ANNEXE
Accounting Reporting System
as at 30 June 2015 of undertakings in the insurance field
CHAPTER I:
SECTION A
Methodological Rules for the preparation and submission of accounting reports
as at 30 June 2015
I. General Provisions
1) These rules shall apply to Romanian legal person insurers, branches or subsidiaries of an insurer of a third country, and to branches of an insurance undertaking or mutual undertaking of a Member State, which was authorised by the competent authority of the home Member State, legal person reinsurers authorised under the law, or by the competent authority of the home Member State, Romanian legal person insurance and/or reinsurance brokers, and intermediaries of a Member State pursuing intermediation business in the territory of Romania, trading companies authorised under Law No. 32/2000 on the insurance activity and supervision of insurance, as subsequently amended and supplemented, that must draw up and submit accounting reports on 30 June 2015.
2) Accounting reports as at 30 June 2015 shall be submitted as follows:
- one copy to the Financial Supervisory Authority,
- the second copy to the territorial units of the Ministry of Public Finance, at their registry offices or post offices, as appropriate, through letters with declared value, in accordance with the provisions of Government Decision No. 627/1995 on the improvement of the discipline on the submission of balance sheets and other financial-accounting and fiscal documents by economic agents and other tax payers.
3) Accounting reports as at 30 June 2015 shall be prepared in accordance with the Accounting Regulations in line with the European Directives applicable to the insurance field, approved by Order No. 3129/2005 of the President of the Insurance Supervisory Commission, as subsequently amended and supplemented, which shall be applied together with the provisions of Accounting Law No. 82/1991, republished, as subsequently amended and supplemented. Account shall be taken of the following details:
a) the monetary items expressed in foreign currency (cash and cash equivalents, such as letters of credit and bank deposits, foreign currency receivables and debts) shall be evaluated and reported by using the exchange rate communicated by the National Bank of Romania on 30 June 2015. Exchange rate differences, favourable or unfavourable, between the exchange rate valid on the date of registration of foreign currency receivables or debts or the exchange rate to which they were reported in the previous financial statements and the NBR exchange rate valid on 30 June 2015, shall be entered under financial income or expenses, as appropriate;
b) for the receivable and debts expressed in lei, the settlement of which is made depending on the exchange rate of foreign currency, any favourable or unfavourable differences resulting from their evaluation shall be entered under financial income or expenses. Differences in value shall be determined similarly to the provisions of Letter a);
c) to enter foreign currency transactions in the accounting, the exchange rate valid on the date of the operation shall be used. Exchange rate valid on the date of the operation means the exchange rate of the FX market, communicated by the National Bank of Romania, of the last banking day prior to the operation, available as information when the operation is made (collection, payment, issuance of documents).
II. Submission and guidance on the completion of accounting reports as at 30 June 2015
1) Insurers and reinsurers shall prepare and submit accounting reports which shall comprise the following forms:
1) Balance sheet (code 01);
2) Profit and Loss Account, consisting of:
- non-life insurance technical account (code 02);
- life insurance technical account (code 03);
- non-technical account (code 04);
3) Informative data (code 05).
2) The insurers managing voluntary pension funds shall also prepare and submit the statements referred to in Chapter V Section 4, Form “Statements submitted by insurers managing voluntary pension funds” of the Accounting Regulations in line with the European Directives applicable to the insurance field, approved by Order No. 3129/2005 of the President of the Insurance Supervisory Commission, as subsequently amended and supplemented, as follows:
A) Statement of assets, liabilities and equities;
B) Statement of income and expenses.
3) Insurance and/or reinsurance brokers shall prepare and submit accounting reports which shall comprise the following forms:
1) Balance sheet (code 01);
2) Profit and Loss Account (code 02);
3) Informative data (code 03).
4) The subunits opened in Romania by undertakings in the insurance field (insurers and insurance-reinsurance brokers) residing in States of the European Economic Area shall submit an annual reporting as at 30 June 2015 consisting of the forms referred to in Point 1) or Point 2) depending on the particulars of the activity carried out (insurance/reinsurance or insurance mediation) to the Financial Supervisory Authority and to the territorial units of the Ministry of Public Finance.
5) The accounting report as at 30 June 2015 of the subunits opened in Romania by undertakings in the insurance field residing in States of the European Economic Area shall be prepared based on the trial balance of synthetic accounts as at 30 June 2015, in line with the balances of the accounts of the analytic balance.
6) The template of the forms related to the accounting reports as at 30 June 2015, the guidance on the completion of the same, and the correlations of the forms for insurers, insurance brokers and subunits opened in Romania by undertakings in the insurance field belonging to the European Economic Area submitting accounting reports as at 30 June 2015 are laid down in Chapter II of this annexe.
7) Insurers, reinsurers, insurance and/or reinsurance brokers and the subunits registered in Romania by undertakings in the insurance field residing in States of the European Economic Area shall legibly fill in the identification data (name of the company, address, telephone and registration number with the trade register), and also those referring to the correct classification of the ownership form and sole registration code, without abbreviations or initials. The codes delimiting the classification of insurers and insurance brokers shall be inserted in the boxes.
8) Insurers and reinsurers, and also insurance and/or reinsurance brokers, shall fill in the code of the activity carried out, in accordance with the Classification of the activities of the national economy - CAEN, approved by Government Decision No. 656/1997, as subsequently updated.
9) The balance sheet shall provide in summarised form the assets and liabilities grouped by nature and liquidity, and nature and chargeability. The balance sheet shall be prepared based on the trial balance of synthetic accounts as at 30 June 2015, in line with the balances of the analytic accounts balance, closed after registration of all documents including the financial and accounting operations corresponding to the reporting period considering the general accounting principles provided by the accounting regulations in line with the European directives applicable to the insurance field.
If the first page of the “Balance Sheet” Form is not correctly filled in with the above-mentioned data, then the undertaking may not be identified and, consequently, the document shall be deemed not submitted, and insurers and reinsurers, and insurance and/or reinsurance brokers, shall be sanctioned as provided for by Art. 39 of Law No. 32/2000, as subsequently amended and supplemented, and Art. 42 of Law No. 82/1991, republished, as subsequently amended and supplemented.
10) For the presentation of the profit and loss account as at 30 June 2015, insurers, depending on the insurance activity carried out, shall complete the non-life insurance technical account form (code 02), life insurance technical account form (code 03) and non-technical account form (code 04).
11) Insurance and/or reinsurance brokers shall draw up the profit and loss account form (code 02). The data reported in the profit and loss account forms are gathered from the beginning of the year until the end of the reporting period.
12) Insurers, reinsurers and insurance and/or reinsurance brokers having under their subordination subunits shall insert figure 1 in “Informative Data” Form, under Rows 01 and 02 of Column 1, irrespective of their number. The amounts at the end of the reporting period exceeding the payment deadlines provided for in contracts or legislative acts shall be entered under the rows for overdue payments.
13) Insurers, reinsurers and insurance and/or reinsurance brokers having under their subordination branches or subunits devoid of legal personality shall verify and compile their trial balances, prepare the accounting reports as at 30 June 2015 and shall assess in lei the turnover and balances expressed in foreign currency of the trial balances of the synthetic accounts sent by them, at the exchange rate valid on the last day of the reporting year, and they shall centralise the same with the trial balance prepared for economic and financial operations carried out in the country. If the operations of their own subunits abroad were indicated during the period both in foreign currency and in lei, for the coverage by the accounting reports as at 30 June 2015 of the legal person in the country, the account balances and movements expressed in lei shall be taken as such.
14) Accounting reports as at 30 June 2015 shall be filled in by insurers and reinsurers, and insurance brokers by using the chart of accounts provided for in Chapter III Points 1 and 2 of the Accounting regulations in line with the European Directives applicable to the insurance field, approved by Order No. 3129/2005 of the President of the Insurance Supervisory Commission, as subsequently amended and supplemented. Insurers authorised to pursue the life insurance business and accident insurance and life insurance classes shall use the synthetic accounts corresponding to the life insurance.
15) The forms consisting of the accounting reports as at 30 June 2015 shall be filled in lei.
III. Execution of the accounting reports prepared for 30 June 2015
1) The accounting reporting forms prepared for 30 June 2015 shall be executed by the director or another person responsible for managing the activity, comprising their printed surname and first name.
2) The row corresponding to the capacity of the person who prepared the accounting reports shall be filled in as follows:
- economic manager, chief accountant or other person authorised to hold such position, according to law;
- natural or legal persons, authorised by law, members of the Body of Expert and Licensed Accountants of Romania.
IV. Details on how to submit the accounting reports as at 30 June 2015
1) Insurers and reinsurers, insurance and/or reinsurance brokers, and their subunits, shall submit the accounting reports prepared for 30 June 2015 to:
a) the Financial Supervisory Authority, as follows:
- in hard copy (format of the application: CSA-EWS https://repapp.csa-isc.ro/PROD Admin), executed and stamped, under the law, together with a copy of the sole registration code, management report, and a copy of the trial balance of the synthetic accounts;
- in electronic form, by uploading the data in the application: CSA-EWS https://repapp.csa-isc.ro/PROD Admin.
b) the territorial units of the Ministry of Public Finance,
- in hard copy, and
- in electronic form, or only in electronic form on www.e-guvernare.ro, with an extended electronic signature attached thereto, executed and stamped, under the law.
The assistance programme shall be made available to undertakings, free of charge, by the territorial units of the Ministry of Public Finance, or it may be downloaded from the web server of the Ministry of Public Finance, on www.mfinante.ro.
2) Insurers, reinsurers and insurance and/or reinsurance brokers established in 2015 and pursuing business between their establishment date and 30 June 2015 shall submit accounting reports drawn up in accordance with these rules to the Financial Supervisory Authority.
3) Insurers, reinsurers and insurance and/or reinsurance brokers with no activity between their establishment date and 30 June 2015, those that were temporarily inactive during the entire first semester of 2015, and those undergoing liquidation proceedings (as of 1 January 2015) under the law, shall not prepare accounting reports, but they shall give an affidavit attesting to their situation as at 30 June 2015.
V. Deadline for submission of the accounting reports as at 30 June 2015
1) Accounting reports for 30 June 2015 and affidavits of insurers, reinsurers and insurance and/or reinsurance brokers that did not pursue any business shall be submitted to the Financial Supervisory Authority and territorial units of the Ministry of Public Finance no later than 18 August 2015.
2) Failure to submit the accounting reports prepared for 30 June 2015, forms listed, executed and stamped, or affidavits, as appropriate, by the deadlines set forth herein, shall be punished as provided for by Art. 39 of Law No. 32/2000, as subsequently amended and supplemented, and Art. 42 of Law No. 82/1991, republished, as subsequently amended and supplemented.
SECTION B
Classification – Forms of Ownership
CODE NAME
20 MIXED OWNERSHIP (State and privately owned)
MIXED OWNERSHIP (State owned – less than 50%)
21 Domestically state-owned and foreign state-owned trading companies
22 Domestic and foreign state and privately owned trading companies
23 Domestic state and privately owned trading companies
24 Foreign state and privately owned trading companies
MIXED OWNERSHIP (State owned - 50% and more than 50%)
25 Domestically state-owned and foreign state-owned trading companies
26 Domestic and foreign state and privately owned trading companies
27 Domestic state and privately owned trading companies
28 Foreign state and privately owned trading companies
30 INDIVIDUAL OWNERSHIP - PRIVATE
(domestic privately owned, domestic and foreign privately owned, foreign privately owned)
34 joint stock companies
35 limited liability companies
Chapter II
Accounting Reporting Forms as at 30 June 2015
I. INSURERS
County ______|_|_|Legal person ______
Address: locality ______,
sector ____, Str. ______No. ___,
Block ______, Entrance______, Apt. ____
Telephone ______, Fax ______
Registered with the Trade Register under No.______/ Form of ownership ______|_|_|
Main activity
(CAEN class name) ______
CAEN class code______|_|_|_|_|
Sole Registration Code
______|_|_|_|_|_|_|_|_|_|_|
1. BALANCE SHEET INSURERS