The Administrative Board of the National Commission for Financial Market (NCFM) has allowed the shareholders of the AFES-M insurance company to double its authorized capital up to 12 million lei and to register the changes in the state register. According to the NCFM administration, the financial resources for augmenting the capital will be taken from the undistributed profit of the previous years.

The decision on raising the authorized capital was taken at a general meeting of shareholders, as far back, as on February 26 with such formulation as “for the purpose of observing the capital size in accordance with the Law on Insurance.

The Administrative Board also allowed the Asigurări Generale Vitoriasig insurance company to raise its authorized capital by 800 thousand lei up to 17.38 million lei for the purpose to observe the Insurance Law.

The Vitoriasig shareholders took a decision on the increase of the authorized capital on November 24, 2009.

According to the reliability rating of insurance companies, the company took the 12th position in the first half-year. AFES – M was excluded from the rating, because its authorized capital was lower than the normative level. By the beginning of the fourth quarter the Vitoriasig assets constituted 24.7 million lei, that of AFES – M – 25.5 million lei.