Insurance market legislation

 

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PRIMARY LEGISLATION

 

 OFFICIAL GAZETTE, PART I

SECONDARY LEGISLATION

TO WHOM IT APLLIES

Law no. 503/2004 on the financial recovery and bankruptcy of insurance undertakings

Republished in No 453 of 23 July 2013

Ø    OUG 91/2013 privind procedurile de prevenire a insolvenţei şi de insolvenţă

It was declared unconstitutional by Decision 447/2013, published in the Official Gazette, Part I, No 674 of 1 November 2013; Rejected by L 1/2015, published in the Official Gazette, Part I, No 18 of 9 January 2015;

Ø Law 85/2014 on insolvency prevention and insolvency proceedings

Official Gazette, Part I No 466 of 25 June 2014;

Ø Law 213/2015

Official Gazette, Part I No 550 of 24 July 2015.

Ø  Insurers & intermediaries

Law No 95/2006 on health care reform

 

  • TITLE X - Voluntary health insurance
    TITLE XV - Civil liability of medical personnel and suppliers of medical, health and pharmaceutical products and services

No 372 of 28 April 2006


Republished in No 652 of 28 August 2015

Ø Law No 95/2006 has undergone numerous subsequent amendments and additions to both the form published in 2006 and that republished in 2015

Ø  Insurers

Emergency Ordinance No 98/2006 on the supplementary supervision of credit institutions, insurance and/or reinsurance companies, financial investment services companies and investment management companies in a financial conglomerate

No 1023 of 22 December 2006

Ø Law 152/2007

Official Gazette, Part I No 388 of 08 June 2007;

Ø Law 183/2012

Official Journal, Part I No 727 of 26 October 2012;

Ø Law 272/2013

Official Journal, Part I No 656 of 25 October 2013;

Ø  Insurers

Emergency Ordinance No 61/2008 on the implementation of the principle of equal treatment between women and men in the access to and supply of goods and services

No 385 of 21 May 2008

Ø Law 62/2009;

Official Gazette, Part I No 229 of 08 April 2009;

Ø Law 128/2013;

Official Journal, Part I No 248 of 30 April 2013.

.

Ø  Insurers & intermediaries

Law no. 237/2015 on the authorisation and supervision of the business of insurance and reinsurance

 

In force from January 1, 2021, except for the provisions of article 166, paragraph (1) - (3), which entered into force 3 days from the date of publication of the law.

 No 800 din 28 octomber 2015

Ø  OUG 54/2016

Monitorul Oficial, Partea I nr. 723 din 19 septembrie 2016;

Ø  L 236/2018

Monitorul Oficial, Partea I nr. 853 din 08 octombrie 2018;

Ø  OUG 111/2020

Monitorul Oficial, Partea I nr. 620 din 15 iulie 2020;

Ø  L 158/2020

Monitorul Oficial, Partea I nr. 673 din 29 iulie 2020

Ø  Insurers

 

Law no. 71/2019 regarding the mutual insurance companies and for the modification and completion of some normative acts

 

 no. 323 din 24 Apri 2019

 

Ø Mutual insurance companies (we don't have yet)

Order No. 15/2001 for the implementation of the Rules on the information confidentiality regime

 no 43 din 22 January 2002

 

Ø  Financial Supervisory Authority, Insurers & intermediaries

Order No. 113118/2006 for the implementation of the Rules on the classification of penalising measures

 no. 560 din 28 June 2006

 

Ø  Insurers & intermediaries

Order BNR/CNVM/CSA No 23/120/113136/2006 on supplementary capital adequacy requirements, intra-group transactions and risk concentration at the level of a financial conglomerate

 

 

Ø  Regulamentul BNR/ASF nr. 1/2014   / 9/2013

Monitorul Oficial, Partea I nr. 92 din 06 februarie 2014.

Ø  Insurers

Order of the Ministry of Public Health

and CSA No 365/1/2007 approving the methodological rules on voluntary health insurance

No 147 of 28 February 2007

 

Ø  Insurers

CSA Order No 9/2008 on the implementation of the Rules on supplementary supervision of insurance/reinsurance companies belonging to an insurance/reinsurance group

No 460 of 19 June 2008

Ø  Normă ASF nr. 18/2013

Monitorul Oficial, Partea I nr. 27 din 14 ianuarie 2014.

 

Ø  Insurers

ASF Rule No 11/2013 on the implementation of the principle of equal treatment between women and men with regard to access to insurance services and the provision of insurance services

No 593 of 20 September 2013

 

Ø  Insurers & intermediaries

Regulation no. 16/2014 on the Financial Supervisory Authority’s revenues

No 899 of 11 December 2014.

 

Republished in No 733 of 06 September 2019

cu modificările și completările ulterioare

 

 

 

cu modificările și completările ulterioare

 

Ø  Insurers & intermediaries

ASF Rule No 19/2015 on the application of International Financial Reporting Standards by insurance, insurance-reinsurance and reinsurance companies

no 834 din 09 November 2015

Ø  Norma ASF nr. 3/2018

Monitorul Oficial, Partea I nr. 110 din 05 februarie 2018;

Ø  Norma ASF nr. 22/2018

Monitorul Oficial, Partea I nr. 39 din 15 ianuarie 2019.

Ø  Insurers

Rule No. 28/2015 on the operation of supervised insurers in accordance with the national regime

 

In force since 1 January, 2016.

no 978 din 30 December 2015

Ø  Norma ASF nr. 7/2018

Monitorul Oficial, Partea I nr. 375 din 02 mai 2018.

 

Ø  Insurers

ASF Rule No 31/2015 on the conditions to be met by authorised persons in the valuation of assets represented by land and buildings owned by insurers

 

Effective from 01 January 2016

no 974 din 29 December 2015

 

Ø  Insurers

Rule No 32/2015 on the organisation and performance of the inventory of assets, liabilities, equity and transactions relating to insurance and reinsurance activity of insurers/reinsurers and insurance/reinsurance brokers

 

Effective from 01 January 2016

nro 971 din 29 December 2015

 

Ø  Insurers & intermediaries

Rule No 34/2015 on quantitative requirements established by the European Insurance and Occupational Pensions Supervisory Authority

 

Effective from 01 January 2016

No. 973 din 29 December 2015

Ø  Normă ASF nr. 27/2016

Monitorul Oficial, Partea I nr. 417 din 02 iunie 2016

Ø  Insurers

Rule No 35/2015 on quality requirements established by the European Insurance and Occupational Pensions Supervisory Authority

 

Effective from 01 January 2016

No. 971 din 29 December 2015

 

Ø  Insurers

Rule No 36/2015 on the Accounting Regulations on the annual separate financial statements and annual consolidated financial statements applicable to brokerage companies engaged in insurance and/or reinsurance distribution activity

 

În vigoare de la 01 ianuarie 2016

nr. 976 din 29 December 2015

Ø  Normă ASF nr. 10/2018

Monitorul Oficial, Partea I nr. 514 din 22 iunie 2018

Ø  Normă ASF nr. 5/2019

Monitorul Oficial, Partea I nr. 207 din 15 martie 2019

Ø  Intermediaries

Rule no. 38/2015 on the technical reserves established for the insurance business, their calculation manner for the purposes of preparing annual financial statements and the special register of assets it covers

 

In force since 1 January, 2016.

no 981 din 30 December 2015

 

Ø  Insurers

Rule No. 41/2015 approving the accounting regulations concerning the separate and consolidated annual financial statements of the entities pursuing the insurance and/or reinsurance business 

 

In force since 4 January, 2016.

no. 2 din 04 January 2016

Ø  Normă ASF nr. 1/2017

Monitorul Oficial, Partea I nr. 67 din 26 ianuarie 2017

Ø  Normă ASF nr. 6/2017

Monitorul Oficial, Partea I nr. 245 din 10 aprilie 2017

Ø  Normă ASF nr. 9/2018

Monitorul Oficial, Partea I nr. 519 din 25 iunie 2018

Ø  Normă ASF nr. 6/2019

Monitorul Oficial, Partea I nr. 256 din 03 aprilie 2019.

Ø  Insurers

ASF Regulation No 2/2016 on the application of corporate governance principles by entities authorised, regulated and supervised by the Financial Supervisory Authority

no 216 din 23 March 2016

Ø  Regulament ASF nr. 9/2019

Monitorul Oficial, Partea I nr. 697 din 23 august 2019;

Ø  Regulament ASF nr. 10/2020

Monitorul Oficial, Partea I nr. 507 din 15 iunie 2020.

Ø  Insurers (Integrated regulation)

ASF Regulation No 3/2016 on the applicable criteria and procedure for the prudential assessment of acquisitions and increases of shareholdings in entities regulated by the Financial Supervisory Authority

no 251 din 05 April 2016

Ø  Regulament ASF nr. 11/2017

Monitorul Oficial, Partea I nr. 857 din 31 octombrie 2017;

Ø  Regulament ASF nr. 10/2020

Monitorul Oficial, Partea I nr. 507 din 15 iunie 2020

Ø  Insurers (Integrated regulation)

ASF Regulation No 11/2016 on the regular and unannounced control activity carried out by the Financial Supervisory Authority

 

nr. 1070 din 30 December 2016

Ø  Regulament ASF nr. 6/2020

Monitorul Oficial, Partea I nr. 309 din 13 aprilie 2020

Ø  Insurers & intermediaries (Integrated regulation)

Rule no. 20/2016 on authorization and monitoring of insurance and reinsurance companies

no 271 din 11 April 2016

Ø  Normă ASF nr. 6/2018

Monitorul Oficial, Partea I nr. 356 din 24 aprilie 2018

Ø  Insurers

ASF Rule No 21/2016 on reporting on insurance and/or reinsurance activity

 

no 268 din 08 April 2016

Ø  Normă ASF nr. 4/2017

Monitorul Oficial, Partea I nr. 201 din 23 martie 2017;

Ø  Normă ASF nr. 7/2018

Monitorul Oficial, Partea I nr. 375 din 02 mai 2018

Ø  Normă ASF nr. 46/2020

Monitorul Oficial, Partea I nr. 1304 din 29 decembrie 2020.

Ø  Insurers

ASF Rule No 26/2016 on the supervision of branches of insurance companies from third countries

no 409 din 31 May 2016.

 

Ø  Insurers outside the EU

Rule No. 31/2016 on the allocation and/or payment by insurers of the share capital for the voluntary pension funds management activity

no 588 din 02 August 2016

 

Ø  Insurers

Rule no. 18/2017 on the procedure for the settlement of petitions regarding the activity of insurance and reinsurance companies and insurance brokers

nro 555 din 13 July 2017.

 

Ø  Insurers & intermediaries

Rule no. 33/2017 on the organization of the archiving activity in the authorized / approved entities, regulated and supervised by the Financial Supervisory Authority

no 998 din 15 December 2017

Ø  Regulament ASF nr. 10/2020

Monitorul Oficial, Partea I nr. 507 din 15 iunie 2020;

Ø  Norma ASF nr. 43/2020

Monitorul Oficial, Partea I nr. 1251 din 17 decembrie 2020.

Ø  Insurers & intermediaries (Integrated standard)

ASF Rule No 4/2018 on the management of operational risks generated by IT systems used by entities authorised/approved/registered, regulated and/or supervised by the Financial Supervisory Authority

No 233 din 16 March 2018

Ø  Norma ASF  nr. 1/2019

Monitorul Oficial, Partea I nr. 76 din 30 ianuarie 2019;

Ø  Regulament ASF nr. 10/2020

Monitorul Oficial, Partea I nr. 507 din 15 iunie 2020.

Ø  Insurers & intermediaries (Integrated standard)

ASF Rule No 16/2018 on the implementation of the provisions of the European Insurance and Occupational Pensions Supervisory Authority (EIOPA) Guidelines on insurance-based investment products that include a structure that makes it difficult for the consumer to understand the risks involved

no 968 din 15 November 2018.

 

Ø  Insurers & intermediaries

ASF Rule No 20/2018 on the professional training of persons involved in the distribution activity

no 1090 din 21 decembrie 2018

Ø  Normă ASF nr. 16/2019

Monitorul Oficial, Partea I nr. 523 din 26 iunie 2019

Ø  Insurers & intermediaries

ASF Regulation No 1/2019 on the assessment and approval of members of the management structure and persons holding key positions in entities regulated by the Financial Supervisory Authority

No 107 of 12 February 2019

Ø  Regulament ASF nr. 10/2020

Monitorul Oficial, Partea I nr. 507 din 15 iunie 2020.

Ø  Insurers (Integrated regulation)

ASF Regulation No 13/2019 on the establishment of measures to prevent and combat money laundering and terrorist financing through the financial sectors supervised by the Financial Supervisory Authority

 

Effective from 10 December 2019

No 991 of 10 December 2019

Ø  Regulament ASF nr. 15/2019

Monitorul Oficial, Partea I nr. 9 din 08 ianuarie 2020;

Ø  Regulament ASF nr. 10/2020

Monitorul Oficial, Partea I nr. 507 din 15 iunie 2020;

Ø  Regulament ASF nr. 29/2020

Monitorul Oficial, Partea I nr. 38 din 13 ianuarie 2021.

 

Ø  Insurers & intermediaries (Integrated regulation)

ASF Rule no. 13/2019 on the unitary framework for conducting the statutory audit of entities authorised, regulated and supervised by the Financial Supervisory Authority

No 395 of 21 May 2019

Ø  Norma ASF nr. 27/2019

Monitorul Oficial, Partea I nr. 983 din 06 decembrie 2019

Ø  Regulament ASF nr. 10/2020

Monitorul Oficial, Partea I nr. 507 din 15 iunie 2020.

Ø  Insurers (Integrated regulation)

ASF Rule no. 20/2019 for the implementation of the Accounting Reporting System as at 30 June 2019 for insurance entities

No 643 of 02 August 2019.

 

Ø  Insurers & intermediaries

ASF Rule No 9/2020 on the financial year-end for insurance entities

No 237 of 24 March 2020.

 

Ø  Insurers & intermediaries

ASF Rule No 21/2020 for the extension of certain deadlines for reporting, publication of public information and submission of other documents to the Financial Supervisory Authority in the insurance sector, following the situation generated by COVID-19 and the establishment of the state of emergency in Romania

No 277 din 02 aprilie 2020

 

Ø  Insurers & intermediaries

ASF Rule No 33/2020 on outsourcing to cloud service providers

nr. 749 din 18 august 2020

 

Ø  Insurers

ASF Rule No 34/2020 for the implementation of the Half-Yearly Accounting Reporting System applicable to insurance entities

nr. 780 din 26 august 2020

 

Ø  Insurers & intermediaries

SUPPORTING ACTs

 

Monitorul Oficial, Partea I

ACT DE MODIFICARE/COMPLETARE A ACTULUI DE BAZĂ

 Assigned heading

ASF Rule No 5/2015 on the approval of mutual funds for risk management in agriculture

No 169 of 11 March 2015

 

Ø Mutual funds for risk management in agricultur

Norma nr. 38/2016 privind drepturile, obligațiile, competențele și desemnarea administratorului special

No 971 of 05 December 2016

 

Ø  Special administrators