ORDER No. 2 of 25TH March 2002
to enact the Norms regarding the establishing the selection criteria for the agreed legal persons authorized to evaluate the insurance companies assets

ISSUER: THE INSURANCE SUPERVISING COMMISSION

PUBLISHED IN: THE OFFICIAL GAZETTE NO. 224 OF 3RD April 2002

The President of the Insurance Supervising Commission,

Upon the provisions of the article 4 (19) and the article 27 (1) of the Law no. 32/2000 regarding the insurance companies and the insurance supervision,
According to the provisions of the article 2 point. 2. b) of the Norms no. 6/2001 regarding the categories of assets admitted to represent the technical reserves of the insurer selling general insurances, the rules of spreading up as well as the coefficient of liquidity, enacted by the Order of the President of the Insurance Supervising Commission no.6/2001
According to the Decision of the Insurance Supervising Commission of 19th March 2002 by which the Norms regarding the establishing the selection criteria for the agreed legal persons authorized to evaluate the insurance companies' assets were approved

Issues the following Order:

Art.1.
The Norms regarding the establishing the selection criteria for the agreed legal persons authorized to evaluate the insurance companies' assets provided in the annex that forms integral part of the present Order are hereby enacted.

Art.2.
The Secretary general of the Insurance Supervising Commission will ensure the present order is carried out.

President of the Insurance Supervising Commission
Nicolae Eugen Crisan

Annex 1

NORMS

regarding the establishing the selection criteria of the agreed legal persons authorized to evaluate the insurance companies assets.

Art.1.
The criteria according to which the evaluators will be agreed by the Insurance Supervising Commission as legal persons authorized to evaluate the lands and the buildings, as admitted assets to represent the technical reserves of the insurer selling the general insurances are the following:
-the presentation of an insurance certificate attesting the professional insurance of the evaluation firm, in force with a minimum coverage limit of the equivalent in ROL of a USD 50,000.
-the evaluation experience of the firm(works portfolio, clients recommendations, credentials of the authorized persons, the graduation diploma attesting the professional level;
-the rate of turnover for the precedent year, as it results out of evaluation activities;
-copies of the balance sheet for the previous financial year;
-evidence on the accredited membership of the Evaluators National Association(ANEVAR);
-the evidence on the incorporation with the Register of Commerce's Office.

Art.2
Until 30th April 2002 of the current year, the evaluation companies will present to the Insurance Supervising Commission the documents provided fo in the article 1 with the view to their selecting and agreeing for the current year.

Art.3.
The Insurance Supervising Commission will annually publish the list of the evaluation companies which will be selected by the insurance companies to evaluate the assets indicated in the art.2.point.2.b0 of the Norms no.6/2001, enacted through the Order of the President of the Insurance Supervising Commission no.6/2001, in the Official Gazette of Romania, Part. I and in a nationally circulated newspaper as well as a publication specific to the banking-financial and insurance market.

Mihaela Tudor - legal adviser translated the Norms