Crucial Bancassurance Issues in Romania
The modality of selling insurance products in conjunction with and as collateral of banking loans i.e. the
enunciation of bancassurance activity in Romania entails the following elements/aspects and legal
instruments (in force):
• Insurance Law no. 32/2000 as further amended;
• Insurance Supervision Commission (ISC)* Order no. 10/2007 approving the Norms on insurance and
reinsurance intermediaries as amended by ISC Order no. 12/2007;
• Government Ordinance no. 85/2004 for the consumers’ protection as regard the conclusion and the
performance of distance contracts regarding financial services;
• Directive 2002/92/EC of the European Parliament;
• Directive 2002/65/EC of the European Parliament.
The bancassurance activity is defined by the Law no. 32/2000, as further amended, as the activity of
intermediation of insurance products which are complementary to the products of credit institutions and
non-banking financial institutions, performed by the network of these institutions. The credit institutions
and the non-banking financial institutions that are performing bancassurance activity are considered by
the same law as subordinated insurance agents.
In accordance with the provisions of the ISC Order no. 10/2007, in order to perform the bancassurance
activity, the subordinated insurance agents must fulfill certain conditions, the most important of them
being the following ones:
(i) the bancassurance activity shall be performed only by natural persons that have concluded
individual labor contracts for un undetermined period with the subordinated insurance agent;
(ii) the bancassurance activity shall be performed only at the main and/or secondary premises of the
subordinated agent.
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