LEGE no. 32 32 of 3 April 2000 (* updated *) on the activity and supervision of insurance and reinsurance intermediaries * *) ((updated until 1 January 2016 *)
ISSUER
PARLIAMENT
---------- **) The title of the law was amended by item 1 1 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. **) The title of the law was amended by item 1 1 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. The Romanian Parliament adopts this law + Chapter I Subject of the law and meaning of terms ---------- The title of Chapter I has been amended by point 2 2 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 1 This law regulates the organization and functioning of insurance and reinsurance intermediaries and the supervision of the activity of insurance and reinsurance intermediaries, as well as other activities in relation to them. ---------- Article 1 has been amended by section 1. 3 3 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 2 Within the meaning of the present law, the following terms and expressions have the following meanings: 1. significant shareholder/associate-any person who, directly and alone through or in connection with other natural or legal persons, exercises rights arising from the holding of shares/shares that, cumulated, represent the one a minimum of 10% of the share capital of an insurance and/or reinsurance broker or gives it at least 10% of the total voting rights in the general meeting of shareholders/associates or who give the opportunity to exercise an influence significant on the management of the insurance and/or reinsurance broker in which it has significant position, as appropriate; 2. the activity of intermediation in reinsurance-the activity of introduction, proposal or fulfilment of other activities preliminaries of the conclusion of reinsurance contracts or the provision of assistance for the administration or performance of contracts, especially in the event of damage. These activities will not be considered as reinsurance intermediation activities, if they are met by a reinsurer or an employee of the latter acting under the responsibility of the reinsurer. Neither the following: providing information on a casual basis in the context of another professional activity, the purpose of which is not to provide assistance to customers for the conclusion, will not be considered as a reinsurance activity. or the administration of a contract, the administration of damage to a reinsurer on a professional basis, and the regularization of 3. insurance agent-the authorized natural or legal person, on the basis of the authorization of an insurer or reinsurer, to conclude on behalf of and in the account of the insurer or reinsurer insurance or reinsurance contracts with third parties, according to the conditions stipulated in the mandate contract concluded, without having the quality of insurer/reinsurer, insurance and/or reinsurance broker; 4. subordinate insurance agent-natural or legal person who, in addition to his main professional activity, intermediates on behalf of and on behalf of one or more insurers insurance products that are complementary to the products provided credit institutions and non-banking financial institutions acting in a regulated market; 5. assistants in brokerage-natural or legal persons who, under a contract with an insurance and/or reinsurance broker, receive a power of attorney in connection with a brokerage mandate of the latter and, under the cover of the liability contract professional of the broker concerned, must undertake certain activities necessary for carrying out the brokerage mandate; 6. competent authorities-national authorities which, by law or other regulations, are empowered to register or authorize intermediaries in reinsurance; 7. bancassurance-the activity of intermediation of insurance products that are complementary to the products of credit institutions and non-banking financial institutions, carried out through the network of these institutions under the conditions provided by norms issued in application of this Law; 8. insurance broker: a) the Romanian legal person, authorized under the present law, who negotiates for his clients, natural or legal persons, insured or potential insured persons, the conclusion of insurance or reinsurance contracts and grants assistance before and during the performance of contracts or in connection with the regularisation of damages, as appropriate; ... b) an intermediary from a Member State, carrying out intermediation activities on the territory of Romania, according to the right of establishment and freedom to provide services; ... 9. insurance/reinsurance broker-natural person, professionally attested in accordance with the provisions of the norms issued in application of this law, and who operate only on the basis of a contractual relationship with a broker of insurance/reinsurance; 10. executive management of the insurance intermediary and/or in reinsurance-the person or, in the case of intermediaries who have legal form of company on shares, individuals, at least two, of which one, according to the constituent acts and/or decisions of the statutory bodies of the insurance intermediary and/or in reinsurance, is the rightful replacement of the person empowered to lead and coordinate the daily activity, as well as invested with the competence to engage the liability the insurance and/or reinsurance intermediary; does not fall into this category persons who provide direct management of compartments within the insurance and/or reinsurance intermediary, branches and other secondary offices. In the case of branches of insurance and/or reinsurance intermediaries in the Member States, operating on the territory of Romania, on the basis of the right of establishment, the executive management is represented by the person/persons empowered by they lead the activity of the branch and legally hire in Romania the insurance and/or reinsurance intermediary; 11. insurance intermediaries-natural or legal persons, hereinafter referred to as insurance broker, brokerage assistant, insurance agent, subagent or subordinate insurance agent, carrying out insurance intermediation activity, in exchange of a commission/remuneration, authorized or registered under the conditions established by this Law and the rules issued in its application, as well as intermediaries from the Member States carrying out on the territory of Romania insurance intermediation, according to the right of establishment and freedom to provide services, as appropriate; 12. intermediary in reinsurance-the Romanian natural or legal person authorized under the present law, hereinafter referred to as reinsurance broker, which intermediates, in exchange for a commission/remuneration, mainly the activity of reinsurance, as well as intermediaries from the Member States carrying out reinsurance intermediation activity on the territory of Romania, according to the right of establishment and freedom to provide services, as the case may be; 13. the usual place of parking-the territory of the state in which the vehicle is registered or: a) if no registration is required for a certain type of motor vehicles, but the vehicle holds insurance plates or a distinctive sign similar to the registration plate, the territory of the state in which the insurance plate was issued or the sign has been issued; or ... b) if neither the license plate, nor the insurance plate nor the distinctive sign is required for a certain type of vehicle, the territory of the state in which the person holding the vehicle has permanent residence; ... 14. brokerage mandate-the contract between an insured or a potential insured, as a mandant, and the insurance and/or reinsurance broker, as a trustee, entrusting to the trustee the negotiation or conclusion insurance or reinsurance contracts, the provision of assistance before and during the performance of contracts or in connection with the regularisation of damages, as applicable; 15. significant persons-administrators, board members and/or board of directors and/or supervisory board, executive management of the insurance intermediary and/or in reinsurance as well as members The Board of Directors of the Street Victims Protection Fund; 16. Member States-the Member States of the European Union and the other States of the European Economic Area; 17. third State-State which is not a Member State of the European Union or of the European Economic Area; 18. sub-agents-natural persons, other than the head of the insurance agent, who have the status of employees with employment contract with legal person and acting on his behalf; 19. Member State of origin of the intermediary: a) where the intermediary is a natural person-the Member State in which it is situated and in which it operates; ... b) where the intermediary is a legal person-the Member State in which the registered office is situated or, where the legislation of that State does not provide for the existence of a registered office, the Member State in which the head office is situated; ... 20. host Member State of the intermediary-Member State other than the home Member State where an insurance or reinsurance intermediary operates under the right of establishment and freedom to provide services; 21. branch of an insurance or reinsurance intermediary-dismantling without legal personality of an insurance or reinsurance intermediary who, on the basis of a mandate, is empowered to carry out, in part or in all, the activity of insurance or reinsurance. ---------- Article 2 has been amended by section 2. 4 4 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 3 Repealed. ---------- Article 3 was repealed by point (a). 5 5 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Chapter II General provisions ---------- The title of Chapter II has been amended by point 6 6 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 4 ((1) The enforcement of this law, the supervision and enforcement of its provisions shall return to the Financial Supervisory Authority, hereinafter referred to as the A.S.F., for the purpose of defending the rights of insured persons and promoting stability insurance activity in Romania. ... (2) For the needs of the A.S.F., of its representations that it establishes, the Government and, as the case may be, the local public administration authorities will assign to it in administration the necessary buildings-land and buildings-in the public domain of national or local interest, as the case may be, within 60 days of the date of the request. A.S.F. may use its own income for the construction, purchase or lease of appropriate buildings, according to the legal provisions in force. ... (3) A.S.F. concludes memoranda of collaboration with similar authorities regarding the exchange of confidential information, necessary for the surveillance activity, memorandums stipulating that the disclosure of that information to the public is made only with the consent explicitly of those authorities or, in the cases specified, only for the purposes for which those authorities have given their consent. ... (4) A.S.F. may conclude cooperation agreements with third-country authorities only if the information sent to those authorities benefits from the same level of confidentiality with which A.S.F. treats that information in Romania, in accordance with national legislation. ... ((5) The A.S.F. shall inform the European Commission of the difficulties arising from the application of this law, as well as any barriers that may arise to the detriment of the activity of insurance and/or reinsurance brokers authorized or established in Romania, compared to branches outside the territory of Romania. ... ---------- Article 4 has been amended by section 4. 7 7 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 5 A.S.F. has the following main tasks: a) develop and/or endorse the draft normative acts concerning the insurance domain or having implications on this field, and in terms of accounting regulations specific to the insurance domain, and after the opinion/information, where appropriate, according to the law, of the Ministry of Public Finance; it also compulsorily endorses all the individual administrative acts related to the insurance activity; ... b) authorizes insurance and/or reinsurance brokers to carry out insurance and/or reinsurance intermediation activity, as the case may be, and approves any modification of the documents or conditions on the basis of which this authorization was granted; by documents shall be understood as the constituent status and/or act of the company, the feasibility study and, only in the case of significant persons, the organizational chart and/or the organization and functioning regulations, and any other acts established by the rules of authorization issued in application of this law. Approval of amendments, including in the case of persons referred to in d), shall be requested within the time limits provided for by the rules issued in application of ... c) approve the significant direct and/or indirect shareholders of insurance and/or reinsurance brokers, based on the provisions of the rules issued in the application of this law; ... d) approve and, as the case may be, withdraw the approval, under the conditions of the legislation in force and of the rules issued in its application, for the significant persons of insurance and/or reinsurance brokers and shall endorse and, as the case may be, withdraw the opinion, for members of the Board of Directors of the Street Victims Protection Fund ... e) approve the division or merger of an insurance and/or reinsurance broker authorized in Romania, under the conditions of this law and of the rules issued in its application. A.S.F. will rule on the request for division/merger, within the meaning of its approval or rejection, within 45 days from the date of submission of the complete documentation; ... f) approve, at the request of insurance and/or reinsurance brokers, the limitation, suspension or, as the case may be, the termination of the activity, after verifying their financial situation; ... g) supervise the financial situation of insurance and/or reinsurance brokers, as well as the activity of other intermediaries in insurance and/or reinsurance, natural or legal persons, according to the provisions of this law and the norms issued in its application, including its branches established in the territory of other Member States, in accordance with the right of establishment, after consulting the competent authority of the Member State of the branch; ... h) in order to apply the principles of prudential and preventive supervision, exercise a permanent control over the activity of insurance and/or reinsurance brokers through the analysis and evaluation, through the specialized directions, at the headquarters of A.S.F., the information contained in the reports, briefings and documents transmitted to it in accordance with the provisions of this law, the rules issued in its application, and in accordance with the requests for information, opinions and decisions issued by A.S.F.; ... i) in order to protect the interests of insured persons and potential insured persons, carry out periodic or unannounced checks at the premises of insurance intermediaries and/or in reinsurance, legal persons, do detailed investigations regarding the conditions carrying out the activity by them, among others by collecting information and requesting documents on their activity; ... j) in order to ensure a uniform professional training of persons working in the field of insurance, authorizes entities that organize vocational, post-secondary or postgraduate training, training and improvement courses in this field, approves the curriculum of courses and the topic of graduation exams for entities that organize such courses, except for higher education institutions accredited by the Ministry of Education and Scientific Research, and attest lecturers for these courses in accordance with the provisions of this laws and rules issued in its application; ... k) establish and coordinate the Institute of Financial Studies, constituted as a legal person of private law, without profit; ... l) request the presentation of information and documents, including with a statistical character, regarding the work carried out, the management of this activity and its executive management, both from insurance intermediaries and/or in reinsurance, and from any other person, natural or legal person, who is directly or indirectly related to their activity; ... m) take the necessary measures to ensure that the insurance intermediation activity is managed in compliance with the specific prudential rules; ... n) apply the sanctioning measures provided by this law; ... o) receive and respond to all complaints and complaints regarding the activity of insurance intermediaries and/or reinsurance; ... p) inform the competent authorities of the Member States in whose territory they are branches of insurance and/or reinsurance brokers or of Romanian insurance agents or where services are provided by them about any measures sanctions taken against them, including the withdrawal of the operating authorization; ... q) opens and maintains the Register of Insurance and/or Reinsurance Brokers and manages the Insurance and/or Reinsurance Intermediaries Register, the form and content of which are established by rules issued in the application of this Law; ... r) performs other duties provided by this law. ... ---------- Article 5 has been amended by section 6.6. 8 8 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 5 ^ 1 (1) The Fund for the Protection of Victims of the Street, hereinafter referred to as the Fund, shall be constituted as an association, legal person of private law without patrimonial purpose, in accordance with the legal provisions relating to associations and foundations, of this law and of the rules issued in its application, having as members all insurers authorized to practice compulsory civil liability insurance for damage caused by motor vehicle accidents. ... (2) The constituent act of the association, as well as subsequent amendments will be approved in advance by A.S.F. ... (3) The Fund is headed by a 5-member board of directors, who are subject to the prior notice of the A.S.F. ... (4) A member of the Board of Directors of the Fund shall be appointed by the A.S.F. ... (5) The members of the Fund are obliged to contribute by a contribution to the establishment and maintenance of its financial stability, in proportion to the volume of gross premiums collected from the sale of civil liability insurance covering damages that results from the use of terrestrial vehicles, with the exception of the carrier's civil liability, until all payment obligations are covered. ... (6) The level of the levy and the terms of its payment shall be established annually by the A.S.F. The amount of the levy is up to 5% of the gross premiums collected for this insurance. ... (7) The Fund's revenue and expenditure budget, as well as its corrections, shall be approved by the A.S.F. ... (8) In case of deficit, A.S.F. may increase the level of the levy during the year. ... (. The Fund shall be constituted for the purpose of ... a) to provide information to persons injured by motor vehicle accidents, as an information centre (CEDAM); ... b) to compensate persons injured by motor vehicle accidents, if: ... (i) the vehicle, namely the tram that caused the accident remained unidentified or was not insured for civil liability for damage caused by motor vehicle accidents, although, in accordance with the legal provisions in force, its owner was required to take out such insurance; ((ii) within 3 months of the date on which he made an application for compensation, the person resident in Romania who suffered injury as a result of a traffic accident in the territory of a State within the territorial limits of coverage, with the exception of Romania, or in the territory of a third country whose national office has joined the Green Card system, a motor vehicle that has the usual place of parking in a Member State of the European Economic Area or in the Swiss Confederation, has not received a reasoned response from the insurance company of the vehicle responsible for the production the accident or its compensation representative, or if the insurance company has not appointed a representative for compensation on the territory of Romania or if within two months from the date of the accident the insurance company cannot be identified. The Fund shall carry out these tasks as a clearing body. (10) The insurers referred to in par. (1) have the obligation to designate, in each state belonging to the European Economic Area and in the Swiss Confederation, a representative responsible for regularizing the damage caused by motor vehicles subject to the obligation of insurance in Romania to residents in these States, provided that the accident occurs in the territory of a State other than the State of residence of the injured person. ... (11) The Fund has active legal legitimation in any process against persons in a legal relationship with him, for payment obligations paid or which is to be paid by the Fund. ... (12) The act establishing and individualizing the obligation to pay an insurer to the Fund is, according to the law, a debt instrument. ... (13) On the due date, the title of claim becomes enforceable, under which the Fund will trigger the forced procedure for the recovery of claims, according to the provisions of the Code of Civil Procedure. ... (14) In order to recover the amounts spent, the Fund has the right of regression against the entity which caused the damage ... (15) Annually, the Fund will present to the A.S.F. Council an activity report, the form and content of which will be established by norms issued in the application of this law. ... (16) The report shall be accompanied by the annual financial statements, drawn up according to the legislation in force and audited in accordance with the provisions of this Law and of the rules issued in its application. ... (17) Within 6 months from the end of the previous year, the Fund will publish a report, the form and content of which will be established by rules issued in the application of this law. ... (18) The manner of formation, use and placement of the funds at the disposal of the Fund, as well as persons entitled to be compensated shall be established by norms issued in the application of this law by A.S.F. ... ---------- Article 5 ^ 1 has been introduced by item 1. 9 9 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 6 Repealed. ---------- Article 6 was repealed by point (a). 10 10 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 7 Repealed. ---------- Article 7 was repealed by point (a). 10 10 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 8 (1) A.S.F. adopts rules in application of the provisions of this law, as well as specific prudential norms, according to insurance practices. ... ((2) The A.S.F. issues decisions by which: ... a) impose prohibitions, grant, suspend or withdraw permits; ... b) modify or revoke conditions, requirements or terms imposed by it by its acts; ... c) approve the division or merger of insurance and/or reinsurance brokers; ... d) establish/specify other objectives of interest and/or establish obligations regarding the activity of insurance intermediaries and/or in reinsurance, the Fund and entities that organize vocational training, training and refresher courses; ... e) exercise, from its premises, through the specialized directions, a permanent control, by analyzing the data and information contained in the reports, periodic and annual briefings and those transmitted as a result of the A.S.F. requests, as well as the documents requiring prior approval of amendments to the initial conditions of authorization, the activity of insurance intermediaries and/or reinsurance and shall have regular or unannounced control actions carried out at the their premises; ... f) provide provisions on the submission of documents, situations, information and hearings; ... g) ascertains and applies sanctions, as a result of permanent, periodic or unannounced control, insurance intermediaries and/or reinsurance, significant shareholders or their significant persons or the Board of Directors of the Fund or entities that organize training, training and professional improvement courses or the management of these entities for violation of the provisions of this law, regulations, decisions and opinions issued by A.S.F.; ... h) apply other measures provided for by the legislation in force. ... (3) The sanctions decisions will include the legal justification of their application and will be communicated to the natural or legal persons against whom the sanction was ordered. The sanctioning decisions will also mention the right of appeal by the persons concerned of the sanctioning measures ordered, the deadline by which the appeal can be filed, as well as the authority or court to which it must be addressed the appeal. ... ---------- Article 8 has been amended by section 6.6. 11 11 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 9 The decisions of the A.S.F. shall not be published in the Official Gazette of Romania, Part I, except for those provided in art. 8 8 para. ((2) lit. a) and c). ---------- Article 9 has been amended by section 6.6. 12 12 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 10 It constitutes own income to the A.S.F. budget: a) the taxes and increases provided in art. 10 10 ^ 1 and 36; ... b) the amounts, according to the law, from contravention fines; ... c) revenues from donations, publications and other legal sources. ... ---------- Article 10 has been amended by section 10. 13 13 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 10 ^ 1 ((1) An insurance and/or reinsurance intermediary, the Fund or an entity that organises professional qualification, training and refresher courses, which require approval for changes to the conditions and documents under which it was granted the authorization/opinion, as well as any information or certifications from the A.S.F. to serve it in relations with third parties, will pay an approval fee, as the case may be, representing the equivalent in lei of the amount of 35 euros, at the rate communicated by the National Bank of Romania at the payment date. ... (2) Any natural or legal person, with the exception of insured persons, damages and public institutions, who request A.S.F. information, certifications or points of view shall pay a fee representing the equivalent in lei of the amount of 35 euros, at the rate communicated by the National Bank of Romania on the payment date. ... (3) For the authorizations issued by A.S.F. provided for by this law, destroyed, lost or stolen, will be issued duplicates, at the request of the entitled persons, under the conditions provided in the norms issued in the application of this law, against a tax representing 25% of the amount provided in art. 36 36 para. ((1). ... ---------- Article 10 ^ 1 has been introduced by item 1. 14 14 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Chapter III Repealed ---------- Chapter III was repealed by point 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 11 Repealed. ------------ Article 11 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 12 Repealed. ---------- Article 12 has been repealed by point (a) 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 12 ^ 1 Repealed. ---------- Article 12 ^ 1 has been repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 12 ^ 2 Repealed. ---------- Article 12 ^ 2 has been repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 13 Repealed. ---------- Article 13 has been repealed by point (a) 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 13 ^ 1 Repealed. ---------- Article 13 ^ 1 has been repealed by point 1. 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 14 Repealed. ---------- Article 14 has been repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 Repealed. ---------- Article 15 has been repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Chapter III ^ 1 Repealed. ---------- Chapter III ^ 1 was repealed by point 1. 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 1 Repealed. ---------- Article 15 ^ 1 has been repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 2 Repealed. ---------- Article 15 ^ 2 has been repealed by section 2. 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 3 Repealed. ---------- Article 15 ^ 3 has been repealed by section 3. 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 4 Repealed. ---------- Article 15 ^ 4 was repealed by section 4. 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 5 Repealed. ---------- Article 15 ^ 5 has been repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 6 Repealed. ---------- Article 15 ^ 6 was repealed by section 6. 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 7 Repealed. ---------- Article 15 ^ 7 has been repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 8 Repealed. ---------- Article 15 ^ 8 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 9 Repealed. ---------- Article 15 ^ 9 has been repealed by section 9. 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 10 Repealed. ---------- Article 15 ^ 10 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 11 Repealed. ---------- Article 15 ^ 11 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 12 Repealed. ---------- Article 15 ^ 12 has been repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 13 Repealed. ---------- Article 15 ^ 13 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 14 Repealed. ---------- Article 15 ^ 14 has been repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Chapter III ^ 2 Repealed ---------- Chapter III ^ 2 was repealed by point 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 15 Repealed. ---------- Article 15 ^ 15 has been repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 16 Repealed. ---------- Article 15 ^ 16 has been repealed by point 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 17 Repealed. ---------- Article 15 ^ 17 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 18 Repealed. ---------- Article 15 ^ 18 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 19 Repealed. ---------- Article 15 ^ 19 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Chapter III ^ 3 Repealed ---------- Chapter III ^ 3 was repealed by section 3. 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 20 Repealed. ---------- Article 15 ^ 20 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 15 ^ 21 Repealed. ---------- Article 15 ^ 21 has been repealed by point 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Chapter IV Repealed ---------- Chapter IV was repealed by point 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 16 Repealed. ---------- Article 16 has been repealed by point (a) 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 17 Repealed. ---------- Article 17 has been repealed by point (a) 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 18 Repealed. ---------- Article 18 has been repealed by point (a) 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 19 Repealed. ---------- Article 19 has been repealed by point (a) 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 20 Repealed. ---------- Article 20 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 20 ^ 1 Repealed ---------- Article 20 ^ 1 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 21 Repealed. ---------- Article 21 has been repealed by point (a) 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 21 ^ 1 Repealed. ---------- Article 21 ^ 1 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 22 Repealed. ---------- Article 22 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 23 Repealed. ---------- Article 23 has been repealed by point (a) 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 24 Repealed. -------------- Article 24 was repealed by point (a). 65 65 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. + Article 24 ^ 1 Repealed. ---------- Article 24 ^ 1 has been repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 24 ^ 2 Repealed. ---------- Article 24 ^ 2 has been repealed by section 2. 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 25 Repealed. ---------- Article 25 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 25 ^ 1 Repealed. ---------- Article 25 ^ 1 has been repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Chapter V Repealed ---------- Chapter V has been repealed by point 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 26 Repealed. ---------- Article 26 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 26 ^ 1 Repealed. ---------- Article 26 ^ 1 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 26 ^ 2 Repealed. ---------- Article 26 ^ 2 has been repealed by section 2. 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 26 ^ 3 Repealed. ---------- Article 26 ^ 3 has been repealed by point 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 26 ^ 4 Repealed. ---------- Article 26 ^ 4 has been repealed by section 4. 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 26 ^ 5 Repealed. ---------- Article 26 ^ 5 has been repealed by point 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 26 ^ 6 Repealed. ---------- Article 26 ^ 6 has been repealed by section 6. 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 26 ^ 7 Repealed. ---------- Article 26 ^ 7 has been repealed by point 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 26 ^ 8 Repealed. ---------- Article 26 ^ 8 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Chapter V ^ 1 Repealed. ---------- Chapter V ^ 1 has been repealed by point 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 27 Repealed. ---------- Article 27 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 28 Repealed. ---------- Article 28 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Chapter VI Repealed ---------- Chapter VI was repealed by point 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 28 ^ 1 Repealed. ---------- Article 28 ^ 1 has been repealed by point 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 28 ^ 2 Repealed. ---------- Article 28 ^ 2 was repealed by point (a). 15 15 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 29 Repealed. ------------ Article 29 was repealed by letter a) art. 80 of LAW no. 503 503 of 17 November 2004 , published in MONITORUL OFFICIAL no. 1.193 1.193 of 14 December 2004. + Article 30 Repealed. ------------ Article 30 was repealed by letter a) art. 80 of LAW no. 503 503 of 17 November 2004 , published in MONITORUL OFFICIAL no. 1.193 1.193 of 14 December 2004. + Article 31 Repealed. ------------ Article 31 was repealed by letter a) art. 80 of LAW no. 503 503 of 17 November 2004 , published in MONITORUL OFFICIAL no. 1.193 1.193 of 14 December 2004. + Article 32 Repealed. ------------ Article 32 was repealed by letter a) art. 80 of LAW no. 503 503 of 17 November 2004 , published in MONITORUL OFFICIAL no. 1.193 1.193 of 14 December 2004. + Chapter VII Insurance and/or reinsurance intermediaries ------------ Title Cap. VII has been amended by section 44 44 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. + Article 33 (1) Insurance and reinsurance intermediaries are, as the case may be, registered with or authorized by the Insurance Supervisory Commission, in accordance with the rules issued in application of this law, or to the competent authority of the Member State of origin. ... -------------- Alin. ((1) of art. 33 33 has been amended by section 74 74 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. ((2) Insurers may not exercise insurance activities through unauthorised and/or non-registered intermediaries, with the exception of those who, having a professional activity other than insurance intermediation, broker insurance contracts which cumulatively meet the following conditions: ... a) the insurance contract brokered requires only knowledge of the risk covered by it. ... b) are not part of the life insurance category; ... c) does not cover risks of civil liability; ... d) are complementary to other products or services provided by another supplier, when it covers the following risks: business interruption, loss or damage to the goods of that supplier, damage or loss of luggage, other risks related to the journey booked by that supplier, even if the brokered insurance contract covers risks in the life insurance or civil liability category, if this is an ancillary risk of the principal risk related to that journey; ... e) the annual premiums do not exceed the equivalent in lei of 500 euros and the duration of the brokered insurance contract, including any renewal, does not exceed 5 years. ... ((3) Insurance and/or reinsurance intermediaries shall be obliged to make available to customers, in writing, before the conclusion, modification or renewal of the insurance or reinsurance contract, at least the following information relating to: the name (s) of the intermediary; the address (s) and the register in which it was entered, and the ways in which the registration can be verified; the holding of at least 10% of the voting rights or the capital of an insurer, respectively reinsurer, holding by an insurance company or a parent company of a given insurance undertakings of at least 10% of the voting rights or the capital of the intermediary in insurances/reinsurance; the amicable or judicial settlement procedures of any misunderstandings or disputes between the clients and the intermediary, and any other information in accordance with the provisions of the rules issued in the application of this law ... -------------- Alin. ((3) of art. 33 33 has been amended by section 75 75 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (4) Insurance premiums paid by customers through insurance intermediaries shall be deemed to be transferred to the insurer at the time of payment; the indemnities or amounts secured paid by the insurer through intermediaries shall be deemed to have been transferred customers only at the time of their actual collection of the respective amounts/compensation. ... (4 ^ 1) Proceeds and payments made on behalf of or on behalf of insured or reinsured persons, representing insurance or reinsurance premiums or compensation, by insurance intermediaries and/or in reinsurance shall be carried out through accounts opened at credit institutions other than accounts running their current business. -------------- Alin. (4 ^ 1) of art. 33 33 has been introduced by section 76 76 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (5) In the event of bankruptcy of the insurance intermediary and/or in reinsurance, the amounts recorded in the accounts through which the receipts are carried out and the payments made on behalf or on behalf of the insured or reinsured cannot be used for the indestulation creditors other than those mentioned in par. ((4). ... -------------- Alin. ((5) of art. 33 33 has been amended by section 77 77 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (6) The quality of insurance agent or reinsurance agent or subordinate insurance agent, natural or legal person, as well as that of subagent is incompatible with that of insurance broker and/or reinsurance or assistant in brokerage. ... -------------- Alin. ((6) of art. 33 33 has been amended by section 78 78 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (7) The activity of bancassurance is carried out through insurance agents subordinated in accordance with the provisions of this law and of the rules issued in its application. ... -------------- Alin. ((7) of art. 33 33 has been introduced by section 79 79 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (8) By way of derogation from the provisions of this Law and of the rules issued in its application, insurance and/or reinsurance intermediaries who have the legal form of a stock company must hold the minimum share capital shed in accordance with with Law no. 31/1990, republished, with subsequent amendments and completions, and have the obligation to appoint at least two individuals in the executive management. ... -------------- Alin. ((8) of art. 33 33 has been introduced by section 79 79 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (9) Intermediation in insurance and/or reinsurance that have the legal form of limited liability company may opt for the appointment in the executive management of at least two individuals. ... -------------- Alin. ((9) of art. 33 33 has been introduced by section 79 79 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (10) All persons appointed as administrator and/or in the executive management must meet the criteria and conditions for the approval of significant persons of insurance intermediaries and/or reinsurance, established by rules issued in application of this law. ... ------------ Alin. ((10) of art. 33 33 has been modified by the subsection. 28 28 of section 2 2 of the single article of LAW no. 162 162 of 8 May 2009 , published in MONITORUL OFFICIAL no. 322 322 of 14 May 2009, amending art. I of EMERGENCY ORDINANCE no. 117 117 of 24 October 2007 , published in MONITORUL OFFICIAL no. 732 732 of 30 October 2007. ((11) Any insurance and/or reinsurance intermediary, which has not deposited with the insurer or reinsurer the amounts collected as insurance or reinsurance premiums, after 30 days of the maturity provided for in the contract, is presumed to be in insolvency due to the cessation of payments to it. ... -------------- Alin. (11) of art. 33 33 has been introduced by section 79 79 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (12) The Insurance Supervisory Commission will be able to introduce demand against insurance intermediaries and/or reinsurance provided in par. (11) for the start of the procedure provided for in Law no. 85/2006 ... on insolvency proceedings, with subsequent amendments and completions. ------------ Alin. ((12) of art. 33 33 has been modified by the subsection. 28 28 of section 2 2 of the single article of LAW no. 162 162 of 8 May 2009 , published in MONITORUL OFFICIAL no. 322 322 of 14 May 2009, amending art. I of EMERGENCY ORDINANCE no. 117 117 of 24 October 2007 , published in MONITORUL OFFICIAL no. 732 732 of 30 October 2007. ((13) Any insurance intermediary, the natural person, who has not deposited with the insurer the amounts collected as insurance premiums, after 30 days from the maturity stipulated in the contract, will be immediately executed by the insurer on the guarantee constituted according to art. 34 34 para. ((2) lit. d), and if the guarantee constituted does not cover the damage, it will be followed according to the law on any goods belonging to ... -------------- Alin. ((13) of art. 33 33 has been introduced by section 79 79 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. ((14) Intermediation in insurance and/or reinsurance, legal persons, authorized or registered persons, as the case may be, in accordance with the provisions of this law and of the rules issued in its application, are obliged to display at all premises, main and secondary, in visible place, children after the registration certificate issued by the Insurance Supervisory Commission, for insurance and/or reinsurance brokers, or after the registration certificate issued by insurers or reinsurers, insurance or reinsurance agents, legal persons, after registration in the register provided in art. 34 34 para. ((4). ... -------------- Alin. ((14) of art. 33 33 has been introduced by section 79 79 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. ------------ Article 33 has been amended by section 6.6. 45 45 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. + Article 34 (1) A natural or legal person may carry out an activity as an insurance agent, if he holds a valid, written authorization from an insurer, referred to in this law as an agent contract, to act on his behalf. ... (. The insurance agent shall meet the following conditions: ... a) have the specialized professional training and/or skills, knowledge and skills corresponding to the exercise of this activity, in accordance with the requirements laid down in the rules issued by the Insurance Supervisory Commission in application of this law ... b) have in effect a professional indemnity insurance contract or equivalent guarantee provided by an insurer on whose behalf the insurance agent works or whose power of attorney is, valid throughout the territory of The European Community and the States of the European Economic Area, in accordance with the requirements laid down by the rules; ... c) not to have a criminal record for crimes against heritage or for crimes provided by financial-tax legislation; ... d) meet the legal requirements in force regarding the hiring of managers, the establishment of guarantees and liability in relation to the management of the goods of economic agents, authorities or institutions; ... e) to enjoy a good reputation. ... (. The insurance agent shall meet the following conditions: ... a) to have as an object of activity only the activity of insurance agent, except provided in art. 33 33 para. ((2); ... b) to have in force a civil liability insurance contract, the value of which represents 75% of the one provided in art. 35 35 para. ((5) lit. c); ... -------------- Point b) of par. ((3) of art. 34 34 has been amended by section 4.2 80 80 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. c) have not previously been declared bankrupt and are not subject to a judicial reorganization and/or bankruptcy procedure at the time of application for authorization; ... d) enjoy a good reputation and the name of the agent must include the insurance agent; ... e) associations, significant shareholders, as well as significant persons, as the case may be, not to have a criminal record for crimes against heritage or for crimes provided by financial-tax legislation; ... f) the executive leader meets the conditions regarding the training and experience required to hold this position, according to the rules of the Insurance Supervisory Commission. ... ((4) The insurers are obliged to open and maintain a register, called the Register of Insurance Agents, in computerized system and with the mandatory archiving of all changes, which is part of the Insurance Intermediaries Register and/or in reinsurance, provided in art. 5 lit. q). The form and content of this register will be determined by rules issued in application of this law. ... ---------- Alin. ((4) of art. 34 34 has been amended by section 16 16 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. (4 ^ 1) After registration insurers are obliged to release insurance intermediaries, legal entities, a registration certificate, and insurance intermediaries, individuals, a card. The data and information that will be passed in these documents will be determined by rules issued in the application of this law. -------------- Alin. (4 ^ 1) of art. 34 34 has been introduced by section 82 82 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (4 ^ 2) Annually this register will be passed on paper, which will be certified for compliance by the executive management of the insurer or reinsurer. -------------- Alin. (4 ^ 2) of art. 34 34 has been introduced by section 82 82 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (4 ^ 3) Insurers are obliged to register in the register provided in par. (4), in accordance with the conditions provided in par. ((2) and (3) and with those established by rules issued in the application of this law, both insurance agents, natural and legal persons, with whom they have concluded agent contracts, and subagents and subordinate insurance agents; insurers will regularly update all the data in this register, in accordance with the rules laid down in this paragraph -------------- Alin. (4 ^ 3) of art. 34 34 has been introduced by section 82 82 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. ((5) The data entered in the register of agents shall be transmitted in computerized system to both the Insurance Supervisory Commission and to the association or professional union to which the insurer belongs, which are permanently accessible to the public at the headquarters and on the Internet site of the insurer, supervisory authority and the above-mentioned professional association or union; these data shall be regularly verified by the Insurance Supervisory Commission. ... (6) The professional requirements that the individual insurance agent must meet, the data to be entered in the register of agents, the obligations of insurers on the supervision of agents, and other information relating to the insurance agent is established by rules issued by the Insurance Supervisory Commission. ... (7) Insurance agents, individuals, have the right to register with the work room in whose territorial area they reside, in order to benefit from the legal provisions on seniority, pension and social insurance funds. ... (8) An insurance agent the natural or legal person may not intermedia the same insurance classes except for a single insurer. ... (9) If an insured has completed insurance through an insurance agent, the insurer on whose behalf the agent is acting is liable to the insured for all acts or omissions of the insurance agent. ... (10) Insurance agents, natural and legal persons, and sub-agencies registered in accordance with the provisions of this law and the rules issued in its application are obliged to include in all documents issued, other than those of insurers from whom they have a mandate, including in their own correspondence with third parties, the unique code allocated by the register provided for in art. 5 lit. q), as well as the following inscription: "Registered with the Financial Supervisory Authority". ... ---------- Alin. ((10) of art. 34 34 has been amended by section 16 16 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. (11) Insurance agents and subordinate insurance agents, natural and legal persons, as well as sub-agencies are required to write on all documents received from insurers from which they have a single code assigned by the Register of intermediaries in insurance and/or reinsurance provided in art. 5 lit. q). ... ---------- Alin. (11) of art. 34 34 has been amended by section 16 16 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. ((12) From the date of accession insurance or reinsurance agents, natural or legal persons, who wish to operate in insurance or reinsurance intermediation in the territory of other Member States, must have a contract in force of civil liability insurance valid throughout the territory of the European Union and of the states belonging to the European Economic Area, of the same amount as that provided for insurance and/or reinsurance brokers. ... -------------- Alin. ((12) of art. 34 34 has been introduced by section 83 83 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. ------------ Article 34 has been amended by section 4. 46 46 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. + Article 35 (1) A legal person may carry out insurance and/or reinsurance intermediation activity, as an insurance and/or reinsurance broker, if he has an authorization from the Insurance Supervisory Commission. ... -------------- Alin. ((1) of art. 35 35 has been amended by section 84 84 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (2) In order to obtain the authorization, the applicant will present to the Insurance Supervisory Commission documents showing that he will comply with the provisions of paragraph (5) lit. a)-d) and h). ... ------------ Alin. ((2) of art. 35 35 has been amended by section 34 34 of art. I of LAW no. 113 113 of 4 May 2006 , published in MONITORUL OFFICIAL no. 421 421 of 16 May 2006, amending section 84 84 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (3) The Insurance Supervisory Commission will decide on the granting of the authorization necessary to carry out the activity as an insurance and/or reinsurance broker or on the rejection of the authorization request, within 60 days from the date submission of complete documentation. ... -------------- Alin. ((3) of art. 35 35 has been amended by section 84 84 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (4) By the decision granting the authorization issued by the Chairman of the Board of the Insurance Supervisory Board, the date from which the insurance and/or reinsurance broker will begin to operate shall be determined. ... (4 ^ 1) Insurance and/or reinsurance brokers authorized in accordance with the provisions of this law and the rules issued in its application are obliged to include, in all documents issued, including in correspondence with third parties, the unique code allocated by the Register of insurance and/or reinsurance brokers provided for in art. 5 lit. q), as well as the following inscription: "Authorized by the Financial Supervisory Authority". ---------- Alin. (4 ^ 1) of art. 35 35 has been amended by section 17 17 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. (4 ^ 2) Insurance and/or reinsurance brokers are obliged to write on all documents received from insurers or reinsurers the unique code allocated by the register provided for in art. 5 lit. q). ---------- Alin. (4 ^ 2) of art. 35 35 has been amended by section 17 17 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. ((5) Any insurance and/or reinsurance broker must meet the following conditions: ... a) to be a legal person, in whose name the term insurance broker, insurance-reinsurance broker or reinsurance broker, as the case may be, or in a common language for insurance activity; ... -------------- Letter a) a par. ((5) of art. 35 35 has been amended by section 4.2 86 86 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. b) have a paid share capital in a monetary form, the value of which may not be less than 150 million lei; this value will be updated by rules adopted by the Insurance Supervisory Commission; ... c) to have in force an insurance contract of civil liability, the value of which must be in accordance with the provisions of the norms issued in application of this law, which, after the date of acquisition by Romania of the status of a Member State, shall be valid throughout the European Union and the countries of the European Economic Area; ... -------------- Letter c) a par. ((5) of art. 35 35 has been amended by section 4.2 86 86 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. c ^ 1) the value of the civil liability insurance contract, provided in lett. c), will be updated periodically, by rules issued in application of this law and in accordance with the provisions of the European legislation in the matter. -------------- Point c ^ 1) of par. ((5) of art. 35 35 was introduced by section 4.2. 87 87 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. d) to have as an object of activity only the activity of insurance and/or reinsurance broker; ... e) keep and make available to the Insurance Supervisory Commission, upon request, the books and accounting records to highlight and explain the operations carried out during the activity, including information on insurance and/or reinsurance contracts concluded and agreements with insurers and/or reinsurers; ... f) comply with the requests of the Insurance Supervisory Commission with regard to the reports, as well as the activities they carry out, as determined by the rules; ... g) have not previously been declared bankrupt and not subject to a judicial reorganization and/or bankruptcy procedure at the time of the request for authorization. ... h) have staff employed to meet the qualification and professional training criteria according to the rules on professional requirements for insurance intermediaries and/or reinsurance; ... -------------- Letter h) a par. ((5) of art. 35 35 was introduced by section 4.2. 88 88 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. i) to open and maintain the Journal of Assistants In Brokerage, whose regime, form and content will be established by rules issued in the application of this Law. ... -------------- Letter i) a par. ((5) of art. 35 35 was introduced by section 4.2. 88 88 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (6) The Insurance Supervisory Board shall refuse an application for authorization for an insurance and/or reinsurance broker in one of the following situations: ... -------------- The introductory part of para. ((6) of art. 35 35 has been amended by section 4.2 89 89 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. a) associations or shareholders of individuals, as well as significant persons, as the case may be, have criminal records for crimes against heritage or crimes provided for in financial-tax law; ... -------------- Letter a) a par. ((6) of art. 35 35 has been amended by section 4.2 89 89 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. b) the executive director does not meet the conditions of preparation and experience to hold this position, in accordance with the rules developed by the Insurance Supervisory Commission; ... c) the name of the applicant misleading the public ... d) the applicant does not comply with the conditions provided in ((5). ... (7) The authorization granted to an insurance and/or reinsurance broker may be withdrawn by the Insurance Supervisory Commission if: ... -------------- The introductory part of para. ((7) of art. 35 35 has been amended by section 4.2 90 90 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. a) it finds that the insurance and/or reinsurance broker is in one of the situations referred to in par. ((6); ... b) the insurance and/or reinsurance broker has not paid the taxes provided in art. 36. ... c) has not started to carry out the activity of insurance and/or reinsurance broker within 6 months from the date of issuance of the authorization; ... -------------- Letter c) a par. ((7) of art. 35 35 was introduced by section 4.2. 91 91 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. d) in a period of 4 months did not send any reporting to the Insurance Supervisory Commission; ... -------------- Letter d) a par. ((7) of art. 35 35 was introduced by section 4.2. 91 91 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. e) waives the activity of insurance and/or reinsurance broker and expressly requests the withdrawal of the authorization; ... -------------- Letter e) a par. ((7) of art. 35 35 was introduced by section 4.2. 91 91 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. f) repeatedly violates the provisions of this law and the rules issued in its application. ... -------------- Letter f) a par. ((7) of art. 35 35 was introduced by section 4.2. 91 91 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (8) The Insurance Supervisory Commission will publish, at least once a year, in the Official Gazette of Romania, Part I, as well as in a publication of wide circulation updated list comprising insurance and/or reinsurance brokers authorized and any other information that you will consider necessary in the application of this law. ... (9) An insurance and/or reinsurance broker may not be a shareholder, directly or indirectly, or administrator to an insurer, reinsurer, insurance or reinsurance agent or to a subordinate insurance agent. ... -------------- Alin. ((9) of art. 35 35 has been amended by section 92 92 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. ((9 ^ 1) An insurer, reinsurer, insurance or reinsurance agent, natural or legal person, or a subordinate insurance agent, natural or legal person, cannot be a shareholder, directly or indirectly, or administrator of a broker insurance and/or reinsurance. -------------- Alin. (9 ^ 1) of art. 35 35 has been introduced by section 93 93 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (10) Insurance and/or reinsurance brokers, subject to the empowerment received from insurers and/or reinsurers, have the right to collect premiums, to pay compensation on their behalf, in the currency provided for in the contract of insurance or reinsurance, as applicable, in compliance with the legal provisions in force, and to issue insurance or reinsurance documents on behalf of the insurer or reinsurer, as the case may be. ... (11) Insurance and/or reinsurance brokers may not operate through insurance agents, natural or legal persons, sub-agents or subordinate insurance agents, but only through their own staff and/or through brokerage assistants. ... -------------- Alin. (11) of art. 35 35 has been amended by section 94 94 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (11 ^ 1) The brokerage mandate may not be fulfilled by means of an insurance or reinsurance agent, natural or legal person, or by a subordinate subagent or insurance agent. -------------- Alin. (11 ^ 1) of art. 35 35 has been introduced by section 95 95 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (11 ^ 2) Before concluding the brokerage mandate with the customer, the broker must ask him for a document showing that he has not signed with one or more brokers a mandate with the same object. -------------- Alin. (11 ^ 2) of art. 35 35 has been introduced by section 95 95 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (11 ^ 3) If the customer considers himself prejudiced by the way the brokerage mandate is fulfilled he has the right to request the amendment by amicable settlement or if no agreement is reached he has the right to revoke the mandate. In all the above cases the customer must argue his request in writing, through a notice sent with at least: 1. 10 calendar days before the date of application of the amicable settlement; or 2 2. 30 calendar days before the date of revocation of the mandate. -------------- Alin. (11 ^ 3) of art. 35 35 has been introduced by section 95 95 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (11 ^ 4) If the provisions of paragraph are not complied with. ((11 ^ 2) and para. ((11 ^ 3) pt. 1 and 2, the broker in question is entitled to ask for reimbursement of expenses incurred until the date on which he becomes aware of the facts described in the above mentioned provisions or, as the case may be, to seek material damages. -------------- Alin. (11 ^ 4) of art. 35 35 has been introduced by section 95 95 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (11 ^ 5) The own staff of the insurance and/or reinsurance broker, which has as the main assignment of service the intermediation of insurance and/or reinsurance contracts, will be entered in the register provided for in art. 5 lit. q), under the conditions provided by norms issued in application of this law. ---------- Alin. (11 ^ 5) of art. 35 35 has been amended by section 17 17 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. (11 ^ 6) Brokerage assistants will be enrolled in the Journal of Assistants In Brokerage. -------------- Alin. (11 ^ 6) of art. 35 35 has been introduced by section 95 95 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (12) Insurance and/or reinsurance brokers may be associated in professional unions and may join international trade unions, in compliance with their obligations arising from their constituent acts. ... (13) The advertising activities of insurance and/or reinsurance intermediaries must comply with the legal provisions governing this activity in order to protect the public interest. ... (13 ^ 1) Insurance and/or reinsurance brokers are prohibited from advertising or advertising remunerated for the products, activity or actions of any kind of insurers or reinsurers. -------------- Alin. (13 ^ 1) of art. 35 35 has been introduced by section 96 96 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (14) If the Insurance Supervisory Commission finds that the activity of advertising intermediaries in insurance and/or reinsurance that have its registered office or domicile, as the case may be, in Romania does not comply with these rules, apply the sanctions provided in art. 39 39 para. ((3) lit. d) or e). ... -------------- Alin. ((14) of art. 35 35 has been amended by section 97 97 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (15) All reports, documents and requests of insurance and/or reinsurance brokers, as well as correspondence of any kind thereof with the Insurance Supervisory Commission will be signed, as the case may be, only by significant persons. ... -------------- Alin. ((15) of art. 35 35 has been introduced by section 98 98 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (16) Any power of attorney given to another person, issued including by administrators or by the sole administrator, if the latter is not part of the executive management, is null and void. ... -------------- Alin. ((16) of art. 35 35 has been introduced by section 98 98 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (17) By way of derogation from the provisions of paragraph (16), when the management is provided by a single person, in duly justified cases, the persons referred to in par. (16) may empower another person within the insurance and/or reinsurance broker, in order to carry out the obligations provided in par. ((15). ... -------------- Alin. ((17) of art. 35 35 has been introduced by section 98 98 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (18) The empowerment, which must indicate the period for which it is granted, will be sent no later than two calendar days from its issuance, to the notice, to the Insurance Supervisory Commission. ... -------------- Alin. ((18) of art. 35 35 has been introduced by section 98 98 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (19) By exception to the provisions of par. ((5) lit. d), insurance and/or reinsurance brokers may carry out marketing activities of the privately managed pension fund and/or the prospectus of the voluntary pension scheme, in compliance with the legal provisions in force. ... ------------- Alin. ((19) of art. 35 35 has been amended by art. I of EMERGENCY ORDINANCE no. 117 117 of 24 October 2007 , published in MONITORUL OFFICIAL no. 732 732 of 30 October 2007. (20) The civil liability insurance contract provided in par. ((5) lit. c) refers only to the activity of intermediation in insurance and/or reinsurance regulated in accordance with this law and the rules issued in its application. ... ------------- Alin. ((20) of art. 35 35 has been introduced by section 3 3 of art. I of EMERGENCY ORDINANCE no. 87 87 of 8 November 2006 , published in MONITORUL OFFICIAL no. 916 916 of 10 November 2006. ------------ Article 35 has been amended by section 6.6. 47 47 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. + Article 35 ^ 1 Insurance and/or reinsurance brokers are required to submit to the Insurance Supervisory Commission the annual financial statements, as well as other documents, reports or information required by it, within the deadlines and in the forms established by rules issued in the application of this law or through opinions, decisions or circulars. -------------- Art. 35 ^ 1 was introduced by item 99 99 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. + Article 35 ^ 2 (1) Insurance and/or reinsurance brokers may capitalize or invest the share capital, income from insurance or reinsurance intermediation activity, as well as capital reserves in real estate or real estate (deposits). banking, shares, bonds, other securities, real estate for own business or rental). ... ((2) The revenues from the rental activity of the buildings may represent a maximum of 15% of the income related to the insurance intermediation activity. ... -------------- Art. 35 ^ 2 was introduced by item 99 99 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. + Article 36 (1) An insurance broker who requests authorization according to art. 35 pays at the submission of the application for authorization a authorization fee of 30,000,000 lei; the amount of authorization fees is regularly updated by decision of the Insurance Supervisory Commission, depending on the price index communicated by the Commission National for Statistics. ... ((2) In case of rejection of the application for authorization or withdrawal of documentation by the applicant, the authorization fee shall not be refunded. ... ------------ Alin. ((2) of art. 36 36 has been modified by the subsection. 29 29 of section 2 2 of the single article of LAW no. 162 162 of 8 May 2009 , published in MONITORUL OFFICIAL no. 322 322 of 14 May 2009, amending art. I of EMERGENCY ORDINANCE no. 117 117 of 24 October 2007 , published in MONITORUL OFFICIAL no. 732 732 of 30 October 2007. (3) Insurance and/or reinsurance brokers pay, from the moment of granting the operating authorization for the duration of its validity, an operating fee, established annually by the Insurance Supervisory Commission, up to a maximum of 0.3% of the income from brokerage activity for the period for which they are due. ... ------------ Alin. ((3) of art. 36 36 has been amended by section 48 48 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. (3 ^ 1) After the date of Romania's accession to the European Union, the operating fee provided in par. ((3) may increase up to a maximum of 0.5% of the revenues from the brokerage activity related to the period for which they are due, in relation to the obligations of the Insurance Supervisory Commission, after the acquisition of the status of European Union. -------------- Alin. (3 ^ 1) of art. 36 36 has been introduced by section 100 100 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (4) Insurance brokers shall pay the operating fee at the deadline set by the rules. ... (5) For the term non-irmisation of the operating fee provided in par. ((3), the delay increases shall be calculated in accordance with the regulations in force on the collection of budgetary claims. ... ------------ Alin. ((5) of art. 36 36 has been amended by section 49 49 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. + Chapter VII ^ 1 Right of establishment and freedom to provide services to insurance intermediaries and/or reinsurance ------------ Head. VII ^ 1 has been introduced by section 50 50 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. + Article 36 ^ 1 (1) Intermediation in insurance and/or reinsurance, authorized and/or registered by the Insurance Supervisory Commission to carry out intermediation activity on the territory of Romania, as the case may be, may carry out intermediation activity on territory of any Member State. ... (2) Insurance and/or reinsurance intermediaries operate according to par. (1), subject to the prior information of the Insurance Supervisory Commission. ... (3) The insurance and/or reinsurance intermediary shall submit for information to the Insurance Supervisory Commission the following documents and information regarding: ... a) the Member State in whose territory it intends to operate; ... b) its organizational structure; ... c) the address of the establishment or host Member State from which it may be obtained and to which documents may be transmitted; ... d) the name, qualification and experience of the executive leader, who has the capacity to represent and engage him in relations with third parties in the territory of that Member State, including proof that he has no criminal record for crimes against its patrimony for crimes under financial and fiscal law. ... (4) The Insurance Supervisory Commission shall transmit this information within 30 days of their receipt to the competent authority of that Member State, only if the Member State has communicated to the European Commission that it wishes to be informed about such actions. ... ((. Where the Member State concerned has not expressed the wish provided for in paragraph 1. ((4), the insurance and/or reinsurance intermediary may start its business immediately. ... ------------ Art. 36 ^ 1 was introduced by item 50 50 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. + Article 36 ^ 2 If the Insurance Supervisory Commission wishes to be informed about the intention of any insurance intermediary and/or in reinsurance from a Member State to carry out intermediation activities on the territory of Romania, it will communicate this European Commission requirement. The insurance and/or reinsurance intermediary will transmit, through the competent authority of the home Member State, the requested documents and information, according to the legal provisions in force. ------------ Art. 36 ^ 2 was introduced by item 50 50 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. + Article 36 ^ 3 ((1) The intermediary in insurance and/or reinsurance with domicile or, as the case may be, with its registered office in a Member State which, on the basis of the right of establishment and freedom to provide services, wishes to carry out intermediation activity on the territory of Romania, has the obligation to comply with and obey the regulations ... (2) The Insurance Supervisory Commission shall require an intermediary in insurance and/or reinsurance that carries out intermediation activity on the territory of Romania any information and documents necessary to verify its compliance with the national legislation. ... ------------ Art. 36 ^ 3 was introduced by item 50 50 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. + Article 36 ^ 4 (1) If the Insurance Supervisory Commission finds non-compliance with the provisions of national legislation by insurance intermediaries and/or reinsurance that carry out activities on the territory of Romania, according to the provisions of art. 36 ^ 3, require them to take the necessary measures to remedy the situation. ... ((. Where the Insurance Supervisory Commission finds that the intermediary does not take all necessary measures to remedy the situation, it shall inform the competent authority of the home Member State accordingly. ... ((3) If the measures taken by the competent authority of the home Member State prove to be inadequate and/or insufficient and if the intermediary concerned continues to violate the provisions of the national legislation, the Supervisory Commission has Insurance exercises its duties according to the law, being in law to apply the sanctions provided by law, including the prohibition of the activity of intermediation in insurance and/or reinsurance on the territory of Romania. ... ------------ Art. 36 ^ 4 was introduced by section 4. 50 50 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. + Article 36 ^ 5 In case of withdrawal of the authorization or, as the case may be, of the deletion from the register of insurance agents of an insurance intermediary and/or in reinsurance, which has its registered office or domicile on the territory of Romania, the Insurance Supervisory Commission will inform all competent authorities in whose territory that intermediary operates on the basis of the right of establishment or freedom to provide services. -------------- Article 36 ^ 5 has been amended by section 6.6. 101 101 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. + Article 36 ^ 6 (1) The advertising activities of insurance and/or reinsurance intermediaries must comply with the legal provisions governing this activity in order to protect the public interest. ... (2) If the Insurance Supervisory Commission finds the violation of the provisions of par. (1) by insurance intermediaries and/or in reinsurance, operating under the right of establishment and freedom to provide services, request an immediate termination of these practices, otherwise they will inform the competent authority of the home Member State. ... ------------ Art. 36 ^ 6 was introduced by section 6. 50 50 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. + Article 36 ^ 7 The Insurance Supervisory Commission will take the necessary measures to ensure the proper publication of the conditions under which the insurance activity must be carried out on the territory of Romania. -------------- Art. 36 ^ 7 was introduced by item 102 102 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. + Chapter VIII Control and Sanctions Activity -------------- Title Cap. VIII has been amended by section 104 104 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. + Article 37 No act or omission of the insurance agent, consisting in violation of any provision of this law, the law applicable to the insurance contract and the conditions or the amount of insurance premiums, as well as other items regarding the conclusion of the insurance contract, cannot be invoked by the insurer who mandated that agent for the cancellation of an insurance contract. ---------- Article 37 has been amended by section 6.6. 18 18 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 38 Repealed. ---------- Article 38 was repealed by point (a). 19 19 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 38 ^ 1 (1) The violation of the provisions of this law, of the norms adopted in its application, as well as of the opinions, decisions or requests for information, documents and reports shall be found by A.S.F., by exercising a permanent, periodic or unannounced the activity of insurance intermediaries and/or reinsurance, the Fund or entities that organize vocational training, training and refresher courses. ... ((2) The sanctions shall be established by the A.S.F. Council, on the basis of the finding references drawn up by the specialized directorates who carry out the permanent control at the headquarters of the supervisory authority or of the minutes concluded as a result of periodic or unannounced checks carried out by the control teams designated for that purpose, at the premises of the insurance intermediary and/or in reinsurance, the Fund or the entity which organises qualification, training and refresher courses professional. ... (3) The pursuit of sanctions shall be carried out by the specialized directorates who have drawn up the references or by the control department, for periodic or unannounced checks. ... (4) The permanent control shall be carried out at the premises of the A.S.F. by its specialized directions on: ... a) the data from the reports and briefings, periodicals or annuals, established by this Law and by the rules issued in its application; ... b) documents and information requested by the A.S.F. for the exercise of prudential supervision; ... c) documents and information that require prior approval of the changes decided by insurance and/or reinsurance brokers; ... d) compliance with the deadlines for submitting reports, briefings, documents and information provided in lett. a)-c). ... (5) The specialized departments of the A.S.F., which carry out the permanent control in accordance with the provisions of par. ((4), shall notify, by letter with acknowledgement of receipt, to the significant persons of insurance intermediaries and/or in reinsurance, to the Board of Directors of the Fund or to the management of entities holding qualification, training and professional improvement about the violation of the provisions of this law, of the norms issued in its application, as well as of opinions, decisions or requests for information, documents and reports and will request them that, within 7 days calendar from the receipt of the notification, to submit an answer by which to explain the reason for ... (6) Within 3 working days from the receipt of the response to the notification provided in par. (5), the specialized direction in question will propose, through a finding reference, to the A.S.F. Council the sanctioning measures, to which the received response is attached. ... (7) The finding reference will be drawn up and will be presented to the A.S.F. Council, within the same period as the one provided in par. ((6), and in case of lack of a response to the notification provided in par. ((5). ... (8) The terms provided in par. ((5) and para. (6) flow from the date of registration of receipt of notification by insurance intermediaries and/or in reinsurance, the Fund or entities holding professional qualification, training and refresher courses, as the case may be, and from the date of registration of the response to the notification by the issuing specialist direction of the notification. ... (9) Depending on the nature, gravity and frequency of the deviations, the A.S.F. Council may decide both to apply a sanction, in accordance with the provisions of this law, and to carry out an unannounced control at the headquarters of the insurance intermediary and/or in reinsurance or, if a regular check is carried out, it will also have its extension on the negative aspects notified. ... (10) The periodic and thematic controls will be notified to the executive management of insurance and/or reinsurance brokers, or, if applicable, to the Board of Directors of the Fund, to insurance or reinsurance agents and to agents of Subordinated insurance, legal entities, 15 working days before the start date. ... ((11) Intermediation in insurance and/or reinsurance, legal persons, the Fund or entities organising vocational training, training and training shall be required to make available to the control teams on a regular basis or unannounced, as appropriate, an appropriate space, which during the period of the control shall be used only by the members of the team. ... (12) Unannounced controls will concern only one-off aspects, resulting from the analysis of periodic or annual reports and briefings or complaints and referrals registered with the A.S.F., regarding the activity of insurance intermediaries and/or in reinsurance, the Fund or entities holding vocational training, training and refresher courses, as appropriate. ... ((13) No insurance and/or reinsurance intermediary, the Fund or an entity that organises vocational training, training and refresher courses may refuse to carry out unannounced control. ... ---------- Article 38 ^ 1 has been amended by point (a) 20 20 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 39 ((1) Abrogat. ... -------------- Alin. ((1) of art. 39 39 has been repealed by section 6.6. 106 106 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (2) The following facts are contraventions: ... a) non-compliance, in any way, with the rules adopted according to 8 8 para. (1), as well as the decisions or opinions of the Insurance Supervisory Commission/A.S.F. issued according to art. 8 8 para. ((2) and (3); ... b) the violation, in any way, by insurance intermediaries and/or in reinsurance, Fund or entities that organize qualification, training and professional improvement courses, as the case may be, of the provisions of art. 5 lit. b)-j), l) and n), of the norms issued in application of this law, as well as of opinions, decisions or requests for information, documents and reports; ... c) non-solicitation by the insurance and/or reinsurance broker of the approval or opinion, as the case may be, a/al A.S.F., for direct and/or indirect significant shareholders and for the significant persons of insurance brokers and/or reinsurance or, in the case of the Fund, the prior opinion for the members of the ... d) the violation, in any way, by the insurance and/or reinsurance brokers of the obligations regarding the record keeping and the transmission of the reports provided by law and/or by the norms adopted in its application; ... e) violation of the obligations provided for in 35 and the rules issued in the application of this law regarding the maintenance of the minimum limit of the share capital; ... f) non-compliance with 33 33 para. ((3), (4), (4 ^ 1), (6), (7) and (14), art. 34 34, art. 38 ^ 1 para. ((5), (11) and (13), as well as the rules on carrying out the activity of insurance agents, subagents and subordinate insurance agents; ... g) non-compliance with the obligations provided 35 35 para. ((13) and (13 ^ 1); ... h) non-compliance with the obligations of insurance and/or reinsurance brokers provided in art. 33 33 para. ((3), (41), (6), (7) and (14), art. 35, 36, art. 381 381 para. ((5), (11) and (13) and in the rules issued in application; ... i) non-compliance by insurance and/or reinsurance brokers, the Board of Directors of the Fund or the management of entities that organize qualification, training and professional refresher courses of the deadlines for transmission or sending with incomplete and erroneous data of reports, reports, analyses, documents and information provided by this law, by the rules issued in its application or by decisions or opinions; ... j) non-compliance with 5 5 ^ 1 and the rules issued in its application by the Board of Directors of the Fund; ... k) non-compliance by the management of the entities that organize qualification, training and professional improvement courses and/or by lecturers of the provisions of art. 38 ^ 1 para. ((5), (8), (11) and (13) and of the rules issued in application of this Law; ... l) failure to fulfill or defective performance of the obligation of young assistants ' journal in brokerage, according to the law and norms issued in its application; ... m) making any changes to the documents and/or conditions on the basis of which the operating authorization was granted, without the prior opinion of the A.S.F.; ... n) carrying out the activity by insurance intermediaries and/or in reinsurance without fulfilling and maintaining the professional requirements provided by this law and the norms given in its application; ... o) non-compliance with paragraph ((8 ^ 1). ... ---------- Alin. ((2) of art. 39 39 has been amended by section 21 21 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. (3) The commission with intent or at fault, through commission or omission, of any of the facts provided in par. ((2) shall be sanctioned with: ... a) written warning; ... b) the applicable fine: insurance and/or reinsurance intermediaries, from 2,500 lei to 50,000 lei; insurance agents, individuals, subagents and subordinate insurance agents, individuals, from 500 lei to 1,000 lei; heads of entities that organize training, training and professional improvement courses, from 1,000 lei to 10,000 lei; to the driver or, as the case may be, to the significant persons of insurance intermediaries and/or reinsurance, legal entities, and members of the Board of Directors of the Fund, from 2,500 lei to 50,000 lei; ... c) the fine applicable to any person who uses the names of insurance and/or reinsurance broker, insurance or reinsurance agent, subagent or subordinate insurance agent or their derivatives without having an authorization issued or without being registered with the Insurance Supervision Commission/A.S.F., from 10,000 lei to 100,000 lei, for legal entities, and from 5,000 lei to 10,000 lei, for individuals; ... d) temporary or definitive prohibition of the exercise of activity for insurance and/or reinsurance brokers, defined in art. 2 2 section 9 9, 12 and 15; ... e) withdrawal of the authorization of insurance and/or reinsurance brokers, entities that organize qualification, training and professional improvement courses, withdrawal of approval for significant persons of insurance brokers and/or of reinsurance and, as the case may be, the withdrawal of the opinion for the members of the Board of Directors of the Fund, the revocation of a member or the entire Board of Directors of the Fund, the revocation of the approval granted and/or insurance/reinsurance of the removal of assistants in brokerage from special registers in which they were registered. ... ---------- Alin. ((3) of art. 39 39 has been amended by section 21 21 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. (4) The sanction of the fine may be applied cumulatively with any of the sanctions provided in par. ((3) lit. d) and e). ... ((5) Abrogat. ... ---------- Alin. ((5) of art. 39 39 has been repealed by section 6.6. 22 22 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. (6) The individualization of the sanction will take into account the personal and real circumstances of the act and the conduct of the perpetrator. ... (7) In case of finding the commission of two or more contraventions, the fine provided for the most serious contravention shall be applied. ... (7 ^ 1) In so far as this law does not have otherwise, the contraventions provided in par. (2) their provisions are applicable Government Ordinance no. 2/2001 , approved with amendments and additions by Law no. 180/2002 , with subsequent amendments and completions. ---------- Alin. (7 ^ 1) of art. 39 39 has been introduced by section 23 23 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. (8) It constitutes a crime and is punishable by imprisonment from 3 months to 2 years or by fine the act of any person consisting in carrying out the activity of insurance intermediation and/or reinsurance in/from Romania without the authorization of A.S.F., as well as carrying out the activity without registration in the registers referred to in 5 lit. q). ... ---------- Alin. ((8) of art. 39 39 has been amended by section 24 24 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. (8 ^ 1) It is prohibited to any person who has no authorization issued or is not registered with the A.S.F. to use the names of insurance broker and/or reinsurance, insurance or reinsurance agent, subagent or subordinate insurance agent or their derivatives, in connection with an activity, a product or a service, unless such use is established or recognised by law or by an international agreement or when, from the context in which such use is used words, it follows unquestionably that it is not insurance intermediation activities and/or reinsurance. ---------- Alin. (8 ^ 1) of art. 39 39 has been amended by section 24 24 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. (8 ^ 2) In any form of advertising, official acts, contracts or other such documents, initials, logo, emblem or other elements of identification of an insurance intermediary and/or reinsurance operating in Romania or suggesting a the link with it may only be used by and in connection with a subunit of that entity, including its name. ---------- Alin. (8 ^ 2) of art. 39 39 has been amended by section 24 24 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. (8 ^ 3) For the purpose of exercising specific activities, foreign entities may use on the territory of Romania the name they use in their country of origin. If there is a possibility of confusion, in order to ensure proper clarification, the A.S.F. may request that the name of the insurance intermediary and/or reinsurance be accompanied by an explanatory note in the Romanian. ---------- Alin. ((8 ^ 3) of art. 39 39 has been amended by section 24 24 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. ((9) Abrogat. ... ---------- Alin. ((9) of art. 39 39 has been repealed by section 6.6. 25 25 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. (10) The contravention fines established by law and applied by the Insurance Supervisory Commission shall be made revenues to the state budget in the share of 50%, and the difference is made to the budget of the Insurance Supervisory Commission. ... ------------ Alin. ((10) of art. 39 39 has been amended by section 57 57 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. ((11) Abrogat. ... ------------ Alin. (11) of art. 39 was repealed by the subsection. 36 36 of section 2 2 of the single article of LAW no. 162 162 of 8 May 2009 , published in MONITORUL OFFICIAL no. 322 322 of 14 May 2009, amending art. I of EMERGENCY ORDINANCE no. 117 117 of 24 October 2007 , published in MONITORUL OFFICIAL no. 732 732 of 30 October 2007. (12) In order to ensure the transparency and unitary application of the sanctioning measures provided for in this article, the Insurance Supervisory Commission will issue rules in application of this law on the gradualization of sanctioning measures. The sanctioning measures must be proportionate to the degree of social danger of the act committed, taking into account the circumstances in which it was committed, the manner and means of its perpetration, the intended purpose, the following as well as the personal circumstances of the offender and the other data entered in the finding/minutes reference. ... -------------- Alin. ((12) of art. 39 39 has been introduced by section 117 117 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. + Article 40 (1) Against the decisions adopted by the Insurance Supervisory Commission, in accordance with art. 8 8 para. (2), the natural or legal person concerned may complain to the Bucharest Court of Appeal within 30 days of the communication of the decision. ... ------------ Alin. ((1) of art. 40 40 has been amended by section 58 58 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. (2) The complaint to the Court of Appeal does not suspend, during its resolution, the measures ordered by the Insurance Supervisory Commission. ... (3) The resolution of the complaint shall be dealt with in particular and urgency. ... + Article 41 The Insurance Supervisory Board can always decide to amend or revoke any measures ordered, if it finds that they are no longer necessary. + Article 41 ^ 1 (1) The Insurance Supervisory Commission will issue rules on the proper resolution of complaints and, amicably, disputes between insurance intermediaries and/or in reinsurance and insured. ... (2) The Insurance Supervisory Commission will support the professional associations of insurers and insurance intermediaries and/or in reinsurance to cooperate in order to resolve cross-border disputes. ... -------------- Article 41 (1) has been amended by section 1. 118 118 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. + Chapter IX Transitional and final provisions + Article 42 (1) In all aspects regarding the organization and functioning of the Insurance Supervisory Commission, as well as the regulation of insurance and reinsurance activity, the provisions of this law shall apply. ... -------------- Alin. ((1) of art. 42 42 has been amended by section 6 6 of art. I of LAW no. 289 289 of 28 December 2010 , published in MONITORUL OFFICIAL no. 892 892 of 30 December 2010. (2) Any legal provisions relating to the organization and functioning of the Insurance Supervisory Commission and to the insurance/reinsurance activity are administered by the Insurance Supervisory Commission. ... -------------- Alin. ((2) of art. 42 42 has been amended by section 6 6 of art. I of LAW no. 289 289 of 28 December 2010 , published in MONITORUL OFFICIAL no. 892 892 of 30 December 2010. ((3) Abrogat. ... ---------- Alin. ((3) of art. 42 42 has been repealed by section 6.6. 26 26 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. ((4) Abrogat. ... ---------- Alin. ((4) of art. 42 42 has been repealed by section 6.6. 26 26 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 42 ^ 1 A. S. F does not have passive standing and cannot be sued in lawsuits against insurance and/or reinsurance intermediaries, even if they are bankrupt, in order to respond to non-compliance with their obligations. assumed by them according to the law and/or international conventions or in the case of lawsuits against entities that organize qualification, training and professional refresher courses and/or lecturers. ---------- Article 42 ^ 1 has been amended by section 4.2. 27 27 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 43 (1) The National Trade Register Office is obliged to allow the free access of the A.S.F. to the information in the central trade register, kept in computerized system, regarding insurance and/or reinsurance brokers in Romania, authorized in accordance with the provisions of this law, to insurance intermediaries and/or registered reinsurance, as well as to other natural or legal persons who are or seek approval to become direct or direct shareholders indirect of a broker; also the National Trade Register Office is obliged to provide, at the request of the A.S.F., economic and financial information reported by insurers, reinsurers, insurance agents, legal entities and insurance and/or reinsurance brokers in the annual financial statements. ... (2) The act by which the obligation to pay an insurance and/or reinsurance broker, authorized or registered insurance agent or persons referred to in art. 39 39 para. ((3) lit. b), as the case may be, drawn up or issued by the A.S.F. bodies, according to the law, constitutes a debt instrument. ... (3) On the due date, the title of claim becomes enforceable, under which the A.S.F. will trigger the forced procedure for the recovery of its claims, according to the provisions of the Code of Civil Procedure. ... ---------- Article 43 has been amended by section 43. 28 28 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 44 (1) The insurer or broker who on the date of entry into force of this law was authorized to carry out activities in the field of insurance, under the legislation repealed by this law, is authorized to continue its activity for the next 4 months from the date of publication in the Official Gazette of Romania, Part I, of the Parliament's decision appointing the members of the Council of Insurance Supervisory Board, during which it will comply with the regulations of this law. ... ------------- Alin. ((1) of art. 44 44 has been amended by section 1 1 of the single article of EMERGENCY ORDINANCE no. 51 51 of 29 March 2001 , published in MONITORUL OFFICIAL no. 175 175 of 6 April 2001. (2) The insurers who cease their activity or, in the case of insurers with composite activity, request the waiver of one of the activities are obliged to proceed to the transfer of the portfolio under the conditions provided in art. 23 and in the rules issued in application of this law. ... -------------- Alin. ((2) of art. 44 44 has been amended by section 121 121 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. (3) Within 4 months from the date of publication in the Official Gazette of Romania, Part I, of the Parliament's decision appointing the members of the Supervisory Supervisory Board of the Mutual Companies who carry out an insurance activity at the date of entry into force of this law are obliged to request and obtain the authorization of the Insurance Supervisory Commission, in accordance with the provisions of art. 12. ... ------------- Alin. ((3) of art. 44 44 has been amended by section 2 2 of the single article of EMERGENCY ORDINANCE no. 51 51 of 29 March 2001 , published in MONITORUL OFFICIAL no. 175 175 of 6 April 2001. (4) The provisions of art. 13 and 36 shall apply from the date of publication in the Official Gazette of Romania, Part I, of the Parliament's decision appointing the members of the Board of Insurance Supervisory Board. ... ------------- Alin. ((4) of art. 44 44 has been amended by section 3 3 of the single article of EMERGENCY ORDINANCE no. 51 51 of 29 March 2001 , published in MONITORUL OFFICIAL no. 175 175 of 6 April 2001. (5) Until the approval of the new account plan, specific to the insurance activity, in determining the income of the insurer, the premiums actually collected will be taken into account. ... (6) Within no more than 6 months from the date of entry into force of this law the Insurance Supervisory Commission, with the opinion of the Ministry of Finance, will develop the new account plan and the accounting methodology specific to the insurance activity. ... (7) The Insurance Supervisory Commission will appeal in the first year of activity from the date of publication in the Official Gazette of Romania, Part I, of the Parliament decision appointing the members of the Insurance Supervisory Board, for the coverage of maintenance, endowment and operation expenses, as a refundable loan, at the availability of the Insurance Protection Fund, established on the basis of art. 60 60 of Law no. 136/1995 ... on insurance and reinsurance in Romania; the loan will be reimbursed according to the provisions of this law. ------------- Alin. ((7) of art. 44 44 has been amended by section 4 4 of the single article of EMERGENCY ORDINANCE no. 51 51 of 29 March 2001 , published in MONITORUL OFFICIAL no. 175 175 of 6 April 2001. + Article 45 (1) On the date of entry into force of this Law, the Insurance Supervisory Commission shall be established. ... (2) The members of the Board of the Insurance Supervisory Board shall be appointed within 60 days from the date of publication of this Law in the Official Gazette of Romania, Part I. ... (3) Until the date of appointment of the members of the Board of Insurance Supervisory Board, the Office for the supervision of insurance and reinsurance activity within the Ministry of Finance exercises the powers given in the competence of the Supervisory Commission Insurance, provided in art. 5 5, except for the one referred to in lett. j). ... ------------- Alin. ((3) of art. 45 45 has been amended by section 1 1 of art. I of EMERGENCY ORDINANCE no. 116 116 of 29 June 2000 , published in MONITORUL OFFICIAL no. 311 311 of 5 July 2000. (4) The tasks of the Office for the supervision of insurance and reinsurance activity within the Ministry of Finance, the legal powers of the Ministry of Finance, as well as of the Romanian Government, as provided, on the date of entry into force of the present law, to art. 5 5, 7, 53, 60, 65 and 67 of Law no. 136/1995 ... , shall be taken over by the Insurance Supervisory Commission on the date of appointment of the members of the Insurance Supervisory Board Board, the date on which the Office for the supervision of the insurance and reinsurance activity ceases its activity. ------------- Alin. ((4) of art. 45 45 has been amended by section 2 2 of art. I of EMERGENCY ORDINANCE no. 116 116 of 29 June 2000 , published in MONITORUL OFFICIAL no. 311 311 of 5 July 2000. (5) The employees of the Office for the supervision of insurance and reinsurance activity within the Ministry of Finance shall be transferred in the interest of the service to the Insurance Supervisory Commission on similar functions. ... + Article 46 The date of entry into force of this Law shall be repealed: Law no. 47/1991 on the establishment, organization and functioning of insurance companies, published in the Official Gazette of Romania, Part I, no. 151 151 of 19 July 1991; item V of Government Ordinance no. 23/1992 on the modification of some contravention sanctions, published in the Official Gazette of Romania, Part I, no. 213 213 of 28 August 1992; Government Ordinance no. 27/1997 for completion Law no. 136/1995 on insurance and reinsurance in Romania, published in the Official Gazette of Romania, Part I, no. 208 208 of 26 August 1997; Law no. 48/1998 on approval Government Ordinance no. 27/1997 for completion Law no. 136/1995 on insurance and reinsurance in Romania, published in the Official Gazette of Romania, Part I, no. 102 102 of 4 March 1998; Government Decision no. 574/1991 on the tasks of the Office for the supervision of insurance and reinsurance activity, published in the Official Gazette of Romania, Part I, no. 182 182 of 11 September 1991; art. I of Government Decision no. 789/1993 to amend and supplement Government Decision no. 574/1991 on the tasks of the Office for the supervision of the insurance and reinsurance activity, and the Government Decision no. 788/1992 on the organization and functioning of the Ministry of Finance, published in the Official of Romania, Part I, 33 of February 3, 1994, as well as any other provisions contrary to this law. + Article 47 The Insurance Supervisory Commission will adopt and issue: 1. within 3 months from the appointment of the members of the Insurance Supervisory Board, the rules on: a) the insurance classes that can be practiced; ... b) the information and documentation required by the authorization procedure; ... c) the minimum limit of the solvency margin, as well as its calculation methodology; ... d) the insurer's insolvency; ... e) conditions regarding the administration of life insurance fund, investments and valuation of assets, calculation of mathematical reserves, as well as any other aspects relating to actuarial norms; ... f) the categories of assets admitted to cover the technical reserves of the insurer, as well as the rules for the dispersal of placements; ... g) elaboration of the methodology for calculating and recording the minimum technical reserves for the general insurance activity, under the present law; ... 2. within 6 months from the appointment of the members of the Insurance Supervisory Board Board, the rules on: a) updating the minimum limits for: ... -the paid-up share capital of insurance, reinsurance and reinsurance undertakings; -the share capital paid by insurance brokers; -the free reserve pool of an insurer, constituted in the form of a mutual society; b) the updating of the authorization fees and the establishment of the payment terms of the operating fees provided by this law; ... c) the information, documents and certificates necessary for the preparation of the reports provided by this Law ... d) the form and content of financial reports, including the life insurance report; ... e) other categories of technical reserves than those provided for in art. 21 21 para. ((1); ... f) the information that the reports of insurance brokers must contain, the aspects relating to the behavior and management of their businesses, the minimum limit of professional liability insurance, as well as the operations that may be performed; ... g) repealed; ... -------------- Point g) of point g 2 2 of art. 47 47 has been repealed by section 6.6. 122 122 of art. I of EMERGENCY ORDINANCE no. 201 201 of 22 December 2005 , published in MONITORUL OFFICIAL no. 1.191 1.191 of 29 December 2005. h) insurance categories exempted from the provisions of this law, under the terms and conditions established by the Insurance Supervisory Commission; ... i) responsibilities, powers, conditions and any other aspects relating to the special administrator, as well as the duties of significant shareholders and significant persons of the insurer, after its appointment; ... j) the criteria for the prior approval of significant shareholders and significant persons; ... k) law enforcement in the field of compulsory insurance ... l) the confidentiality of information; ... m) portfolio transfer. ... + Article 47 ^ 1 Repealed. ---------- Article 47 ^ 1 has been repealed by point 1. 29 29 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 47 ^ 2 Insurance and/or reinsurance intermediaries have the right to use the personal data of insured or reinsurance insurance or reinsurance contracts entered into, including the tax identification code, only in the purpose of the management of insurance or reinsurance contracts and the handling of damage files, in compliance with the provisions Law no. 677/2001 for the protection of individuals with regard to the processing of personal data and the free movement of such data, with subsequent amendments and completions. ---------- Article 47 ^ 2 has been amended by section 4.2. 30 30 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Article 47 ^ 3 This law transposes the European Union's insurance directives, set out in Annex no. 3. ------------ Art. 47 ^ 3 was introduced by item 63 63 of art. I of LAW no. 403 403 of 11 October 2004 , published in MONITORUL OFFICIAL no. 976 976 of 25 October 2004. + Article 47 ^ 4 Repealed. ---------- Article 47 ^ 4 has been repealed by section 4. 31 31 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. This law was adopted by the Senate at the meeting of March 6, 2000, in compliance with the provisions of art 74 74 para. (1) of the Romanian Constitution. SENATE PRESIDENT MIRCEA IONESCU-QUINTUS This law was adopted by the Chamber of Deputies at its meeting on March 7, 2000, in compliance with the provisions of 74 74 para. (1) of the Romanian Constitution. p. ROOM PRESIDENT DEPUTIES, MIRON TUDOR MITREA + Annex 1 Repealed. ------------ Annex 1 has been repealed by section 6.6. 32 32 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Annex 2 Repealed. ------------ Annex 2 was repealed by section 6.6. 32 32 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. + Annex 3 Repealed. ------------ Annex 3 was repealed by section 6.6. 32 32 of art. 180 of LAW no. 237 237 of 19 October 2015 , published in MONITORUL OFFICIAL no. 800 800 of 28 October 2015. -------
