1, B&P COMPANY BROKER DE ASIGURARE - REASIGURARE SRL** Annexes - Insurance Brokers 121

124 No. Insurance Undertaking Profit Loss 107 B.C.S. BROKER DE ASIGURARE SRL** 108 BALANS BROKER DE ASIGURARE SRL 1, BALDOR INSURANCE BROKER SRL 59, BALKAN INSURANCE BROKER DE ASIGURARE REASIGURARE SRL** 111 BAVARIA BROKER DE ASIGURARE SRL 255, BDT BROKER DE ASIGURARE SRL 4, BECA BROKER DE ASIGURARE SRL 1, BECHERU INSURANCE UNION - BROKER DE ASIGURARE SRL 0 16, BELLE ASSISTANCE - BROKER DE ASIGURARE/REASIGURARE SRL 37, BERTA - BROKER DE ASIGURARE SRL** 117 BEST AS BROKER DE ASIGURARE - REASIGURARE SRL 21, BEST BROKER - BROKER DE ASIGURARE SRL 0 3, BEST TEAM ASIG BROKER DE ASIGURARE SRL 425, BESTKLASS BROKER DE ASIGURARE SRL* 121 BIG BROKER DE ASIGURARE SRL 29, BIREX - BROKER DE ASIGURARE - REASIGURARE SRL** 123 BLAROS BROKER DE ASIGURARE REASIGURARE SRL BLITZ BROKER DE ASIGURARE SRL** 125 BNK OFFICE BROKER DE ASIGURARE SRL* 126 BOAZ BROKER DE ASIGURARE - REASIGURARE SRL 3, BONO BROKER DE ASIGURARE REASIGURARE SRL* 128 BONVIVA INSURANCE BROKER SRL 6, BRAIN INSURANCE GROUP - BROKER DE ASIGURARE SI REASIGURARE SRL* 130 BRAS BROKER DE ASIGURARE SRL 104, BRAVO-R BROKER DE ASIGURARE SRL 2, BROK AS BROKER DE ASIGURARE REASIGURARE SRL 4, BROKASIG BROKER DE ASIGURARE SRL 44, BROKASIG CONSULTING - BROKER DE ASIGURARE SRL 0 26, BROKER ASIG-BROKER DE ASIGURARE SRL 0 6, BROKER DE ASIGURARE CAR ASIG SRL* 137 BROKER DE ASIGURARE FORTZAAS SRL** 138 BROKER DE ASIGURARE: DACIA ASIG SRL 0 72, BROKER DE ASIGURARE-ECO BROKER SMART ACT SRL 12, BROKER INVEST BROKER DE ASIGURARE - REASIGURARE SRL** 141 BROKERS ASIST - BROKER DE ASIGURARE SRL 140, BRUSSELS BROKER DE ASIGURARE SRL 0 199, BUCOVINA ASIG - BROKER DE ASIGURARE SA** 144 BUSINESS BROKER - BROKER DE ASIGURARE SRL 0 4, BUSINESSWIDE BROKER DE ASIGURARE SRL 176, C.ADVICE BROKER DE ASIGURARE - REASIGURARE SRL 0 13, C.P.R. EVAL - BROKER DE ASIGURARI SRL 0 2, CAMPION BROKER DE ASIGURARE SRL 376, CAPITAL & ALLIANCE INSURANCE BROKERAGE SRL** 150 CAPITAL ASIG - BROKER DE ASIGURARE SRL 268, CAPITOLIUM INSURANCE BROKER SRL 174, CAPRICORN INSURANCE BROKER SRL* 153 CARINA - BROKER DE ASIGURARE SRL 49, CARION BROKER DE ASIGURARE SA** 155 CAROL BROKER DE ASIGURARE SRL 0 18, CARS BROKER DE ASIGURARE - REASIGURARE SRL 0 1, CASA DE LICHIDARI DAUNE - BROKER DE ASIGURARE SRL 4, CAVI - BROKER DE ASIGURARE SRL* 159 CBASIG-BROKER DE ASIGURARE-REASIGURARE SRL 0 117, CENTRUM ASIG - BROKER DE ASIGURARE SRL** 161 CERTO - BROKER DE ASIGURARE SRL* 162 CLAR BROKER DE ASIGURARE SRL** 163 CMC GRUP BROKER DE ASIGURARE SRL 105, CND INTERNATIONAL INSURANCE CONSULTANTS SRL 123, isc.ro

125 Annual Report 2012 No. Insurance Undertaking Profit Loss 165 CO INVEST BROKER DE ASIGURARE SRL 27, COMISASIG BROKER DE ASIGURARE SRL 48, COMPLEX ASIG BROKER DE ASIGURARE SRL 22, COMSIG BROKER DE ASIGURARE SRL 23, CONCRET BROKER DE ASIGURARE SRL** 170 CONDOR - BROKER DE ASIGURARE SRL 6, CONECTASIG EXPERT - BROKER DE ASIGURARE SI REASIGURARE SRL 91, CONFIDENT BROKER DE ASIGURARE SRL 22, CONFISIO BROKER DE ASIGURARE SRL 8, CONIMPEX INSURANCE BROKER SRL 3, CONSENS ASIG BROKER DE ASIGURARE - REASIGURARE SRL 0 33, CONSILIUM BROKER DE ASIGURARE SRL 162, CONSTANTINESCU BROKER DE ASIGURARE SRL 97, CONSULT ASIG BROKER DE ASIGURARE SRL 152, CONSULTANT A.A. - BROKER DE ASIGURARE SRL 39, CONTACS BROKER DE ASIGURARE SRL 28, CONTRACT ASIG BROKER DE ASIGURARE SRL CORIS ROUMANIE, BROKER DE ASIGURARE-REASIGURARE SRL 382, CORPORATE INSURANCE SERVICES - BROKER DE ASIGURARE-REASIGURARE SRL** 184 CORSIG BROKER DE ASIGURARE SRL 222, COVER BROKER DE ASIGURARE SRL 170, CREDO INSURANCE BROKER SRL 523, CROWN PARTNERS - BROKER DE ASIGURARE SRL 38, CRUCIATII BROKER DE ASIGURARE SRL* 189 CRYS - ALLY S BROKER DE ASIGURARE SRL* 190 D EXPERT BROKER DE ASIGURARE REASIG SRL* 191 D&B BROKER DE ASIGURARE REASIGURARE SRL 0 42, D&CA INSURANCE BROKER SRL 4,719, D.H. BROKER DE ASIGURARE SI REASIGURARE SRL 0 509, DANUBIUS INSURANCE BROKER DE ASIGURARE SRL* 195 DASIG CONSULTING BROKER DE ASIGURARE-REASIGURARE SRL 18, DAW MANAGEMENT - BROKER DE ASIGURARE SRL 6, DEAASIG - CONSULTANTA, ASISTENTA SI BROKERAJ IN ASIGURARI SRL 168, DECAGON BROKER DE ASIGURARE SRL 132, DECON INSURANCE BROKER DE ASIGURARE SRL 47, DEIA BROKER ASIGURARI SRL 3, DELTA SRL.S. BROKER DE ASIGURARE - REASIGURARE SRL 2, DESTINE BROKER DE ASIGURARE SRL 1,046, DEXASIG BROKER DE ASIGURARE SRL 63, DIANA CLAIMS ADJUSTER S BUREAU REGULARIZARI DE DAUNE SRL 0 242, DIAS - BROKER DE ASIGURARE SRL 1, DINAMIC AS - BROKER DE ASIGURARE SRL 129, DINMAR BROKER DE ASIGURARE SRL 8, DIRECT AUTOMOTIVE BROKER DE ASIGURARE SRL** 209 DIREKTASIG FILADELFIA BROKER DE ASIGURARE SRL 82, DIVERS INSURANCE BROKER DE ASIGURARE SRL 0 2, DMI INSURANCE-BROKER DE ASIGURARE SRL 0 58, DOIO ASIG BROKER DE ASIGURARE SRL 0 33, DOMAS INSURANCE BROKER DE ASIGURARE SRL 224, DONARIO BROKER DE ASIGURARE SRL 26, EAST BRIDGE INSURANCE - BROKER DE ASIGURARE SRL 0 6, EASY INSURANCE SOLUTIONS BROKER DE ASIG REASIG SRL 0 28, ECLAIMS MANAGEMENT - BROKER DE ASIGURARE SRL*** 0 1, ECONOMY CONSULTING GROUP RO BROKER DE ASIG. SRL* 219 EDEN PMB BROKER DE ASIGURARE SRL 42, EDY BROKER DE ASIGURARE SRL** 221 EFICIENT ASIG BROKER DE ASIGURARE SRL** 222 ELIRE BROKER DE ASIGURARE SRL 0 22,468 Annexes - Insurance Brokers 123

126 No. Insurance Undertaking Profit Loss 223 ELIYAMMA MM BROKER DE ASIGURARE SRL 0 254, EMIASIG BROKER DE ASIGURARE SRL 39, ENERGO BROKER - BROKER DE ASIGURARE SRL 31, ENERGY BROKER DE ASIGURARE SRL 84, EPM ROMANIA - BROKER DE ASIGURARE SRL 0 172, ERSTE BROKERS-BROKER DE ASIGURARE SRL** 229 ETICA BROKER DE ASIGURARE REASIGURARE SRL* 230 EUL BROKER DE ASIGURARE SRL 37, EURIAL BROKER DE ASIGURARE SRL 936, EURO ARC - INSURANCE BROKER SRL 0 24, EURO CREDIT BROKER DE ASIGURARE SRL** 234 EUROBROKERS GROUP SA** 235 EUROGROUP INSURANCE REINSURANCE BROKER ROMANIA SRL 0 8, EUROPEAN ECONOMY ROMANIA - BROKER DE ASIGURARE SRL 56, EUROREALASIG - BROKER DE ASIGURARE SRL** 238 EURORISK BROKER DE ASIGURARE SRL 0 88, EUROTEX - BROKER DE ASIGURARE SRL 0 4, EVEREST BROKER DE ASIGURARE SRL 19, EWO INSURANCE - BROKER DE ASIGURARE SRL 19, EXA BROKER DE ASIGURARE SRL 0 35, EXECUTIV BROKER DE ASIGURARE SRL 0 12, EXPERT ASIG BROKER DE ASIGURARE-REASIGURARE SRL 107, EXPERT BROKER DE ASIGURARE SRL 71, EXPRES BROKER DE ASIGURARE SRL 0 24, EXPRESS INSURANCE BROKER SRL 166, FABIS BROKER DE ASIGURARE REASIGURARE SRL 0 5, FAIRWAY BROKER DE ASIGURARE SRL 647, FANBROK BROKER DE ASIGURARE - REASIGURARE SRL 20, FAST BROKERS - BROKER DE ASIGURARE - REASIGURARE SRL 57, FEHU BROKER DE ASIGURARE SRL 0 71, FELIX INSURANCE BROKER DE ASIGURARE REASIG SRL 8, FEM - BROKER DE ASIGURARE SRL 2, FERDINAND ASIGURARI - BROKER DE ASIGURARE SRL 0 218, FIDELITY BROKER DE ASIGURARE - REASIGURARE SRL** 257 FILAS BROKER DE ASIGURARE SRL 88, FINANCE BROKER DE ASIGURARE SRL 6, FINANCIAL SERVICES GROUP BROKER DE ASIGURARE-REASIGURARE SRL 47, FIRST CAR BROKER DE ASIGURARE SRL 59, FLASH BROKER DE ASIGURARE SRL 0 32, FLY INSURANCE - BROKER DE ASIGURARE REASIG.SRL 45, FORTIS ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL 20, FORUM INSURANCE BROKER SRL 337, FREEDOM INSURANCE BROKER SRL 5, FULL CASCO BROKER DE ASIGURARE-REASIGURARE SRL 132, FUNK INTERNATIONAL ROMANIA BROKER DE ASIGURARE - REASIGURARE SRL 0 200, G&B ASIGURANTA BROKER DE ASIGURARE SRL 87, GAMMA - ASIG BROKER DE ASIGURARE SRL 40, GELIAS BROKER DE ASIGURARE SRL 25, GEMARAL BROKER DE ASIGURARE SRL 34, GENERAL ASIG CONSULTING - BROKER DE ASIGURARE SRL 3, GENERAL BROKER DE ASIGURARE SRL 0 50, GENERAL INSURANCE & CONSULTING BROKER DE ASIGURARE-REASIGURARE SRL 0 9, GENERAL INSURANCE BROKER SRL 2, GEORGIA SIG 2000 BROKER DE ASIGURARI SRL 0 34, GEPA BROKER DE ASIGURARE SRL 58, GIO GROUP - BROKER DE ASIGURARE SRL** 279 GLOBAL ASSISTANCE BROKER DE ASIGURARE SRL 104, GLOBAL ASSURANCE BROKER DE ASIGURARE SRL 350, isc.ro

127 Annual Report 2012 No. Insurance Undertaking Profit Loss 281 GLOBAL BROKER RO BROKER DE ASIGURARE SRL 3, GLOBAL RISK SERVICES - INSURANCE BROKER SRL 119, GLOBASIG 2002 BROKER DE ASIGURARE-REASIGURARE SRL 54, GRAND GARAGE BROKER DE ASIGURARE SRL** 285 GRAS SAVOYE ROMANIA BROKER DE ASIGURARE-REASIGURARE SRL 2,254, GROUP INSURANCE BROKER SRL 0 13, GRUP PHOENIX BROKER DE ASIGURARE SRL 4, GT BROKER DE ASIGURARE SRL 13, GT-RO BROKER DE ASIGURARE - REASIGURARE SRL** 290 GTT INSURANCE BROKER SRL 91, HELMET BROKER DE ASIGURARE SRL** 292 HERMANNSTADT BROKER DE ASIGURARE - REASIGURARE SRL 165, HOBBIT BROKER DE ASIGURARE REASIGURARE SRL 0 48, I.M. BRATU - BROKER DE ASIGURARE-REASIGURARE SRL 2, IBA - INSIEME BROKER DE ASIGURARE SRL** 296 IDEEA INTERMED INSURANCE BROKER DE ASIGURARE SRL 24, IMOSIG BROKER DE ASIGURARE SRL 0 7, INFO ASIG - BROKER DE ASIGURARE SRL INK CONSULTANTA - BROKER DE ASIGURARE SRL 417, INSURANCE CONSULTING&SOLUTIONS BROKER DE ASIG SRL ** 301 INSURANCE MIX BROKER DE ASIGURARE SRL 25, INSURANCE REINSURANCE INTERNATIONAL BROKER DE ASIGURARE SA ** 303 INSURER BROKER DE ASIGURARE REASIG. SRL 3, INSUROM BROKER DE ASIGURARE - REASIGURARE SRL 19, INTEGRA BROKER DE ASIGURARE SRL 34, INTEGRITY GECAST BROKER DE ASIGURARE SRL 0 7, INTEL BROKER DE ASIGURARE SRL 53, INTER ACTIV BROKER DE ASIGURARE - REASIGURARE SRL 365, INTER BROKER DE ASIGURARE SRL 37, INTER CONSULTING BROKER DE ASIGURARE SRL** 311 INTERALIA INSURANCE BROKER SRL 0 9, INTERAS - BROKER DE ASIGURARE SRL** 313 INTERASIG BROKER - BROKER DE ASIGURARE SRL 0 46, INTERASIG BROKER DE ASIGURARE SRL 8, INTERBROK BROKER DE ASIGURARE SRL ** 316 INTERBUG INSURANCE BROKER SRL 159, INTERCAM BROKER D ASSURANCE SRL 4, INTERCAPITAL ASIG BROKER DE ASIGURARE SRL* 319 INTERFIDES INTERNATIONAL - BROKER DE ASIGURARE SRL 130, INTERLAND BROKER DE ASIGURARE SRL* 321 INTERNATIONAL BROKER CONSULTING-BROKER DE ASIG SRL 50, INTERNATIONAL INSURANCE BROKER SRL 178, INTERNATIONAL LINK INSURANCE BROKER SRL 19, INVEST CORP BROKER DE ASIGURARE SRL 0 33, IONASIG BROKER DE ASIGURARE SRL* 326 IRECSON BROKER DE ASIGURARE-REASIGURARE SRL** 327 IVAS BROKER DE ASIGURARE SRL 1, IVECO CAPITAL BROKER DE ASIGURARE-REASIGURARE SRL 3,182, JOLILI BROKER DE ASIGURARE - REASIGURARE SRL 2, KALL BROKER DE ASIGURARE SRL** 331 KAMER ACTIV - BROKER DE ASIGURARE - REASIGURARE SRL* 332 KARUSSELL INSURANCE - BROKER DE ASIGURARE SRL* 333 KING OF BROKERS IN ROMANIA - BROKER DE ASIGURARE SRL** 334 KLASS BROKER DE ASIGURARE - REASIGURARE SRL 9, KRON - ASIG - BROKER DE ASIGURARE SRL 152, KUNDEN BROKER DE ASIGURARE SRL 0 856, L.M.C. ASIG BROKER DE ASIGURARE SRL 30, LACOLI BROKER DE ASIGURARE SRL 37,490 0 Annexes - Insurance Brokers 125

128 No. Insurance Undertaking Profit Loss 339 LAND - BROKER DE ASIGURARE - REASIGURARE SRL 3, LASTING INSURANCE AND REINSURANCE BROKER SRL** 341 LCG CONCEPT - BROKER DE ASIGURARE - REASIGURARE SRL 0 30, LEADER TEAM BROKER DE ASIGURARE SRL 28, LEON FINANCIAL - BROKER DE ASIGURARE SRL 0 14, LEUMI BROKER DE ASIGURARE - REASIGURARE SRL 87, LIBER BROKER DE ASIGURARE SRL* 346 LIDA BROKER DE ASIGURARE SRL** 347 LION BROKER DE ASIGURARE SRL 0 61, LOGOS BROKER DE ASIGURARE SRL 8, LONDON BROKERS - BROKER DE ASIGURARE-REASIGURARE SRL 324, LORD BROKER DE ASIGURARE - REASIGURARE SRL 4, LOWE ASISGROUP BROKER DE ASIGURARE SRL 0 56, LOYAL BROKER DE ASIGURARE SRL*** 353 LOYALTY INSURANCE BROKER SRL 10, M.C.M. - BROKER DE ASIGURARE - REASIGURARE SRL** 355 MAGAZINUL DE ASIGURARI BROKER DE ASIG. REASIG SRL ** 356 MAGNA INSURANCE BROKER SRL** 357 MAI BROKER DE ASIGURARE SRL 153, MAKLER-SIG BROKER DE ASIGURARE SRL 8, MARINS INTERNATIONAL INSURANCE AND REINSURANCE BROKER SRL *** 0 25, MARKRON BROKER DE ASIGURARE SRL 0 35, MAROSI BROKER DE ASIGURARE SRL 1, MARSH - BROKER DE ASIGURARE-REASIGURARE SRL 3,741,648 0 MARSHALY - ZEPTER INSURANCE FINANCIAL ASSOCIATED, 363 BROKER DE ASIGURARE - REASIGURARE SRL 0 303, MARSHALY INSURANCE FINANCIAL ASSOCIATED SRL** 365 MASTER BROKER DE ASIGURARE - REASIGURARE SRL 40, MAXYGO BROKER DE ASIGURARE SRL 36, MB EUROPA BROKER DE ASIGURARE SRL 0 9, MBI MARKETINGBERATUNG AND INSURANCE BROKER SRL 0 419, MCI INTERNATIONAL BROKER DE ASIGURARE-REASIGURARE SRL** 370 MED LIFE BROKER DE ASIGURARE SRL 96, MEDIA INVEST BROKER DE ASIGURARE SRL 34, MEDIATIS BROKER DE ASIGURARE SRL 79, MEDIHELP INTERNATIONAL BROKER DE ASIGURARE SRL 0 495, MEDINS 2002 ROMANIA BROKER DE ASIGURARE SRL 0 77, MEGA GROUP BROKER DE ASIGURARI SRL 3, MENTOR BROKER DE ASIGURARE SRL 0 10, MERCEDES - BENZ INSURANCE BROKER SRL 2,436, MGM BROKER DE ASIGURARE-REASIGURARE SRL 3, MIGO - BROKER DE ASIGURARE - REASIGURARE SRL** 380 MILLENIUM INSURANCE BROKER (M.I.B.) SA 409, MIXERA BROKER DE ASIGURARE SRL 0 39, MK SAFEZON INSURANCE BROKER SRL 0 19, MKB ROMEXTERRA BROKER DE ASIGURARE SRL 105, MLR INTER-ASIG BROKER DE ASIGURARE SRL** 385 MOBIL BROKER DE ASIGURARE SRL* 386 MODEL BROKER DE ASIGURARE SRL 38, MOLD EXPERT BROKER DE ASIGURARE-REASIGURARE SRL 143, MOMENTUM INSURANCE AND REINSURANCE BROKER SRL 4, MONDIAL BROKER DE ASIGURARE SRL 0 3, MONDO AS BROKER DE ASIGURARE REASIGURARE SRL 262, MONEY COACH BROKER DE ASIGURARE SRL 107, MONKAD INTERMED BROKER DE ASIGURARE SI REASIG. SRL 4, MTC ASIVEST BROKER DE ASIGURARE SRL 7, MULTI ASIG BROKER DE ASIGURARE SRL 77, MULTIEXPERT ASIG-BROKER DE ASIGURARE SRL** isc.ro

129 Annual Report 2012 No. Insurance Undertaking Profit Loss 396 MUNTENIA BROKER DE ASIGURARE SRL 0 3, MUSTANG BROKER DE ASIGURARE - REASIGURARE SRL 0 5, N.B. BROKER DE ASIGURARE-REASIGURARE SRL 10, NC SERVICES BROKER DE ASIGURARE SRL 0 37, NELBA BROKER DE ASIGURARE SRL 0 87, NEMES BROKER DE ASIGURARE SRL** 402 NEOBROKER BROKER DE ASIGURARE SRL 3, NEPTUN BROKER DE ASIGURARE SRL 0 62, NET BROKER DE ASIGURARE SRL 6, NETRISK BROKER DE ASIGURARE SRL 0 2,359, NEUTRO RISK - BROKER DE ASIGURARE SRL** 407 NEW AGE INSURANCE BROKER SRL 0 24, NEW VISION BROKER DE ASIGURARE - REASIGURARE SRL 0 43, NEWBROKER ASIG MC BROKER DE ASIGURARE SRL ** 410 NEWPORT INSURANCE - REINSURANCE BROKER SRL 51, NORD - BROKER DE ASIGURARE SRL** 412 NOVA GRUP ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL* 413 NOVALTO BROKER DE ASIGURARE SRL 0 25, NOVOFINANCE GROUPE - BROKER DE ASIGURARE SI REASIGURARE SRL ** 415 OFFICE INSURANCE - BROKER DE ASIGURARE SRL 81, OLSA RE BROKER DE ASIGURARE-REASIGURARE SRL 56, OLTENIA BROKER DE ASIGURARE-REASIGURARE SRL** 418 OMEGA BROKER DE ASIGURARE SRL 56, ONE - BROKER DE ASIGURARE SRL 36, ONEST ASIG BROKER DE ASIGURARE SRL* 421 ONSPOT BROKER DE ASIGURARE SRL 17, ORIZONT BROKER DE ASIGURARE - REASIGURARE SA 139, OTTO BROKER DE ASIGURARE SRL 75, OVB ALLFINANZ ROMANIA BROKER DE ASIGURARE SRL 0 664, OXIGEN INSURANCE - BROKER DE ASIGURARE SRL 96, OXYGEN EXPRESS BROKER DE ASIGURARE - REASIGURARE SRL 8, PALLADIUM INSURANCE BROKER SRL** 428 PAN GABRIEL BROKER DE ASIGURARE SRL ** 429 PANNON SAFE BROKER DE ASIGURARE SRL 78, PARTENER A&S BROKER DE ASIGURARE SRL 0 30, PARTENERUL MEU BROKER DE ASIGURARE SRL* 432 PATY - ASIG BROKER DE ASIGURARE SRL 211, PEIA GROUP BROKER DE ASIGURARE SRL 0 98, PENTA-International Insurance Reinsurance Broker SRL 402, PERFECT ASIG - BROKER DE ASIGURARE SRL 0 58, PERSONAL BROKER-BROKER DE ASIG - REASIG SRL* 437 PERSONAL INSURANCE - BROKER DE ASIG REASIG. SRL 0 1, PINTILIE BROKER DE ASIGURARE SRL 20, PIRAEUS INSURANCE REINSURANCE BROKER ROMANIA SRL 345, PLUS-ASIG-INVEST BROKER DE ASIGURARE SRL 0 3, POLY BROKER DE ASIGURARE - REASIGURARE SRL 88, PORSCHE BROKER DE ASIGURARE SRL 21,960, PORTAL BROKER DE ASIGURARE SRL 0 65, POWER INSURANCE BROKERS SRL 0 268, PRAVASIG BROKER DE ASIGURARE SRL 21, PREMIER - BROKER DE ASIGURARE SRL 19, PREMIUM BROKER DE ASIGURARE SRL 18, PRESTIGE INSURANCE BROKER DE ASIGURARE SRL* 449 PREVENT ASIG BROKER DE ASIGURARE SRL* 450 PRIMA BROKER DE ASIGURARE-REASIGURARE SRL** 451 PRIMASIG BROKER DE ASIGURARE SRL 29, PRIME INSURANCE - BROKER DE ASIGURARE SRL 23, PRIVAT CONSULTING-BROKER DE ASIGURARE-REASIG. SRL 79,209 0 Annexes - Insurance Brokers 127

130 No. Insurance Undertaking Profit Loss 454 PRO AS MILENIUM BROKER DE ASIGURARE SRL 61, PRO ASIG INSURANCE BROKER DE ASIGURARE SRL 173, PROASIG BROKER DE ASIGURARE SRL 98, PROFESSIONAL BROKER DE ASIGURARE SRL 13, PROPERTY INSURANCE BROKER SRL 0 41, PROXIMUS BROKER DE ASIGURARI SRL* 460 PSG INSURANCE BROKER SRL 656, QUALITRON INSURANCE BROKER SRL 4, QUALITY ASIG - BROKER DE ASIGURARE SRL 130, QUARTZ - ASIG BROKER DE ASIGURARE SRL 213, R.C.G. BROKER DE ASIGURARE SA 7, RAIFFEISEN BROKER DE ASIGURARE-REASIGURARE SRL 3,789, RAMY - 95 ASIG BROKER DE ASIGURARE SRL 0 2, RBA REKORD BROKER DE ASIGURARE SRL 55, RCI BROKER DE ASIGURARE SRL 12,018, REAL EXPERT BROKER DE ASIGURARE REASIGURARE SRL 33, RELIANCE BROKER HOUSE- BROKER DE ASIGURARE SRL** 471 REMABO BROKER DE ASIGURARE SRL 11, RIB TEAM - BROKER DE ASIGURARE - REASIGURARE S.A 9, RISC TOTAL ASIG - BROKER DE ASIGURARE SRL 76, RISK CONTROL INSURANCE AND REINSURANCE BROKER SRL 79, RISK EXPERT INSURANCE BROKER SRL** 476 RISK MANAGEMENT CONSULTING BROKER DE ASIGURARE SRL 0 41, RISK MANAGEMENT GRUP BROKER DE ASIGURARE SRL 0 11, RITTER - BROKER DE ASIGURARE SI REASIGURARE SRL 97, RIVERA BROKER DE ASIGURARE SRL** 480 ROCREDIT - BROKER DE ASIGURARE SRL 17, ROGRUP BROKER DE ASIGURARE SRL 12, ROM INSURANCE BROKER DE ASIGURARE SRL 9, ROMAGENT CONSULTING BROKER DE ASIGURARE SRL ROMASIG BROKER DE ASIGURARE SRL 9, ROMASIR BROKER DE ASIGURARE SRL 0 33, ROMEURO INSURANCE CONSULTING-BROKER DE ASIG SRL 229, ROMINS BROKER DE ASIGURARE SRL ROMTIR SERVICE BROKER DE ASIGURARE SRL 0 26, ROYAL BUSINESS BROKER DE ASIGURARE SRL** 490 S.I.N. INSURANCE BROKER SRL* 491 S.I.R. INTERNATIONAL SERVICES BROKER DE ASIGURARE-REASIGURARE SRL 0 13, S.O.S. ASIGURARI - BROKER DE ASIGURARE SRL* 493 SAB BROKER DE ASIGURARE SRL 62, SAFE INVEST ROMANIA BROKER DE ASIGURARE SRL 565, SAFEGUARD BROKER DE ASIGURARE-REASIGURARE SRL 0 21, SAFETY BROKER DE ASIGURARE SRL 1,035, SAFEWAYS INTERNATIONAL BROKER DE ASIGURARE SRL 0 12, SALES GROUP BROKER DE ASIGURARE SRL 0 23, SALVE BROKER DE ASIGURARE SRL ** 500 SCALA BROKER DE ASIGURARE SRL 36, SCHIOPU BROKER DE ASIGURARE SRL 5, SCORPION BROKER DE ASIGURARE SRL 0 18, SDH BROKER DE ASIGURARE SRL 10, SECONY PROFESIONAL CONSULTING SRL 63, SELECT AUTOMOTIVE BROKER DE ASIGURARE SRL 0 28, SEMPER FIDELIS-BROKER DE ASIGURARE SRL 0 83, SENIOR BROKER DE ASIGURARE SRL** 508 SERVBROK BROKER DE ASIGURARE SRL*** 509 SFINX BROKER DE ASIGURARE SRL SIC ASIGURARI BROKER DE ASIGURARE SRL* 511 SIGMA BROKER DE ASIGURARE SRL** isc.ro

131 Annual Report 2012 No. Insurance Undertaking Profit Loss 512 SIGURA BROKER DE ASIGURARE SRL 21, SILGA BROKER DE ASIGURARE-REASIGURARE SRL 82, SILVER BROKER DE ASIGURARE-REASIGURARE SRL 0 2, SIMAX BROKER DE ASIGURARE SRL 0 2, SIMPLEX BROKER DE ASIGURARE SRL 25, SIRCOM INSURANCE BROKER SRL 7, SIRIUS - BROKER DE ASIGURARE SRL 0 162, SIS BROKER DE ASIGURARE SRL 165, SITAL ASIGURARI - BROKER DE ASIGURARE SRL** 521 SL - TEAM ASIG - BROKER DE ASIGURARE-REASIGURARE SRL 0 35, SMARALD BROKER DE ASIGURARE SRL 0 1, SMART BROKER DE ASIGURARE - REASIGURARE SRL 74,888 0 SOCIETATEA COMERCIALA DE PRESTARI SERVICII IN DOMENIUL ASIGURARILOR CAROM - BROKER 524 DE ASIGURARE SA 0 120, SOFAD BROKER DE ASIG. SRL 5, SOKO BROKER DE ASIGURARE SRL 25, SOLARIS BROKER DE ASIGURARE SRL** 528 SOLVENTA - BROKER DE ASIGURARE SRL** 529 SOTER - FINANCE BROKER DE ASIGURARE SRL 64, SOVEREIGN AND PARTNERS EUROPE - INSURANCE BROKERS SRL* 531 SP ASIGURARI BROKER DE ASIGURARE-REASIGURARE SRL ** 532 SPECIAL OFFICE - BROKER DE ASIGURARE REASIGURARE SRL 27, SPEED INSURANCE GROUP BROKER DE ASIG.- REASIG. SRL 0 144, SPOT INSURANCE - BROKER DE ASIGURARE SRL** 535 SRBA - BROKER DE ASIGURARE REASIGURARE SRL 882, STABILITY INSURANCE - BROKER DE ASIG - REASIG. SRL* 537 STANDARD ASIGURARI - BROKER DE ASIGURARE SRL 94, STANDARD CLASS BROKER DE ASIGURARE - REASIG. SRL* 0 33, STAR BROKER DE ASIGURARE SRL 180, STAR EXPRESS BROKER DE ASIGURARE SRL** 541 STAR OFFICE - BROKER DE ASIGURARE SRL** 542 START BROKER DE ASIGURARE SRL 0 18, STEIN INSURANCE BROKER SRL 0 442, STELLAR RE BROKER DE ASIGURARE SI REASIGURARE SRL 279, STEMMA BROKER DE ASIGURARE SRL*** 0 39, STRASIG BROKER DE ASIGURARE SRL 0 4, STRATEGIC INSURANCE BROKER SRL** 548 SUCCESOR BROKER DE ASIGURARE SRL 5, SUD ASIG BROKER DE ASIGURARE SRL 4, SURE INVEST COMPANY - BROKER DE ASIGURARE SRL* 551 TAKTIQ - BROKER DE ASIGURARE - REASIGURARE SRL 32, TAR & TAR BROKER DE ASIGURARE SRL 0 70, TEAHA ASIGURARI - BROKER DE ASIGURARE SRL 0 14, TEMPO ASIG - INSURANCE BROKER SRL 70, TENY BROKER DE ASIGURARE SRL 9, TERANO ASIG - BROKER DE ASIGURARE SRL** 557 TERRA BROKER DE ASIGURARE SRL 0 3, TERRA BROKER DE ASIGURARE SRL(ATLASSIB) ** 559 TITAN BROKER DE ASIGURARE SRL 190, TOMASIG - BROKER DE ASIGURARE SRL 32, TOP ASIG BROKER DE ASIGURARE SRL 46, TOP INSURANCE CONSULTING BROKER DE ASIGURARE - REASIGURARE SRL 15, TOTAL ASIG - BROKER DE ASIGURARE-REASIGURARE SRL 17, TOYO MOTOR BROKER DE ASIGURARE SRL 66, TRADITIONAL BROKER DE ASIGURARE SRL** 566 TRANSILVANIA BROKER DE ASIGURARE SRL 1,613, TRANSWORLD ASIG - BROKER DE ASIGURARE SRL 65, TREND AS BROKER DE ASIGURARE SRL 7,095 0 Annexes - Insurance Brokers 129

132 No. Insurance Undertaking Profit Loss 569 TRINITY GLOBAL INSURANCE BROKERS SRL 16, TRIUMF INSURANCE BROKER DE ASIGURARE SRL 42, TRUST - ASIG BROKER DE ASIGURARE SRL 0 37, TRUST BROKERS BROKER DE ASIGURARE SRL 455, TRYGON BROKER DE ASIGURARE SRL 0 1, UBI BROKER DE ASIGURARE SRL* 44, UIRB- UNITED INSURANCE REINSURANCE BROKER SA 0 710, ULTRA BROKER DE ASIGURARE SRL* 577 UNIASIG BROKER DE ASIGURARE SRL 0 157, UNIBROKER DOBROGEA - BROKER DE ASIGURARE SI REASIGURARE SRL** 579 UNICREDIT INSURANCE BROKER SRL 25,278, UNION CONSULTING - BROKER DE ASIGURARE SRL 0 4, UNION FIRST INSURANCE BROKERS SRL** 582 UNIPET BROKER DE ASIGURARE SRL 102, UNITED BROKER DE ASIGURARE SRL* 584 UNITED INSURANCE BROKERS - BROKER DE ASIGURARE - REASIGURARE SRL** 585 UNITY BROKER DE ASIGURARE REASIGURARE SRL 18,804, UNIVERS BROKER DE ASIGURARE SRL 0 9, URBAN BROKER DE ASIGURARE SRL 4, USC ALL FINANCE BROKER DE ASIGURARE SRL** 589 V.P. INVESTMENTS-INSURANCE BROKER SRL 0 3, VBL BROKER DE ASIGURARE SRL 6,038, VECTOR BROKER DE ASIGURARE - REASIGURARE SRL 0 162, VERASIG BROKER DE ASIGURARE SRL 136, VERBITA-BROKER DE ASIGURARE SRL 0 2, VERGLASER BROKER DE ASIGURARE SRL* 595 VERTICAL ASSURANCE BROKER DE ASIGURARE SRL 1, VICTORIA BROKER - BROKER DE ASIGURARE SRL*** VIENNA BROKER DE ASIGURARE SRL** 598 VIO ILE BROKER DE ASIGURARE SRL 109, VIP BROKER ASIGURARI SRL 0 3, VIVA BROKER DE ASIGURARE SRL 169, VLT EXPERT BROKER DE ASIGURARE SRL 76, VNT BROKER DE ASIGURARE SRL* 603 VS COMPANY BROKER DE ASIGURARE SRL 281, WESTACO BROKER DE ASIGURARE SRL 95, WISE INSURANCE BROKERS SRL 31, WVP RO - BROKER DE ASIGURARE SRL 5, YORK - BROKER DE ASIGURARE-REASIGURARE SRL 19, Z&A ASIGURARI - BROKER DE ASIGURARE SRL 47, ZOE BROKER ASIGURARE REASIGURARE SRL** 610 ZURICH BROKER DE ASIGURARE - REASIGURARE SRL 194,328 0 Total ,519,742 12,552,856 Total ,133,347 13,525,007 *Insurance and/or reinsurance brokers who filed late or incomplete Q4/2012 reports and 2012 annual financial statements **Insurance and/or reinsurance brokers whose business has been suspended/temporarily prohibited or whose authorisation has been withdrawn and filed late or incomplete Q4/2012 reports and 2012 annual financial statements ***Insurance and/or reinsurance brokers who reported no insurance mediation business as of authorisation/resumption of business and filed Q4/2012 reports and 2012 annual financial statements or statements which report no business as of isc.ro

133 ANNEX 19 Decisions of the Insurance Supervisory Commission published in the Official Gazette in 2012* Annual Report 2012 * In accordance with the provisions laid down in art. 9, para. (2), in conjunction with the provisions laid down in art. 8, para. (2) of Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented, the ISC publishes only the decisions which: enforce prohibitions, grant, suspend or withdraw authorisations; approve spin-offs or mergers of insurance undertakings/reinsurance undertakings/insurance and/or reinsurance brokers; approve portfolio transfers; update the authorisation fee payable by insurance and reinsurance undertakings. Decision no. Decision no. 30 of 13/01/2012 Decision no. 47 of 20/01/2012 Decision no. 60 of 27/01/2012 Decision no. 74 of 07/02/2012 Decision no. 77 of 09/02/2012 Decision no. 78 of 09/02/2012 Decision no. 96 of 22/02/2012 Decision no. 97 of 22/02/2012 Decision no. 123 of 29/02/2012 Decision no. 129 of 05/03/2012 Decision no.130 of 05/03/2012 Decision no. 132 of 05/03/2012 Decision no. 133 of 05/03/2012 Decision no. 159 of 15/03/2012 Decision no. 160 of 15/03/2012 Decision no. 185 of 29/03/2012 Decision no. 190 of 30/03/2012 Decision no. 200 of 06/04/2012 Decision no. 207 of 09/04/2012 Decision no. 211 of 11/04/2012 Decision no. 218 of 20/04/2012 Decision no. 220 of 20/04/2012 Decision no. 221 of 20/04/2012 Content concerning the authorisation of KARUSSELL INSURANCE BROKER DE ASIGURARE SRL as insurance broker concerning the authorisation of ALO ASIGURĂRI BROKER DE ASIGURARE ȘI REASIGURARE SRL as insurance broker concerning the voluntary closing down of the business of ERSTE BROKERS - BROKER DE ASIGURARE SRL concerning the authorisation of SURE INVEST COMPANY - BROKER DE ASIGURARE SRL as insurance broker concerning the voluntary suspension of the insurance brokerage business of EXPRES BROKER DE ASIGURARE SRL concerning the closing down of the insurance brokerage business of SPOT INSURANCE-BROKER DE ASIGURARE SRL no. 51 of 23/01/2012 no. 78 of 31/01/2012 no. 94 of 06/02/2012 no. 129 of 22/02/2012 no. 119 of 16/02/2012 no. 119 of 16/02/2012 concerning the temporary suspension of the business of NEMES BROKER DE ASIGURARE SRL no. 135 of 27/02/2012 concerning the withdrawal of the approval granted to Ms. Simona Daniela Nemeș as chief executive officer/director of NEMES BROKER DE ASIGURARE SRL no. 135 of 27/02/2012 concerning the authorisation of UNITED BROKER DE ASIGURARE SRL as insurance broker no. 161 of 12/03/2012 concerning the approval of the request for withdrawal of the authorisation of Oltenia Broker de Asigurare-Reasigurare SRL concerning the sanctioning of Risk Expert Insurance Broker SRL by temporary prohibition of business concerning the approval of the request for withdrawal of authorisation and closing down of the business of Terano Asig - Broker de Asigurare SRL concerning the authorisation of GEORGIA SIG 2000 BROKER DE ASIGURARI SRL as insurance broker concerning the approval of the portfolio transfer from Chartis România SA to the Bucharest Branch of Chartis Europe Limited London and the approval of the request for the withdrawal of the authorisation of Chartis Romania SA no. 162 of 12/03/2012 no. 164 of 13/03/2012 no. 165 of 13/03/2012 no. 165 of 13/03/2012 no. 192 of 23/03/2012 concerning the sanctioning of LIG INSURANCE SA by temporary prohibition of business no. 211 of 29/03/2012 concerning the withdrawal of the authorisation of STRATEGIC INSURANCE BROKER SRL no. 241 of 10/04/2012 concerning the authorisation of ADECAR BROKER DE ASIGURARE-REASIGURARE SRL as insurance broker concerning the authorisation of UNITED INSURANCE BROKERS - BROKER DE ASIGURARE- REASIGURARE SRL as insurance broker concerning the approval of the request for the suspension of the business of TERRA - BROKER DE ASIGURARE SRL concerning the approval of the portfolio transfer from Omniasig Vienna Insurance Group SA, as transferee to BCR Asigurări Vienna Insurance Group SA, as transferor, and of the merger by absorbtion between BCR Asigurări Vienna Insurance Group SA, as acquirer and Omniasig Vienna Insurance Group SA, as acquired entity no. 240 of 10/04/2012 no. 261 of 20/04/2012 no. 273 of 25/04/2012 no. 272 of 24/04/2012 concerning the authorisation of SIN INSURANCE BROKER SRL as insurance broker no. 295 of 04/05/2012 concerning the authorisation of CONSENS ASIG BROKER DE ASIGURARE-REASIGURARE SRL as insurance broker concerning the authorisation of BEST TEAM ASIG BROKER DE ASIGURARE SRL as insurance broker Official Gazette of Romania, Part I no. 295 of 04/05/2012 no. 295 of 04/05/2012 Annexes - CSA Decisions issued in

134 Decision no. Decision no. 233 of 27/04/2012 Decision no. 238 of 27/04/2012 Decision no. 243 of 03/05/2012 Decision no. 244 of 03/05/2012 Decision no. 245 of 03/05/2012 Decision no. 246 of 03/05/2012 Decision no. 248 of 07/05/2012 Decision no. 250 of 07/05/2012 Decision no. 254 of 08/05/2012 Decision no. 258 of 11/05/2012 Decision no. 263 of 14/05/2012 Decision no. 264 of 14/05/2012 Decision no. 276 of 18/05/2012 Decision no. 278 of 18/05/2012 Decision no. 281 of 18/05/2012 Decision no. 282 of 18/05/2012 Decision no. 289 of 21/05/2012 Decision no. 294 of 22/05/2012 Decision no. 295 of 22/05/2012 Decision no. 302 of 28/05/2012 Decision no. 341 of 13/06/2012 Decision no. 347 of 13/06/2012 Decision no. 352 of 14/06/2012 Decision no. 355 of 19/06/2012 Decision no. 356 of 19/06/2012 Decision no. 357 of 19/06/2012 Decision no. 358 of 19/06/2012 Decision no. 374 of 21/06/2012 Decision no. 400 of 04/07/2012 Decision no. 415 of 09/07/2012 Decision no. 416 of 09/07/2012 Decision no. 429 of 18/07/2012 Decision no. 432 of 20/07/2012 Content concerning the authorisation of AQUA INVESTMENT BROKER DE ASIGURARE SRL as insurance broker concerning the authorisation of CONTRACT ASIG BROKER DE ASIGURARE SRL as insurance broker concerning the approval of the request for closing down the business of Direct Automotive Broker de Asigurare SRL no. 346 of 22/05/2012 no. 346 of 22/05/2012 no. 322 of 11/05/2012 concerning the sanctioning of Asiral Broker de Asigurare SRL by withdrawal of authorisation no. 322 of 11/05/2012 concerning the sanctioning of Ms. Nicoară (former Anghel) Vanesa by withdrawal of approval as significant person/chief executive officer of Asiral Broker de Asigurare SRL concerning the sanctioning of King of Brokers in Romania Broker de Asigurare SRL by withdrawal of authorisation no. 322 of 11/05/2012 no. 312 of 10/05/2012 concerning the authorisation of IMOSIG BROKER DE ASIGURARE SRL as insurance broker no. 346 of 22/05/2012 concerning the authorisation of LOWE ASISGROUP BROKER DE ASIGURARE SRL as insurance broker concerning the approval of the request for withdrawal of the authorisation of INTERAS BROKER DE ASIGURARE SRL concerning the sanctioning of Businesswide Broker de Asigurare SRL by temporary prohibition of business concerning the sanctioning of Mr. Lupa Leonard Ionuț by withdrawal of approval as significant person/chief executive officer of Centrum Asig Broker de Asigurare SRL concerning the sanctioning of Centrum Asig - Broker de Asigurare SRL by withdrawal of authorisation no. 346 of 22/05/2012 no. 346 of 22/05/2012 no. 358 of 28/05/2012 no. 372 of 31/05/2012 no. 364 of 30/05/2012 concerning the authorisation of SFINX BROKER DE ASIGURARE SRL as insurance broker no. 373 of 01/06/2012 concerning the authorisation of PARTENER A&S BROKER DE ASIGURARE SRL as insurance broker no. 373 of 01/06/2012 concerning the sanctioning of USC ALL FINANCE BROKER DE ASIGURARE SRL by withdrawal of authorisation concerning the sanctioning of Ms. Elena Popescu by withdrawal of approval as chief executive officer of USC ALL FINANCE BROKER DE ASIGURARE SRL no. 358 of 28/05/2012 no. 372 of 31/05/2012 concerning the authorisation of NELBA BROKER DE ASIGURARE SRL as insurance broker no. 373 of 01/06/2012 concerning the sanctioning of Kall Broker de Asigurare SRL by temporary prohibition of business no. 385 of 08/06/2012 concerning the sanctioning of Mr. Păcurar Florin Ioan, by withdrawal of approval as significant person/chief executive officer of Kall Broker de Asigurare SRL concerning the sanctioning of Neutro Risk - Broker de Asigurare SRL by withdrawal of authorisation no. 385 of 08/06/2012 no. 378 of 06/06/2012 concerning the approval of the resumption of the business of LIG INSURANCE - SA no. 416 of 22/06/2012 concerning the authorisation of VERGLASER BROKER DE ASIGURARE SRL as insurance broker no. 416 of 22/06/2012 concerning the updating of the authorisation fee payable by insurance and reinsurance undertakings no. 408 of 19/06/2012 concerning the sanctioning of CONCRET Broker de Asigurare SRL by withdrawal of authorisation no. 421 of 25/06/2012 concerning the sanctioning of Irecson Broker de Asigurare-Reasigurare SRL by withdrawal of authorisation concerning the sanctioning of NEWBROKER ASIG MC Broker de Asigurare SRL by withdrawal of authorisation concerning the sanctioning of Ms. Camelia Bucur by withdrawal of approval as chief executive officer of NEWBROKER ASIG MC Broker de Asigurare SRL concerning the voluntary closing down of the business of STAR EXPRESS BROKER DE ASIGURARE SRL and the withdrawal of authorisation no. 421 of 25/06/2012 no. 421 of 25/06/2012 no. 421 of 25/06/2012 no. 427 of 27/06/2012 concerning insurance training fees and other related legal provisions no. 499 of 20/07/2012 concerning the voluntary closing down of the business of ATP Exodus - Broker de asigurare SRL and the withdrawal of authorisation concerning some measures imposed on the insurance undertakings authorised to pursue voluntary home insurance concerning the authorisation of TANDEM LEARNING SRL as education services provider in the field of insurance concerning the authorisation of DECON INSURANCE BROKER DE ASIGURARE SRL as insurance broker Official Gazette of Romania, Part I no. 499 of 20/07/2012 no. 486 of 16/07/2012 no. 562 of 08/08/2012 no. 567 of 09/08/ isc.ro

135 Annual Report 2012 Decision no. Decision no. 452 of 07/08/2012 Decision no. 466 of 10/08/2012 Decision no. 469 of 16/08/2012 Decision no. 470 of 16/08/2012 Decision no. 474 of 16/08/2012 Decision no. 494 of 27/08/2012 Decision no. 547 of 25/09/2012 Decision no. 550 of 28/09/2012 Decision no. 617 of 23/10/2012 Decision no. 618 of 23/10/2012 Decision no. 644 of 02/11/2012 Decision no. 645 of 02/11/2012 Decision no. 647 of 02/11/2012 Decision no. 665 of 08/11/2012 Decision no. 675 of 12/11/2012 Decision no. 695 of 23/11/2012 Decision no. 712 of 28/11/2012 Decision no. 713 of 28/11/2012 Decision no. 714 of 28/11/2012 Decision no. 720 of 03/12/2012 Decision no. 721 of 03/12/2012 Decision no. 765 of 28/12/2012 Content concerning the closing of the turnaround procedure of Forte Asigurări Reasigurări SA no. 607 of 23/08/2012 concerning the voluntary closing down of the business of PALLADIUM INSURANCE BROKER SRL and the withdrawal of authorisation concerning the approval of the request for withdrawal of the authorisation of ASIBROK BROKER DE ASIGURARE SRL no. 590 of 17/08/2012 no. 614 of 27/08/2012 concerning the authorisation of ASIBBE BROKER DE ASIGURARE SRL as insurance broker no. 622 of 30/08/2012 concerning the authorisation of EXECUTIV BROKER DE ASIGURARE SRL as insurance broker no. 622 of 30/08/2012 concerning the approval of the request for withdrawal of authorisation and of the closing down of the business of GIO GROUP - Broker de Asigurare SRL concerning the approval of the request for the suspension of business of Eficient Asig Broker de Asigurare SRL no. 626 of 31/08/2012 no. 682 of 02/10/2012 concerning the authorisation of STEMMA BROKER DE ASIGURARE SRL as insurance broker no. 695 of 10/10/2012 concerning the authorisation of DOIO ASIG BROKER DE ASIGURARE SRL as insurance broker no. 784 of 21/11/2012 concerning the authorisation of ACTIV SOFT LEARNING SRL as education services provider in the field of insurance concerning the approval of the request for witdrawal of authorisation and closing down of the business of MK SAFEZON INSURANCE BROKER SRL concerning the approval of the voluntary suspension of the business of ASIG CONSULT BROKER DE ASIGURARE SRL concerning the sanctioning of Bucovina Asig - Broker de Asigurare SA by withdrawal of authorisation concerning the approval of UNIC SPORTS SRL-D as education services provider in the field of insurance concerning the sanctioning of AKG Broker de Asigurare SRL by temporary prohibition of business concerning the approval of the request for withdrawal of authorisation and closing down of the business of B&P COMPANY Broker de Asigurare-Reasigurare SRL concerning the authorisation of INTEGRITY GECAST BROKER DE ASIGURARE SRL as insurance broker concerning the authorisation of STABILITY INSURANCE TRAINING SRL as education services provider in the field of insurance concerning the authorisation of ASTRA TRAINING SRL as education services provider in the field of insurance concerning the approval of the request for withdrawal of authorisation and closing down of the business of AMEX Broker de Asigurare SRL concerning the sanctioning of PAN GABRIEL - Broker de Asigurare SRL by withdrawal of authorisation Official Gazette of Romania, Part I no. 784 of 21/11/2012 no. 757 of 12/11/2012 no. 757 of 12/11/2012 no. 757 of 12/11/2012 no. 782 of 21/11/2012 no. 803 of 29/11/2012 no. 804 of 29/11/2012 no. 838 of 12/12/2012 no. 838 of 12/12/2012 no. 838 of 12/12/2012 no. 836 of 12/12/2012 no. 836 of 12/12/2012 concerning the authorisation of LOYAL BROKER DE ASIGURARE SRL as insurance broker no. 64 of 30/01/2013 Annexes - CSA Decisions issued in

136 ANNEX 20 Orders of the Insurance Supervisory Commission in 2012 In 2012, authorisation and regulatory activities were carried out pursuant to the provisions laid down in Law no. 32/2000 on insurance undertakings and insurance supervision, as amended and supplemented, and the corresponding implementing norms. In 2012, the legal framework applicable to insurance undertakings and insurance brokers has been amended and supplemented by: Order no. Order no. 1 of 09/01/2012 Order no. 2 of 08/02/2012 Order no. 3 of 01/03/2012 Order no. 4 of 06/03/2012 Order no. 5 of 23/03/2012 Order no.6 of 28/03/2012 Order no. 7 of 26/04/2012 Order no. 8 of 03/05/2012 Order no. 9 of 03/05/2012 Order no. 10 of 11/05/2012 Order no. 11 of 23/05/2012 Order no. 12 of 28/06/2012 Order no. 13 of 29/06/2012 Order no. 14 of 29/06/2012 Order no. 15 of 16/08/2012 Order no. 16 of 24/08/2012 Order no. 17 of 25/09/2012 Order no. 18 of 28/09/2012 Order no. 19 of 04/10/2012 Order no. 20 of 10/10/2012 Order no. 21 of 02/11/2012 Order no. 22 of 06/12/2012 Order no. 23 of 20/12/2012 Implementing norm amending and supplementing the Norms concerning the information which shall be disclosed by insurance undertakings and intermediaries as well as other features of insurance contracts, implemented by Order no. 23/2009 of the President of the Insurance Supervisory Commission no. 26 of 12/01/2012 concerning the appointment of the members of the Insurance Surveillance Commission no. 115 of 14/02/2012 implementing the Norms concerning the closing of the financial year 2011 by insurance undertakings no. 146 of 05/03/2012 amending the Norms concerning insurance portfolio transfers, implemented by Order no /2006 of the President of the Insurance Supervisory Commission no. 160 of 09/03/2012 concerning the contribution of insurance undertakings to the Street Victims Protection Fund no. 203 of 27/03/2012 amending some normative acts regarding the deadline for depositing premiums generated from business written by insurance intermediaries to the accounts of insurance undertakings amending and supplementing the Norms concerning disclosure and reporting requirements applicable to the statutory audit of the financial statements of insurance/reinsurance undertakings, approved by Order no. 22/2008 of the President of the Insurance Supervisory Commission implementing the Norms concerning education services providers and the certification of insurance trainers implementing the Norms concerning the professional qualification and ongoing training of insurance intermediaries implementing the Norms concerning the conditions and means for the electronic communication of some information regarding insurance contracts implementing the Norms concerning the handling of complaints lodged against insurance undertakings and insurance intermediaries implementing the Norms concerning the authorisation and pursuit of catastrophe risk underwriting and reinsurance amending and supplementing the Norms concerning the authorization of insurance and/or reinsurance brokers, as well as the requirements concerning the maintenance of such authorization, implemented by Order no. 15/2010 of the President of the Insurance Supervisory Commission no. 225 of 04/04/2012 no. 297 of 05/05/2012 no. 329 of 16/05/2012 no. 329 of 16/05/2012 no. 336 of 18/05/2012 no. 367 of 30/05/2012 no. 499 of 05/07/2012 no. 501 of 20/07/2012 implementing the insurance undertakings Accounting Reporting System as of 30 June 2012 no. 451 of 05/07/2012 implementing the Norms concerning the format and content of the contract for compulsory insurance against earthquakes, landslides and floods implementing the Norms concerning the authorisation and pursuit of insurance by insurance undertakings amending the Norms concerning the use of the Amicable accident report, implemented by Order no. 21/2008 of the President of the Insurance Supervisory Commission amending some normative acts concerning the calculation of the available solvency margin of insurance/reinsurance undertakings, the minimum solvency margin and the safety margin, with a view to adjust some euro-denominated sums amending and supplementing the Norms concerning the calculation and recording of minimum technical reserves for non-life insurance, implemented by Order no /2003 of the President of the Insurance Supervisory Commission supplementing the Norms concerning the authorisation and pursuit of insurance by insurance undertakings, implemented by Order no. 16/2012 of the President of the Insurance Supervisory Commission amending and supplementing the Norms concerning the format and content of the contract for compulsory insurance against earthquakes, landslides and floods, implemented by Order no. 15/2012 of the President of the Insurance Supervisory Commission amending and supplementing the Norms concerning compulsory motor third party liability insurance, implemented by Order no. 14/2011 of the President of the Insurance Supervisory Commission amending and supplementing the Norms concerning the professional qualification and ongoing training of insurance intermediaries, implemented by Order no. 9/2012 of the President of the Insurance Supervisory Commission Official Gazette of Romania, Part I no. 603 of 22/08/2012 no. 631 of 03/09/2012 no. 693 of 09/10/2012 no. 689 of 05/10/2012 no. 696 of 10/10/2012 no. 706 of 16/10/2012 no. 748 of 07/11/2012 no. 840 of 13/12/2012 no. 898 of 28/12/ isc.ro

137 ANNEX 21 Annual Report 2012 CSA Organisation Chart CSA Council Vice-President Regulations Directorate Solvency I and Insurance Solvency II Unit Accounting Methodology Directorate Support Division Legal representation, legal documentation and relationship with Parliament Directorate Legal representation Unit Legislative Unit President Members of CSA Council Authorisations and Approvals Directorate Autorization Unit Insurance and reinsurance activity Autorization Unit Insurance mediation Legal approval Unit Market Stability, Supervision and Oversight Market Stability, Supervision and Oversight Insurance mediation supervision and oversight Unit Insurance surveillance Unit Reinsurance cessions surveillance Unit Market analyses Unit Anti-money laundering Unit International relations Directorate Financial, accounting and logistics Directorate Actuarial Directorate Human Resources Unit Vice-President Compulsory Insurance Directorate Motor insurance Unit Home insurance Unit Health insurance Unit Consumer protection and Public Relations Directorate Compulsory insurance Unit Voluntary insurance Unit Public relations Unit Representative offices Information technology Directorate Network administration Unit IT systems Unit SECRETARY GENERAL Internal audit Internal COMPLIANCE Unit Communication and Media Directorate Guarantee Fund Annexes - Organization 135

138 18th, Amiral Constantin Bălescu St., Bucharest 1, Romania Phone: , , Public Relations and mass-media -ext.-136 or phone: Fax: website: