Petrom's employees go into insurance

Petrom’s Employee Association, which is already involved in banking, media and farming operations, has entered the insurance market by establishing Delta Asigurari (Delta Insurance). The company, which specialises in life insurance, received the operating license from the Insurance Supervision Commission at the end of last year. Liviu Luca, the leader of Petrom’s Employee Association (PAS), says the start-up investment (24bn ROL) was higher than necessary for establishing a life insurance company and that the insurer’s future clients will not be Petrom employees only. The minimum share capital requirement for a life insurer is 21bn ROL. “I believe our name is credible enough to attract clients other than our employees. As the business develops, we will decide how long we will continue to invest,” Liviu Luca told Ziarul Financiar. The leader of Petrom’s Employee Association and of Petrom’s Federation of Free Independent Unions says Delta Insurance could also contemplate participation in the pension fund administration market to be created. The occupational pension funds law provides for the involvement of unions and employers’ associations in choosing the pension fund management company, through the collective employment contract. ZF