Dutch group Aegon has started to build a management team for its new life insurance company, which will enter the Romanian market next year. Aegon has published several job ads for the position of National Sales Director, Chief Financial Officer and Chief Actuary. "We are now gathering the necessary documentation in order to secure the operating licence from the Insurance Supervision Commission, with the company likely to start its operations in the second half of next year," said Gabor Havas, project manager of Aegon Central and Eastern Europe. He did not specify the sum earmarked to set up the life insurance company. Under current legislation, life insurance companies must have a share capital of at least 12 million RON (3.6 million euros). Another two financial groups have announced their intention to enter the life insurance market soon: French-based Soci?t? G?n?rale and German-based Ergo. Foreign groups are attracted by the high potential for development on the local market, which is currently one of the smallest in the region. In 2006, life insurance sales in Romania amounted to around 323 million euros, up 13% in euros against the previous year. The market could reach 400 million euros this year, according to an estimate made by the Insurance Supervision Commission.
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