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176 Nagy, C.M. ; Cotleţ, D. c) forming the loss reserve for unapproved life insurance 62621 “Expenses related to the unapproved loss reserve on direct life insurance” = 32621 “Loss reserve unapproved for direct life insurance” with the amount formed d) reducing the loss reserve for unapproved life insurance 32621 “Loss reserve unapproved for direct life insurance” = 62621 “Expenses related to the unapproved loss reserve on direct life insurance” the amount by which the reserve reduced According to the legal regulations, for the risks assumed through the insurance contracts, the insurers should form technical reserves. Source: Data processed according to CSA reports from 2005-2009 Figure 1. Evolution of gross technical reserves From Figure 1 we notice that the evolution of gross technical reserves relating to insurance contracts increased continuously both for general insurance contracts and those of life, so the total gross technical reserves increased from 4.135.310.581 lei in 2005 to 10.821.555.012 lei in 2009, so in the past five years the growth was over 260%. For contracts concluded by insurers which are engaged in the general insurance activity, the total gross technical reserves formed was 2.305.645.336 lei in 2005 and has increased annually, reaching in 2009 an amount of 6.931.624.256 lei, the increase compared to 2005 is approximately 300%.
Specific Aspects of the Technical Reserves of Insurance Accounting 177 For contracts concluded by insurers which are engaged in the life insurance activity, the total gross technical reserves formed was 1.829.665.245 lei in 2005 and 3.889.930.756 lei in 2009, the increase is over 210%. The most important role in an insurance company in calculating insurance premiums is played by the actuary and its tasks are to determine the insurance premium, establish the mathematical reserves, the redemption value for the capitalization products, development of new products etc. Source: Data processed according to CSA reports from 2005-2009 Figure 2. Evolution of gross technical reserves for insurance contracts 4. CONCLUSIONS Formation of the increase, and decrease the release technical reserves are accounting transactions that are found only in insurance companies. Technical reserves are formed since the insurance contract is made and maintained throughout the period of validity, therefore, reserves related to contracts of life insurance are higher than those related to general insurance contracts as life insurance are concluded for much larger periods. The strict regulation of insurance activity, their control and surveillance, imposing strict conditions for the establishment of technical reserves allow placement on the insurance market only of companies capable of sustaining the insurance market by viable monetary means.
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Annals of the University of Petroş
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Concerns on Labour Power Selection
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Regional Development - Past, Presen
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4. CONCLUSIONS Forms of Tax Evasion
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Mitigation of the Crisis Effects in
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Guiding Marks Regarding the Reasoni
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The Influence of the Mining Unions
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Integration process in management s
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ERP and BI Implementation in Romani
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Romanian Companies Dilemmas-Busines
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Trust in B2B e-Marketplaces 117 of
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The Role of Accounting Information
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Restructuring and Reform in the Jiu
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The Evolution of Marketing Methods
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The Race to the Bottom and Its Impa
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