According to the Order no. 113130/2006, awarded by the Insurance Supervisory Commission, which entered into force as of January 1st 2007, the following assets are construed as covering up gross technical reserves in the field of general insurance business: (i) Investments such as: treasury bonds issued by the Member States, local public authority bonds, floating bonds and other monetary or capital market instruments, securities, deposits, loans, insurance companies owned lands and buildings; (ii) Receivables; (iii) Tangible assets. While the precedent Order, which has been repealed by Order no. 113130/2006, regulated the assets qualified to cover up the re-insurance net technical reserves by ensuring a narrow range of such values, the new enactment widens the range of qualified assets and extends the computation basis from net to gross reserve.
