Report on Legal Framework of the Insurance Sector in Romania
The scope of this report – by Rokas (Bucharest) – is to present the legal regime framework related to insurance in Romania, some of them follow below
REGULATION
The main laws regulating insurance in Romania are:
Law no. 32/2000 on insurance undertakings and insurance supervision, as it was amended;
Law no. 136/1995 on insurance and reinsurance in Romania;
Law no. 503/2004 on financial recovery and bankruptcy of insurance;
Law no. 260/2008 on compulsory house insurance against earthquakes, landslides and floods as it was amended by Law no. 248/2010;
Order no. 21/2012 amending and supplementing the norms regarding the form and content of the contract of compulsory house insurance against earthquakes, landslides and floods implemented by Order of the
Insurance Supervision Commission no. 15/2012;
Order no. 17/2012 amending the Regulations on the use of amicable accident form, implemented by the Order
of the Insurance Supervision Commission no. 21/2008.
INSURANCE AND REINSURANCE COMPANIES, BRANCH OFFICES OF FOREIGN INSURANCE COMPANIES AND DIRECT PROVISION OF INSURANCE SERVICES, WHEN APPLICABLE
According to art. 11 of Law no. 32/2000, the insurance activity may be exercised by:
Romanian legal entities, established as joint stock companies and / or mutual societies;
insurers and reinsurers authorized in the Member States, which carry on insurance or reinsurance in Romania
under the freedom to provide services;
branches belonging to a parent company governed by the laws of a third country authorized by the Insurance
Supervisory Commission under a specific procedure;
subsidiaries of a third-country insurers or reinsurers authorized by the Insurance Supervisory Commission
under a specific procedure.
A company that has as main activity insurance-reinsurance may not be registered to Romanian Trade Register
Office without having prior authorization issued by the Insurance Supervision Commission. After authorization, the
company can be registered with the National Trade Register Office under the rules common to any other company.
Any insurer/reinsurer, which holds an authorization issued by the competent authority of the home Member State
may carry out insurance/reinsurance in Romania, under the freedom to provide services, with prior notice to the
Insurance Supervisory Commission by the competent authority.
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