Specific legal stipulations

The Financial Supervisory Authority publishes the documents it issues according to the existing legal provisions.

 

INSURANCE - REINSURANCE SECTOR

 

1. Law no. 236/2018 regarding the insurance distribution

(1) A.S.F. publishes in the Official Gazette of Romania, Part I, the decisions imposing the sanctions or measures provided in art. 28 para. (3) lit. a) and b), par. (4) - (6), (8) and (10), against which no appeal has been initiated in time.

(2) A.S.F. publishes on its own website the decisions imposing the sanctions provided in art. 28 para. (2), (7) and (9) against which no appeal has been initiated in time.

(3) By exception from the provisions of par. (1) and (2), if the publication of the identity of legal persons or personal data of natural persons is considered by the A.S.F. as disproportionate as a result of a case-by-case assessment of the proportionality of the publication of such data, or where the publication jeopardizes the stability of financial markets or an ongoing investigation, the A.S.F. may be:

a) postpones the publication of the decision until the reasons for non-publication cease to be valid;
b) publish the decision anonymously.

(4) If the decision to impose a sanction or measure is subject to appeal, the A.S.F. publish immediately, on its website, such information and any subsequent information on the outcome of the appeal.

(5) A.S.F. publishes on its website any decision to annul a previous decision to impose a sanction or measure.

  

2. Law no. 237/2015 on the authorization and supervision of the insurance and reinsurance activity

Article 163:

(3) In addition to the main contravention sanctions provided in par. (2), depending on the nature and gravity of the act, the A.S.F. may apply to companies or branches of third-country companies one or both of the following additional penalties:

a) the temporary or final prohibition, total or partial, of the exercise of the insurance and / or reinsurance activity, for one or more classes of insurance, respecting the principle of proportionality;
b) withdrawal, total or for one or more classes of insurance, of the operating authorization.

(5) In addition to the main contravention sanctions provided in par. (4), depending on the nature and gravity of the act, the A.S.F. may apply to the management of companies or persons holding key or other critical positions within them one or both of the following complementary contravention sanctions:

a) withdrawal of approval granted by the A.S.F .;
b) the prohibition of the right to hold positions that require the approval of the A.S.F. for a period between one and 5 years from the communication of the sanctioning decision or at another date expressly mentioned therein.

(14) A.S.F. publishes the sanctioning measures provided in par. (3) and (5) in the Official Gazette of Romania, Part I.