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Insurance company law Date: 2009-03-19
Amendment of the Law regarding insurance companies and insurance supervision
The Law No. 32/2000 regarding insurance companies and insurance control has been amended and completed by the Law No. 403/2004, published in the Official Gazette No. 976/25.10.2004.
The new law enhances the legal framework of the Law regarding insurance companies and insurance supervision by introducing a number of new terms, such as “group of companies”, “intragroup transaction” “holding company”, “participation interest”, “insurance holding” and new institutions, especially in the context of Romania’s EU-accession.
The law reiterates the broad classification in life insurance and general insurance, whereas under the new regulation an insurance company may perform only one type of insurance, either life insurance or general insurance.
Furthermore, in order to adapt the Romanian insurance regulations to the international regulations, the law provides for new responsibilities for the Insurance Supervision Commission, particularly with respect to its cooperation with the European Commission and with similar authorities in other countries.
Moreover, the law expressly regulates that authorized insurance companies are permitted to perform insurance activities in other countries through a branch upon prior notification of the Insurance Supervision Commission.
Moreover, the law expressly regulates that authorized insurance companies are permitted to perform insurance activities in other countries through a branch upon prior notification of the Insurance Supervision Commission.
Another novelty is that the law establishes rules applicable to the branches of non-EU insurance companies located in Romania. The Application Norms of the Law 32/2000, as amended and completed by the Law 403/2004 will be adopted by the Insurance Supervision Commission within 90 days from the coming into force of the Law 403/2004.
S.P.R.L.Radnóczy & Menzer NÖRR STIEFENHOFER LUTZ
Attorneys – Tax Advisers – Auditors28C, General Constantin BudisteanuStr., RO-010773 Bucharest
Tel.: 0040 21 312 58 88
Fax: 0040 21 312 58 89
E-mail: nslbuc@noerr.ro
Web: www.noerr.com
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