HD Insurance PLC Nicosia – Bucharest Branch

HD Insurance PLC operates in Romania as a Freedom of Establishment (FoE) branch, registered with ASF under code RO-32. ASF began a scheduled routine inspection at Hellas Direct on 1 October 2026, as part of its annual supervision plan, focused on conduct-of-business issues such as claims payment timelines, since ASF lacks Solvency II supervisory competence over FoE branches; at the time, Hellas Direct insured over 850,000 drivers and was a top-5 RCA player with by far the lowest average premium in the market. Sources report that HD Insurance is in the process of transferring its prudential supervision from the Cyprus regulator (ICCS) to the Bank of Greece, and has notified the Cyprus authority that it is close to finalising a deal with a new shareholder. Since December 2025, the 500,000 RON cap on guarantee fund payouts for future insurer insolvencies has been eliminated (Law 202/2025). In case of insolvency, Romanian policyholders are protected by FGA Romania, which recovers costs from the home-country fund per EU Directive 2021/2118; HD Insurance PLC was required to contribute to the Cypriot MIF guarantee fund starting 1 January 2025. BAAR high-risk policies are subject to ASF directives since February 2023.