One Move Ahead

Media Coverage

Two key-messages, as directions for action to mitigate the impact of COVID-19 on the insurance sector: business continuity and solvency

Publication: Adevarul Financiar

The European Insurance and Occupational Pensions Authority (EIOPA) warned, not long ago, that insurers would soon confront with a serious of progressively difficult conditions, both as regards the difficult market context, and the maintaining of operations, while taking measures to protect employees and clients.

This statement contains two key-messages, as directions for action to mitigate the impact of COVID-19 on the insurance sector: business continuity and solvency. On the one hand, from the perspective of business continuity, EIOPA draws attention to the insurers’ obligation to take measures to make sure that they are capable of providing services to the clients.

At the same time, EIOPA addresses also to the national supervisory authorities, showing that these should be flexible as regards the calendar of reporting and submission of financial statements. In turn, EIOPA says that it will limit the requests for information and consultations at the level of the industry to the essential elements that are necessary to assess and monitor the impact of the current situation on the market.

 

Privacy Preferences
When you visit our website, it may store information through your browser from specific services, usually in form of cookies. Here you can change your privacy preferences. Please note that blocking some types of cookies may impact your experience on our website and the services we offer.

BUSINESS CONTINUITY AT ZRVP

The COVID-19 crisis is fast-moving and hard to predict. At ZRVP, our highest priority is the health and wellbeing of our people, our clients and our communities.

Our response measures are aligned with the recommendations and decisions of the Romanian authorities and ensure the safety of our people and visitors as well as the continued provision of key client services and operations.

We would like to assure you that ZRVP will continue to operate seamlessly during the next period, both remotely and at our offices. We will provide continuous legal service to all our clients and assist you in the navigation of the wide range of legal and economic impacts of COVID-19 that are leading to uncertainty and volatility across all sectors. We are closely monitoring the situation as it evolves and will provide up-to-date information related to the wide range of issues arising during this challenging time.

In the meantime, if you would like to contact any of our team members, please use the usual contact details.

 

Kind regards,
Your ZRVP team