AUTHORISATION OF INSURANCE AND/OR REINSURANCE COMPANIES

Legislation applicable to the authorisation of insurance and/or reinsurance undertakings

  1. Law No 237/2015 on the authorisation and supervision of insurance and reinsurance activities, as amended and supplemented.
    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;
  2. Rule No 20/2016 on the authorisation and supervision of insurance and reinsurance companies
    Rule No 28/2015 on the operation of supervised insurers under the national regime
  3. Regulation No 3/2016 on the criteria and procedure for the prudential assessment of acquisitions and increase of holdings in entities regulated by the Financial Supervisory Authority
  4. Law No 132/2017 on compulsory motor third party liability insurance for damage caused to third parties by vehicle and tram accidents
  5. Rule No 20/2017 on motor insurance in Romania Rule No 39/2016 on motor insurance in Romania
  6. Law No 71/2019 on mutual insurance companies and amending and supplementing certain acts.

Termene soluționare a cererii de autorizare de funcționare

Rule No 20/2016 on the authorisation and supervision of insurance and reinsurance undertakings 

Art. 1 para. (7)-(8)

General provisions

(7) A.S.F. încetează procedura de autorizare şi clasează documentele aferente în următoarele situaţii: 

   a) în cazul în care informaţiile sau documentele suplimentare solicitate sunt transmise A.S.F. cu depăşirea unui termen de 30 de zile; 

   b) în cazul în care documentaţia este incompletă şi transmiterea documentelor lipsă depăşeşte 30 de zile. 

   (8) Termenele prevăzute la alin. (7) pot fi prelungite cu acordul A.S.F. şi în conformitate cu principiul documentării şi al raţionamentului calificat, cu maximum 90 de zile.

 

Art. 4 para. (1), (3)-(4)

Granting of the opinion

   (1) The A.S.F. shall examine the completeness of the documentation and information within 15 days of receipt and inform the applicant thereof. 

 (3) The A.S.F. shall decide on the granting of the opinion within 90 days from the date on which it informs the applicant in accordance with para. (1). 

 (4) If the A.S.F. requests additional information and documents pursuant to para. (2), the 90-day period shall be extended by a maximum of 30 days. 

Art. 6 para. (2)

Granting of operating authorisation

The A.S.F. shall decide on the granting of the operating authorisation within 30 days from the date of submission of the complete documentation referred to in Article 5.

 

Authorisation fees:

  • Regulation No 16/2014 on the revenues of the Financial Supervisory Authority, as amended.