Law No. 32 Of 3 April 2000 On Insurance Undertakings And Insurance Supervision

Original Language Title:  LEGE nr. 32 din 3 aprilie 2000 privind societăţile de asigurare şi supravegherea asigurărilor

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Law No. 32 of 3 April 2000 (* updated *) on the activities and supervision of insurance and reinsurance intermediaries *) (updated by no later than 1 January 2016)-PARLIAMENT ISSUING — — — — —-*) Title of the law was amended by section 1 of article. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.
*) Title of the law was amended by section 1 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.
Romanian Parliament adopts this law.


Chapter I subject matter and meaning of some terms — — — — — — — — — — the title of Chapter 1 was amended by paragraph 2 of article 9. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 1 this law shall govern the Organization and operation of insurance and reinsurance intermediaries and supervision of activity of insurance and reinsurance intermediaries, as well as other activities in relation to them.
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Art. 1 was amended by section 3 of article 9. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 2 for the purposes of this Act, the words and expressions below have the following meanings: 1. significant shareholder/associate-any person who, directly and through the single times or in conjunction with other individuals or legal, exercise rights arising from the possession of some shares that, combined, represent at least 10% of the share capital of an insurance broker and/or reinsurance times gives it its at least 10% of the total voting rights in the General Assembly of shareholders/members or allowed to exercise a significant influence over the management broker insurance and/or reinsurance business in which it has a significant position, as appropriate;
2. reinsurance intermediary activity-marketing activity, performance of other times proposal activities preliminary to the conclusion of contracts of reinsurance, or the provision of assistance for the fulfilment of contracts administration times, particularly in the event of damage. These activities will not be considered as an intermediary activities in reinsurance, where they are met by a reinsurer or an employee thereof acting under the responsibility of the reinsurer. Will not be considered as intermediary reinsurance activities nor the following: provision of information in exceptional cases, in the context of another professional activity, whose purpose is not the provision of assistance in concluding or administration of a contract, damages on the basis of a professional reinsurer, and the settlement of damages;
3. insurance agent-natural or legal person empowered, on the basis of the authorisation of an insurer, reinsurer times to conclude in the name and on behalf of the insurer or reinsurer contracts of reinsurance insurance times with third parties, under the conditions stipulated in the contract of mandate, without having the status of insurer/reinsurer, insurance broker and/or reinsurance;
4. the underlying insurance agent-an individual or legal person who, in addition to his principal professional activity, arranging on behalf and for the account of one or more insurers insurance products that are complementary to the products supplied by the credit institutions and non-banking financial institutions which act in a regulated market;
5. nurses in brokerage-natural or legal persons who, under contract with a broker of insurance and/or reinsurance business, I get a power of Attorney in connection with a broker and, under cover of professional liability contract broker concerned must undertake certain activities necessary for performing the brokerage mandate;
6. the competent authorities of the national authorities-by law or other regulations, are authorized to record or permit the reinsurance intermediaries;
7. bancassurance work intermediation insurance products that are complementary to the products of credit institutions and non-banking financial institutions, through the network of these institutions under the conditions laid down in rules issued pursuant to this law;
8. insurance broker: a Romanian legal person), authorized under the present law, which negotiates for his clients, natural persons or legal entities, be sure to fold the potential make the conclusion of contracts of insurance, reinsurance and assistance before and during times of contracts in connection with damages, as applicable;
  

b) an intermediary of a Member State, engaged in mediation on Romanian territory, under the right of establishment and freedom to provide services;
  

9. Insurance/reinsurance broker-natural, certified professional in accordance with the provisions of rules issued pursuant to this Act, and that they operate only on the basis of a contractual relationship with a broker of insurance/reinsurance;
10. Executive management of intermediary insurance and/or reinsurance-the person or, in the case of intermediaries who have the legal form of a joint stock company, individuals, at least two, one of which, according to the instruments of incorporation and/or decisions of the statutory bodies of the intermediary in insurance and/or reinsurance is the replacement of the person empowered to lead and coordinate the day-to-day , and entrusted with the power to engage the liability of the intermediary in insurance and/or reinsurance; do not fall into this category people who ensure the direct leadership of the compartments within the intermediary insurance and/or reinsurance subsidiaries and other secondary offices. In the case of branches insurance intermediaries and/or reinsurance enterprises in the Member States who carry out activity on the Romanian territory, under the right of establishment, the Executive management is represented by the person/persons authorized by them to direct the work of the branch and to engage lawfully in Romania the intermediary insurance and/or reinsurance;
11. insurance intermediaries-natural or legal persons, hereinafter referred to as insurance broker, broker, insurance agent, insurance agent or subagent, which carries the insurance brokerage business, in return for a Commission/remuneration/a, authorized or registered under the conditions laid down by this law and the regulations issued pursuant thereto, as well as intermediaries in the Member States who carry out on Romanian territory insurance mediation activity , under the right of establishment and freedom to provide services, as appropriate;
12. reinsurance intermediary-Romanian natural or legal person authorized under the present law, the reinsurance broker, arranging, in return for a Commission/remuneration/a primarily reinsurance activity, as well as intermediaries in the Member States on the territory of Romania in reinsurance intermediation activity, under the right of establishment and freedom to provide services, as appropriate;
13. the usual place of stationary-State in which the vehicle is registered or a) where registration is not required for a given type of motor vehicle, but the vehicle plates or holds a similar distinguishing registration plate, the territory of the State in which the insurance plate was issued was issued the sign; or b) where neither registration plate nor insurance plate nor distinguishing sign is not required for a given type of vehicle, the territory of the State in which the person who owns the vehicle has its permanent residence;
  

14. term of Office of a brokerage contract the insured or potential insured, as principal, and broker of insurance and/or reinsurance as a trustee, the trustee entrusts the negotiation and conclusion of contracts of insurance or reinsurance, provide assistance before and during times of contracts in connection with damages, as applicable;
15. significant people-administrators, Board members and/or the Board of Directors and/or the Supervisory Board, executive management of intermediary insurance and/or reinsurance, as well as members of the Board of Directors of the Fund for the protection of the victims of the street;
16. Member States, Member States of the European Union and other countries belonging to the European Economic area;
17. non-State which is not a Member State of the European Union or the European Economic area;
18. subagenţi-natural persons other than the driver's insurance agent who is a legal person, the quality of employees with a contract of employment with a legal person acting on their behalf;
19. the home Member State of the intermediary: a) where the intermediary is a natural person, the Member State in which his residence is situated and in which they operate;
  

b) where the intermediary is a legal person-Member State in which the registered office is situated or, where that State's law does not provide for the existence of a registered office, the Member State where the head office is located;
  

20. the host Member State of the intermediary-the Member State other than the home Member State, in which an intermediary in insurance or reinsurance enterprises operates on the basis of the right of establishment and freedom to provide services;

21. the branch of an insurance intermediary or reinsurance-unincorporated dismemberment of an intermediary in insurance or reinsurance enterprises which, under a mandate, is empowered to operate, partially or totally, the insurance business of the time of reinsurance.
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Art. 2 was amended by paragraph 4 of art. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 3 Repealed.
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Art. 3 has been repealed by section 5 of art. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Chapter II general provisions — — — — — — — — — — the title of chapter II was amended by section 6 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 4 (1) the bringing into force of this Act, the supervision and control of compliance with the provisions of its Financial Supervisory Authority devolved, hereinafter A.S.F., aimed at defending the rights of insured persons and promoting stability in the insurance business in Romania.
  

(2) for the purposes of its representations A.S.F., it set up the Government and, where appropriate, local public administration authorities shall assign its administration buildings required-land and buildings-in the public domain from the national or local level, where appropriate, within 60 days from the date of application. A.S.F. may use his or her own income for the construction, acquisition or rental of immovable property in accordance with the corresponding legal provisions in force.
  

(3) conclude memoranda of cooperation A.S.F. with similar authorities for the exchange of confidential information, necessary for activity of surveillance, memoranda which stipulates that disclosure of that information to the public is made only with the consent of those authorities or, in the cases specified, only for the purposes for which those authorities gave their agreement.
  

(4) the A.S.F. may conclude cooperation agreements with the authorities of third countries only if the information sent to those authorities shall benefit from the same level of confidentiality with the information which the A.S.F. deals Romania, in accordance with national legislation.
  

(5) inform the European Commission on the A.S.F. difficulties arising under this Act, and any barriers that may occur at the expense of activity of insurance brokers and/or authorized reinsurance or established in Romania, compared to branches located outside the territory of Romania.
  

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Art. 4 has been amended point 7 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 5 shall have the following main tasks A.S.F.: a) develops and/or advises draft normative acts relating to insurance or which have implications for this field, and in terms of the accounting regulations specific to the field of insurance, and after receiving the opinion/information, as appropriate, in accordance with the law, the Ministry of public finance; It also advises all regulations which relate to the individual insurance business;
  

b) authorise insurance brokers and/or reinsurance to conduct insurance mediation activity and/or reinsurance, if necessary, and approve any changes to the documents or the conditions under which it was granted such authorization; through documents means the status and/or instrument of incorporation of the company, the feasibility study and, only in case of significant organizational structure and/or the rules of organization and operation, as well as any other acts determined by the rules of authorization issued pursuant to this law. Approval of the amendments, including those referred to in d) required timelines rules issued pursuant to this law;
  

(c) significant shareholders) approves the direct and/or indirect insurance brokers and/or reinsurance basis rules issued pursuant to this law;
  

d) approved and, where appropriate, withdraw its approval, according to the legislation in force and the rules issued pursuant thereto, for significant persons of insurance brokers and/or reinsurance and give consent and, where appropriate, withdraw the opinion, for the members of the Board of Directors of the Fund for the protection of victims of street;
  

e) approve splitting or merging of a broker of insurance and/or reinsurance authorized in Romania, under the present legislation and rules issued pursuant thereto. A.S.F. will rule on the request of Division/merger for the purposes of approval or rejection thereof, within 45 days of the date of submission of the complete documentation;
  

f) at the request of brokers approve insurance and/or reinsurance, limitation, suspension or, as the case may be, termination, after verifying their financial situation;
  

g) oversees the financial situation of the insurance brokers and/or reinsurance and other insurance intermediaries activity and/or reinsurance, natural or legal persons, in accordance with the provisions of this Act and rules issued pursuant thereto, including their branches established in other Member States, in accordance with the right of establishment, after consulting the competent authority of the Member State of the branch;
  

h) for the application of the principles of prudential supervision, and shall exercise continuous supervision over the activity of insurance brokers and/or reinsurance through analysis and evaluation through specialized Directorates at the headquarters of the A.S.F., information contained in the reports, briefings and documents transmitted in accordance with the provisions of this law, the rules issued pursuant thereto, and in accordance with requests for information opinions and decisions issued by the A.S.F.;
  

I) in order to protect the interests of insured persons and potential make periodic checks, unannounced or at the premises of the insurance intermediaries and/or reinsurance enterprises, legal entities, make detailed investigations on the conditions of business by them, inter alia, through information gathering and requesting documents relating to their work;
  

j) in order to ensure uniform vocational training of persons working in the insurance field, authorise entities organize courses of qualification, training and further training, postgraduate educational institutions or in this area to approve the curriculum and exams for graduation theme entities that organizes such courses, with the exception of higher education institutions accredited by the Ministry of education and scientific research, and certifies instructors for these courses in accordance with the provisions of this law and rules issued pursuant thereto.
  

k) set up and coordinate the Institute of Financial Studies, constituted as a legal person in private law, non-profit;
  

l) require the production of information and documents, including the statistical nature relating to the work carried out this task management and executive management, both from the insurance intermediaries and/or reinsurance, as well as any other person, or entity, which has indirect directly connected with the activity of their times;
  

m) take the measures necessary to ensure that the activity of insurance mediation to be managed in compliance with prudential rules;
  

n) apply measures provided for in this law sanction;
  

a) receives and responds to all complaints and complaints concerning the activity of the intermediaries in the insurance and/or reinsurance;
  

p) inform the competent authorities of the Member States on whose territory are subsidiaries of insurance brokers and/or reinsurance insurance agents times stubs or where provision of the services of any measures taken against their sancţionatoare, including the withdrawal of operation;
  

q) open and maintain the register of insurance brokers and/or reinsurance intermediaries Register and manage insurance and/or reinsurance, whose form and content shall be determined by rules issued pursuant to this law;
  

r) meets other duties provided for in this law.
  

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Art. 5 was amended by section 8 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 5 ^ 1 (1) protection of victims Fund, hereinafter referred to as the Fund, is constituted as an association, a legal person governed by private law without patrimonial purpose, in accordance with the legal provisions concerning associations and foundations, of this law and rules issued pursuant thereto, having as members all insurers authorized to practice compulsory insurance of civil liability for damages produced by motor vehicle accidents.
  

(2) the articles of incorporation of the Association, as well as subsequent amendments shall be approved in advance by the A.S.F.
  

(3) the Fund is run by a Board of directors consisting of 5 members, who are subject to the prior opinion of the A.S.F.
  

(4) a member of the Board of Directors of the Fund will be called the A.S.F.
  


(5) Fund members are required to contribute through a contribution to the establishment and maintenance of financial stability thereof in proportion to the volume of gross premiums earned from the sale of civil liability insurance covering damages arising out of the use of motor vehicles, excluding carrier's liability, up to cover all payment obligations.
  

(6) the amount of the membership fee and terms of payment thereof shall be determined by the amount of the annual membership fee is A.S.F. up to 5% of the gross premiums receivable insurance.
  

(7) the budget of revenue and expenditure of the Fund, as well as its rectification shall be approved by the Board of A.S.F.
  

(8) in case of deficiency, A.S.F. may increase during the year, the subscription level.
  

(9) for the purposes of the Fund shall be set up: a) to provide information to persons injured by motor vehicle accidents, as information center (CEDAM);
  

b) to compensate people injured by motor vehicle accidents, whether: (i) the motor vehicle, i.e. trams which 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 had to take out such insurance;
(ii) within 3 months from the date on which he made a claim for compensation, a person resident in Romania who has suffered injury as a result of a traffic accident product in a State situated in the territorial limits of coverage, with the exception of Romania, or the territory of a third country whose national Office has joined the green card system , a motor vehicle which has the usual place where in a Member State of the European Economic area or the Swiss Confederation, did not receive a reasoned reply from the insurance undertaking of the vehicle the culprit of the accident or claim representative thereof or if the insurance company has not designated a claims representative on Romanian territory or if, within two months from the date of accident insurance undertaking cannot be identified. The Fund performs these tasks as clearing houses.

(10) the insurers mentioned in the paragraph 1. (1) have the obligation to designate in each country belonging to the European Economic area and the Swiss Confederation, a representative entrusted with the settlement of damage caused by vehicles subject to the obligation of insurance in Romania in these States, residents on the condition that the accident to occur on the territory of a Member State other than the State of residence of the person injured.
  

(11) the active procedural legitimation Fund in any lawsuit against persons who fall into a legal relationship with it, obligations of payment paid or guaranteed to be paid by the Fund.
  

(12) the Act by which it is established and shall make payment of the obligation of an insurer to Fund constitutes, according to the law, debt-claim.
  

(13) the due date, title of the claim becomes enforceable, under which the Fund will trigger the procedure of enforced recovery of claims, under the provisions of the code of civil procedure.
  

(14) in order to recover the amounts spent, the Fund has the right of recourse against the entity that caused the injury.
  

(15) annual report, the Fund shall submit to the Council a report of activity A.S.F., whose form and content shall be determined by rules issued pursuant to this law.
  

(16) the report shall be accompanied by the annual accounts drawn up according to the laws in force and audited in accordance with the provisions of this law and rules issued pursuant thereto.
  

(17) within 6 months after the end of the previous year, the Fund will publish a report, whose form and content shall be determined by rules issued pursuant to this law.
  

(18) the order of formation, use and placement of the amounts available to the Fund, as well as the persons entitled to be indemnified shall be determined by rules issued pursuant to this Act by the A.S.F.
  

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Art. 5 ^ 1 was introduced by point 9 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 6 Repealed.
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Art. 6 was repealed by paragraph 10 of article 10. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 7 Repealed.
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Art. 7 was repealed by paragraph 10 of article 10. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 8 (1) A.S.F. adopt rules pursuant to the provisions of this law, as well as specific prudential rules, according to insurance practices.
  

(2) issue decisions whereby the A.S.F.: to impose bans, granted), suspend or withdraw the authorisation;
  

(b) amend or revoke) conditions, requirements or terms imposed by it through his acts;
  

c approves the splitting or merging) of insurance brokers and/or reinsurance;
  

d) sets objectives and specifies other interest and/or establishes obligations concerning insurance intermediaries activity and/or reinsurance Fund and entities which organize qualification courses, training and professional development;
  

e) carries on its premises, through specialized departments, permanent control by analysing the data and information contained in the reports, periodic and annual briefing and transmitted as a result of requests, and A.S.F. documents requiring prior approval of amendments to the initial conditions of approval, the insurance intermediaries and/or reinsurance and conducting periodic or unannounced inspection at their premises;
  

f) gives provisions regarding the production of documents, situations, information and hearings;
  

g) establishes and applies penalties as a result of permanent control, periodic or unannounced, insurance intermediaries and/or reinsurance, significant shareholders of significant persons of their times or the Board of Directors of the Fund entities classes times for qualification, training and professional development or management of such entity for violation of this law, regulations, decisions and opinions issued by the A.S.F.;
  

(h) other measures applied) the laws in force.
  

(3) decisions on sanctions should include legal justification in their application and will be communicated to natural or legal persons against whom the penalty ordered. The sanction decisions shall mention the right of appeal by the persons concerned of the measures sancţionatoare arranged, the time by which it is possible to lodge the appeal, and the Court or authority that must be given to the opposition.
  

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Art. 8 was modified by point 11 of article 1. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 9 Decisions shall not be published in the A.S.F. Official Gazette of Romania, part I, with the exception of those referred to in article 1. 8 para. (2) (a). ) and (c)).
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Art. 9 has been modified by item 12 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 10 shall constitute own income to the budget) fees: A.S.F. increases referred to in art. 10 ^ 1 and 36;
  

b) sums deriving from law, administrative fines;
  

c) income from donations, publications, and other sources.
  

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Art. 10 was modified by item 13 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 10 ^ 1 (1) an intermediary in insurance and/or reinsurance Fund or entity which organises qualification courses, training and professional development seeking approval for changes to the terms and conditions under which the documents granted the authorization/opinion as well as any information or certification of part order to A.S.F. serve in dealings with third parties shall pay a fee for the approval After the event, representing an equivalent in MDL of 35 euros at the exchange rate communicated by the National Bank of Romania on the date of payment.
  

(2) Any natural or legal person, with the exception of insured persons, public institutions and losers, requesting information, certifications or A.S.F. viewpoints shall pay a fee representing the equivalent in MDL of 35 euros at the exchange rate communicated by the National Bank of Romania from the date of payment.
  

(3) For permits issued under this law, A.S.F., destroyed, lost or stolen, will issue duplicate, at the request of persons entitled, under the conditions laid down in the rules issued pursuant to this Act, a fee representing 25% of the amount laid down in article 21. 36 para. (1).
  

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Art. 10 ^ 1 was introduced by the pct, article 14. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Chapter III Repealed-------the third chapter was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 11 Repealed.
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Art. 11 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 12 Repealed.
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Art. 12 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 12 ^ 1 Repealed.
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Art. 12 ^ 1 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 12 ^ 2 Repealed.
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Art. 12 ^ 2 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 13 Repealed.
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Art. 13 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 13 ^ 1 Repealed.
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Art. 13 ^ 1 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 14 Repealed.
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Art. 14 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 Repealed.
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Art. 15 was abrogated by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Chapter III ^ 1 Repealed.
— — — — — — — — — — Chapter III ^ 1 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 1 Repealed.
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Art. 15 ^ 1 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 2 Repealed.
----------
Art. 15 ^ 2 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 3 Repealed.
----------
Art. 15 ^ 3 has been repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 4 Repealed.
----------
Art. 15 ^ 4 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 5 Repealed.
----------
Art. 15 ^ 5 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 6 Repealed.
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Art. 15 ^ 6 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 7 Repealed.
----------
Art. 15 ^ 7 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 8 Repealed.
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Art. 15 ^ 8 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 9 Repealed.
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Art. 15 ^ 9 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 10 Repealed.
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Art. 10 ^ 15, was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 11 Repealed.
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Art. 15 ^ 11 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 12 Repealed.
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Art. 15 ^ 12 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 13 Repealed.
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Art. 15 ^ 13 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 14 Repealed.
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Art. 15 ^ 14 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Chapter III ^ 2 Repealed — — — — — — — — — Chapter III ^ 2 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 15 Repealed.
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Art. 15 ^ 15 was abrogated by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 16 Repealed.
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Art. 15 ^ 16 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 17 Repealed.
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Art. 15 ^ 17 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 18 Repealed.
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Art. 15 ^ was repealed 18 of point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 19 Repealed.
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Art. 15 ^ 19 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Chapter III ^ 3 Repealed — — — — — — — — — — Chapter III ^ 3 has been repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 20 Repealed.
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Art. 15 ^ 20 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 15 ^ 21 Repealed.
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Art. 15 ^ 21 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Chapter IV Repealed — — — — — — — — — Chapter IV was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 16 Repealed.
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Art. 16 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 17 Repealed.
----------
Art. 17 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 18 Repealed.
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Art. 18 was abrogated by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 19 Repealed.
----------
Art. 19 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 20 Repealed.
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Art. 20 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 20 ^ 1 Repealed — — — — — — — — —- 20 ^ 1 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 21 Repealed.
----------
Art. 21 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 21 ^ 1 Repealed.
----------
Art. 21 ^ 1 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 22 Repealed.
----------
Art. 22 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 23 Repealed.
----------
Art. 23 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 24 Repealed.
--------------
Art. 24 was repealed by article item 65. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.


Article 24 ^ 1 Repealed.
----------
Art. 24 ^ 1 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 24 ^ 2 Repealed.
----------
Art. 24 ^ 2 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 25 Repealed.
----------
Art. 25 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


^ Article 25 1 Repealed.
----------
Art. 25 ^ 1 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Chapter V-2686------was repealed by Chapter V of point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 26 Repealed.
----------
Art. 26 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 26 ^ 1 Repealed.
----------
Art. 26 ^ 1 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 26 ^ 2 Repealed.
----------
Art. 26 ^ 2 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 26 ^ 3 Repealed.
----------
Art. 26 ^ 3 has been repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 26 ^ 4 Repealed.
----------
Art. 26 ^ 4 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 26 ^ 5 Repealed.
----------

Art. 26 ^ 5 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 26 ^ 6 Repealed.
----------
Art. 26 ^ 6 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 26 ^ 7 Repealed.
----------
Art. 26 ^ 7 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 26 ^ 8 Repealed.
----------
Art. 26 ^ 8 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Chapter V ^ 1 Repealed.
— — — — — — — — — — Chapter V ^ 1 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 27 Repealed.
----------
Art. 27 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 28 Repealed.
----------
Art. 28 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Chapter VI Repealed-— — — — — — — —-was repealed by Chapter VI of point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 28 ^ 1 Repealed.
----------
Art. 28 ^ 1 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 28 ^ 2 Repealed.
----------
Art. 28 ^ 2 was repealed by point 15 of article 2. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 29 Repealed.
------------
Art. 29 was repealed by article 7 paragraph a). 80 of law No. 503 of 17 November 2004, published in Official Gazette No. of 14 December 2004 1,193.


Article 30(1) Repealed.
------------
Art. 30 was repealed by article 7 paragraph a). 80 of law No. 503 of 17 November 2004, published in Official Gazette No. of 14 December 2004 1,193.


Article 31 Repealed.
------------
Art. 31 was repealed by article 7 paragraph a). 80 of law No. 503 of 17 November 2004, published in Official Gazette No. of 14 December 2004 1,193.


Article 32 Repealed.
------------
Art. 32 was repealed by article 7 paragraph a). 80 of law No. 503 of 17 November 2004, published in Official Gazette No. of 14 December 2004 1,193.


Chapter VII insurance intermediaries and/or reinsurance enterprises — — — — — — — — — — — — the title Head. VII was amended by article item 44. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.


Article 33 (1) insurance intermediaries and reinsurance should, where appropriate, register on or authorized by the insurance supervisory Commission, in accordance with the rules issued pursuant to this Act, or to the competent authority of the Member State of origin.
  

--------------
Alin. (1) of article 1. 33 has been modified by item 74 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(2) Insurers cannot exercise insurance activity through intermediaries to unauthorized and/or undocumented, except for those which, having a professional activity other than insurance mediation, arranging insurance contracts that meet the following cumulative conditions: a) the insurance contract brokered requires only knowledge concerning the risk covered by it.
  

b) does not form part of the life insurance category;
  

c) does not cover liability risks;
  

d) are complementary to other products or services provided by another supplier, where it covers the following risks: interruption of activity, loss of damage to goods supplier times, damage to or loss of baggage and other risks linked to the journey reserved by that provider, even if the insurance contract covering risks classified brokered life insurance liability times if it is an ancillary risk of main risk linked to that travel;
  

e) do not exceed the annual premiums equivalent in MDL of 500 euros and the duration of the insurance contract, including any brokered renewal, shall not exceed 5 years.
  

(3) insurance intermediaries and/or reinsurance enterprises are obliged to make available to customers, in writing, prior to conclusion of contract renewal, modification times of insurance or reinsurance, at least the following information: the name of the provider (name); Headquarters (address) and register in which it was entered, and the ways in which you can verify enrollment; possession of at least 10% of the voting rights or capital of an insurer, reinsurer, holding respectively by an insurance company or a parent undertaking of a given insurance undertaking has at least 10% of the voting rights or of the capital in the insurance/reinsurance intermediary; procedures for amicable settlement or judicial process of any misunderstandings or disputes between clients and intermediary, and any other information in accordance with the provisions of rules issued pursuant to this law.
  

--------------
Alin. (3) art. 33 has been modified by item 75 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(4) insurance premiums paid by customers through intermediaries in insurance the insurer shall be deemed to be transferred at the time of payment; damages or sums insured paid by the insurer through intermediaries are considered to be transferred only when clients actual receipt by them of the respective amounts of damages/.
  

(4 ^ 1) Receipts and disbursements made on behalf of or for the benefit of insured persons or reasiguraţilor, representing insurance premiums or reinsurance compensation by the times insurance intermediaries and/or reinsurance are carried out through accounts with credit institutions, other than accounts through its day-to-day running.
--------------
Alin. (4 ^ 1), art. 33 was introduced by article 76, item. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(5) In the event of bankruptcy of the intermediary in insurance and/or reinsurance amounts recorded in accounts by running receipts and disbursements made on behalf of or for the account of policyholders times reasiguraţilor may not be used for the satisfaction of creditors other than those mentioned in paragraph 1. (4).
  

--------------
Alin. (5) article. 33 has been modified by item 77 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(6) insurance agent or reinsurance agent times insurance agent, natural or legal person, as well as the subagent is incompatible with the broker of insurance and/or reinsurance broker Assistant times.
  

--------------
Alin. (6) article. 33 has been modified by item 78 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(7) the activity is conducted through the bancassurance insurance agents subordinates in accordance with the provisions of this law and rules issued pursuant thereto.
  

--------------
Alin. (7) article. 33 was introduced by the pct. of article 79. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(8) Notwithstanding the provisions of this law and rules issued pursuant thereto, insurance intermediaries and/or reinsurance enterprises which have a legal form of a joint stock company must hold minimum paid-up share capital in accordance with the law. 31/1990, republished, with subsequent amendments and additions, and are obliged to appoint the Executive Management at least two individuals.
  

--------------
Alin. (8) article. 33 was introduced by the pct. of article 79. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(9) insurance intermediaries and/or reinsurance enterprises which have a legal form of limited liability company may opt for appointment to the Executive management of at least two individuals.
  

--------------
Alin. (9) article. 33 was introduced by the pct. of article 79. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(10) all persons appointed to the position of administrator and/or the Executive management must meet the criteria and conditions for the approval of significant persons of insurance intermediaries and/or reinsurance, determined by rules issued pursuant to this law.
  

— — — — — — — — — — —-. (10) of article 1. 33 has been modified by subpct. 28 of point 2 of article in law No. 162 of 8 May 2009 published in Official Gazette No. 322 of 14 May 2009, amending art. From the EMERGENCY ORDINANCE nr. 117 of 24 October 2007, published in MONITORUL OFICIAL nr. 732 of 30 October 2007.

(11) Any insurance intermediary and/or reinsurance, which has not submitted to the insurer or reinsurer amounts received by way of premiums for insurance or reinsurance, after 30 days from the due date stated in the contract, shall be presumed to be due to insolvency termination payments toward it.
  

--------------

Paragraphs 1 and 2. (11) article. 33 was introduced by the pct. of article 79. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(12) Insurance Supervisory Commission will be able to enter the request against the insurance intermediaries and/or reinsurance enterprises referred to in paragraph 1. (11) to start the procedure laid down by law No. 85/2006 on insolvency, with subsequent amendments and additions.
— — — — — — — — — — —-. (12) article. 33 has been modified by subpct. 28 of point 2 of article in law No. 162 of 8 May 2009 published in Official Gazette No. 322 of 14 May 2009, amending art. From the EMERGENCY ORDINANCE nr. 117 of 24 October 2007, published in MONITORUL OFICIAL nr. 732 of 30 October 2007.

(13) Any insurance intermediary, a natural person who has not submitted to the insurer amounts received by way of insurance premiums, after 30 days from the due date stated in the contract, will be immediately executed forced by the insurer upon collateral under art. 34 para. (2) (a). (d)), and if the collateral does not cover the damage, will be pursued according to the law of any property belonging to it.
  

--------------
Alin. (13) article. 33 was introduced by the pct. of article 79. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(14) insurance intermediaries and/or reinsurance, legal persons registered, authorized, appropriate times, in accordance with the provisions of this law and rules issued pursuant thereto, are required to display at all locations, main and secondary, the conspicuous, copies of the certificate of registration issued by the insurance supervisory Commission, for insurance brokers and/or reinsurance or after a certificate of registration issued by the insurers or reinsurers, insurance agents or insurance, legal, after recording in the register provided for in article 10. 34 para. (4).
  

--------------
Alin. (14) article. 33 was introduced by the pct. of article 79. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.
------------
Art. 33 has been modified by item 45 of art. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.


Article 34 (1) a natural or legal person may conduct business as an insurance agent, where he holds a valid, written authorization from an insurer, hereinafter referred to as the present law of contract agent, to act on his behalf.
  

(2) an insurance Agent person must meet the following conditions: a) have training and/or competencies, knowledge and skills appropriate to the exercise of this activity, in accordance with the requirements laid down in rules issued by the insurance supervisory Commission pursuant to this law;
  

b) to have in force a professional indemnity insurance or a guarantee equivalent to that provided by an insurer on whose behalf insurance agent works or whose trustee is valid throughout the European Community and the States belonging to the European Economic area, in accordance with the requirements laid down in the rules;
  

c) have no criminal record for offences against heritage or for offences provided for in the financial and fiscal legislation;
  

d) meet the requirements laid down by law in force concerning the hiring managers, creation of warranties and liability in connection with the management of goods to businesses, institutions or authorities;
  

e) to enjoy a good reputation.
  

(3) the insurance agent is a legal person must meet the following conditions: a) have as their objects only insurance agent activity, except as provided for in art. 33 para. (2);
  

b) to have in force a contract of indemnity insurance, which represents 75% of the article. 35 para. (5) (a). c);
  

— — — — — — — — — — — — — — b) of paragraph 1. (3) art. Amended 34 of point 80 of art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

c) has not been previously declared in bankruptcy and not subject to reorganisation proceedings are judicial and/or bankruptcy at the time of application for authorization;
  

d) enjoy a good reputation, and the name of the agent to include the obligatory phrase insurance agent;
  

e) significant shareholders, associates, and significant individuals, where necessary, have no criminal record for offences against heritage or for offences provided for in the financial and fiscal legislation;
  

f the Executive leader) satisfy the conditions relating to the training and experience necessary to hold this position, according to the insurance supervisory Commission.
  

(4) Insurers are required to open and maintain a register called the register of insurance agents, the computer system and with mandatory archiving all changes, which is part of the register of insurance intermediaries and/or reinsurance; 5 letter q). The form and content of that register shall be determined by rules issued pursuant to this law.
  

— — — — — — — — —-. (4) article. 34 was amended by paragraph 16 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.
(4 ^ 1) After recording the insurers are obliged to issue the insurance intermediaries, a legal person, a certificate of registration, and insurance intermediaries, individuals, legitimation. The data and information which will pass in these documents shall be determined by rules issued pursuant to this law.
--------------
Alin. (4 ^ 1), art. 34 was introduced by the pct. of article 82 From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.
(4 ^ 2) This register annually 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 was introduced by the pct. of article 82 From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.
(4 ^ 3) Insurers are required to register in the register referred to in paragraph 1. (4) in accordance with the conditions laid down in paragraph 1. (2) and (3) and with those laid down by the rules issued pursuant to this law, insurance agents, both individuals and companies, who have concluded contracts with the agent and subagenţii and insurance agencies accountable; insurers will regularly update all data in the register, in accordance with the rules set out in this paragraph.
--------------
Alin. (4 ^ 3) of art. 34 was introduced by the pct. of article 82 From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(5) the data entered in the register shall be forwarded to agents in the computerised system so the insurance supervisory Commission, and professional association or Union belongs to the insurer, which are permanently accessible to the public at the registered office and on the Internet site of the insurer, the supervisory authority and the Association or professional Union mentioned above; This data is checked periodically by the insurance supervisory Commission.
  

(6) the requirements which must be fulfilled by an individual insurance agent, the data shall be entered in the register of agents, insurers ' obligations concerning the supervision of agents, as well as other information relating to the insurance agent shall be determined by rules issued by the insurance supervisory Commission.
  

(7) Insurance Agents who are natural persons have the right to register with the Chamber work in the residence, for the benefit of the laws relating to length of service, pension funds and insurance.
  

(8) An insurance agent person or entity is not able to intermediate the same classes than for a single insurer.
  

(9) If an insured person has concluded insurance through an insurance agent, acting on behalf of the insurer to which the agent is liable to the insured for all acts or omissions of the agent.
  

(10) Insurance Agents who are natural persons and legal entities, and subagenţii registered in accordance with the provisions of this law and rules issued pursuant thereto are obliged to include all documents issued, other than those of the insurers who mandate, including in his own correspondence with third parties through unique code assigned to the register provided for in article 10. 5 letter q) and the next entered: "registered with the FSA.
  

— — — — — — — — —-. (10) of article 1. 34 was amended by paragraph 16 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.

(11) Insurance Agents and insurance agencies accountable, individuals and legal entities, as well as subagenţii are forced to write all the documents received from the insurers who warrant unique code assigned by the register of insurance intermediaries and/or reinsurance; 5 letter q). — — — — — — — — —-. (11) article. 34 was amended by paragraph 16 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


(12) from the date of accession for insurance agencies or insurance, or legal or natural person, wishing to pursue the activity of insurance mediation or reinsurance enterprises in other Member States must have in effect a contract liability insurance valid for the whole territory of the European Union and the States belonging to the European Economic area, the same amount as that laid down for insurance brokers and/or reinsurance.
  

--------------
Alin. (12) article. 34 was introduced by article 83 point. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.
------------
Art. Amended 34 of point 46 of article. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.


Article 35 (1) a legal person may carry on the activity of insurance mediation and/or reinsurance as a broker of insurance and/or reinsurance, if an authorisation on the part of the insurance supervisory Commission.
  

--------------
Alin. (1) of article 1. Amended 35 of 84 point of art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(2) in order to obtain authorization, the applicant shall submit to the insurance supervisory Commission documents showing that it will comply with the provisions of paragraphs 1 and 2. (5) (a). a)-d) and (h)).
  

— — — — — — — — — — —-. (2) of article 9. Amended 35 of item 34 of art. 1 of law No. 113 of 4 May 2006, published in MONITORUL OFICIAL nr. 421 on May 16, 2006, which amends item 84 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(3) Insurance Supervisory Commission will decide whether to grant authorization for the activity as broker for insurance and/or reinsurance times over the rejection of the application for authorisation within 60 days of the date of submission of the complete documentation.
  

--------------
Alin. (3) art. Amended 35 of 84 point of art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(4) by decision granting authorization issued by the Chairman of the insurance supervisory Commission shall be determined by the date on which the broker of insurance and/or reinsurance business will begin to conduct business.
  

(4 ^ 1) Insurance brokers and/or reinsurance authorized in accordance with the provisions of this law and rules issued pursuant thereto are obliged to include in all documents issued, including correspondence with third parties, unique code assigned by the register of insurance brokers and/or reinsurance; 5 letter q) and the next entered: «authorised by the FSA.
— — — — — — — — —-. (4 ^ 1), art. Amended 35 of point 17 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.
(4 ^ 2) Insurance brokers and/or reinsurance are compelled to write all the documents received from insurers or reinsurers unique code assigned by the register provided for in article 10. 5 letter q). — — — — — — — — —-. (4 ^ 2) of art. Amended 35 of point 17 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.

(5) any broker of insurance and/or reinsurance must meet the following conditions: a) is a legal person, the name of which to be covered by compulsory insurance, the phrase broker insurance broker-reinsurance Reinsurance broker or, where appropriate, or in a language common to the insurance business;
  

— — — — — — — — — — — — — — the letter a) to paragraph 1. (5) article. 35 was amended by article 86 point. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

b) have a paid-up share capital in monetary form, the amount of which may not be less than 150 million lei; This value will be updated via rules laid down by the insurance supervisory Commission;
  

c) to have in force a contract of indemnity insurance, the amount of which shall be in accordance with the provisions of rules issued pursuant to this law, which, after the date of acquisition by the Romania the status of a Member State, shall be valid throughout the European Union and the States belonging to the European Economic area;
  

— — — — — — — — — — — — — — c) of paragraph 1. (5) article. 35 was amended by article 86 point. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.
c ^ 1) contract value of liability insurance, referred to. (c)), the page will be updated regularly, through rules issued pursuant to this Act and in accordance with the provisions of EU law in the matter.
— — — — — — — — — — — — — — c ^ 1) para. (5) article. 35 was introduced in point 87 of art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

d) have as their objects only insurance broker activity and/or reinsurance;
  

e) to preserve and make available the insurance supervisory Commission, upon request, the books and accounting records showing and explaining the operations carried out during activities, including information on contracts of insurance and/or reinsurance agreements concluded with the insurer and/or reasigurătorii;
  

f) to comply with requests by the insurance supervisory Commission regarding the reporting, and the activities they carry out, as will be laid down in the rules;
  

g) may not have been previously declared in bankruptcy and not subject to reorganisation proceedings are judicial and/or bankruptcy at the time of application for authorization.
  

h) to have the staff to match the criteria for qualification and training requirements in accordance with the rules of professional conduct applicable to insurance intermediaries and/or reinsurance;
  

— — — — — — — — — — — — — — the letter h) of paragraph 1. (5) article. 35 was introduced in point 88 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

I) to open and maintain Journal assistants in brokerage, whose régime form and content shall be determined by rules issued pursuant to this law.
  

— — — — — — — — — — — — — — the letter i) of paragraph 1. (5) article. 35 was introduced in point 88 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(6) Insurance Supervisory Commission shall refuse an application for approval for a broker of insurance and/or reinsurance business in one of the following situations: — — — — — — — — — — — — — — the introductory part of paragraph 1. (6) article. 35 amended by point of article 89. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

of the shareholders or associates) individuals, as well as significant individuals, as appropriate, have criminal records for offenses against the offences provided for in heritage or financial and fiscal legislation;
  

— — — — — — — — — — — — — — the letter a) to paragraph 1. (6) article. 35 amended by point of article 89. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

b) fulfils the conditions not Executive leader concerning the training and experience to hold the position, according to the rules developed by the insurance supervisory Commission;
  

(c) the applicant's name) to mislead the public;
  

(d) the applicant does not comply with conditions) laid down in paragraph 1. (5) and (7) an authorization granted to a broker of insurance and/or reinsurance may be withdrawn by the insurance supervisory Commission where: — — — — — — — — — — — — — — the introductory part of paragraph 1. (7) article. Amended 35 of item 90 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

It finds that the broker) insurance and/or reinsurance is located in one of the situations referred to in paragraph 1. (6);
  

b) insurance broker and/or reinsurance did not pay the fees provided for in article 10. 36. c) did not start to carry on the business of an insurance broker and/or reassurance within 6 months from the date of issue of the authorisation;
  

— — — — — — — — — — — — — — c) of paragraph 1. (7) article. 35 was introduced in point 91 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

d) within a period of 4 months has not sent any reporting by the insurance supervisory Commission;
  

— — — — — — — — — — — — — —) (d) of paragraph 1. (7) article. 35 was introduced in point 91 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

e) waives the insurance broker activity and/or reinsurance and expressly requests the withdrawal of the authorisation;
  

— — — — — — — — — — — — —-e) of paragraph 1. (7) article. 35 was introduced in point 91 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

f) repeatedly violates the provisions of this Act and rules issued pursuant thereto.
  

— — — — — — — — — — — — — — the letter f) of paragraph 1. (7) article. 35 was introduced in point 91 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.


(8) the insurance supervisory Commission shall publish at least once a year, in the Official Gazette of Romania, part I, as well as in a publication widely an updated list containing the insurance brokers and/or authorized reinsurance and any other information you consider necessary to implement this law.
  

(9) a broker of insurance and/or reinsurance may not be a direct or indirect shareholder or administrator in an insurer, reinsurer, insurance agent or reinsurance or to an insurance agent subordinate.
  

--------------
Alin. (9) article. Amended 35 of point 92 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.
(9 ^ 1) An insurer, reinsurer or insurance agent, insurance, legal or natural person, or an insurance agent, legal or natural person may not be a direct or indirect shareholder or Manager of a broker of insurance and/or reinsurance.
--------------
Alin. (9 ^ 1), art. 35 was introduced by the pct. of article 93 From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(10) insurance brokers and/or reinsurance, provided they are authorized from the insurers and/or reinsurers, are entitled to collect early, pay compensation on their behalf in the currency prescribed in the contract of insurance or reinsurance, where applicable, in compliance with the legal provisions in force, and to issue the documents of insurance or reinsurance on behalf of the insurer or reinsurer where appropriate.
  

(11) insurance brokers and/or reinsurance cannot work through insurance agents, natural or legal persons, subagenţi times insurance agents accountable, but only by own personnel and/or assistants in brokerage.
  

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Alin. (11) article. 35 was amended by article 94 PTS. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.
(^ 1) The brokerage mandate cannot be fulfilled through an insurance agent or reinsurance, legal or natural person, or by a subagent times underlying insurance agent.
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Alin. (11 ^ 1), art. 35 was introduced by the pct. of article 95. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.
(11 ^ 2) Before we conclude the brokerage mandate with the client, the broker must request in writing indicating that he has not signed with one or more brokers a mandate with the same object.
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Alin. (11 ^ 2) of art. 35 was introduced by the pct. of article 95. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.
(10 ^ 3) If the customer is considered to be prejudiced as it fulfills its mandate by the brokerage has the right to request the amendment by amicable or in case you do not arrive at any agreement has the right to revoke the mandate. In all the above cases the customer must request in writing to argue, by means of a notice sent no later than: 1.10 calendar days before the date of application by mutual agreement; or 2. 30 calendar days prior to the date of revocation of the mandate.
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Alin. (10 ^ 3) of art. 35 was introduced by the pct. of article 95. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.
(11 ^ 4) Where paragraph 1 is not complied with. (11 ^ 2) and paragraphs 1 and 2. (10 ^ 3) points 1 and 2, the broker shall be entitled to demand reimbursement of expenses incurred up to the date on which it becomes aware about the facts described in the above-mentioned provisions or, where appropriate, to seek damages.
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Alin. (11 ^ 4) art. 35 was introduced by the pct. of article 95. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.
(10 ^ 5) Personnel of the insurance broker and/or reinsurance, which has as its main task the service mediation of insurance contracts and/or reinsurance, will be entered in the register referred to in article 1. 5 letter q), as stipulated by the rules issued pursuant to this law.
— — — — — — — — —-. (10 ^ 5) of art. Amended 35 of point 17 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.
(10 ^ 6) Broker assistants will be enrolled in the nurses in the brokerage.
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Alin. (10 ^ 6) of art. 35 was introduced by the pct. of article 95. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(12) insurance brokers and/or reinsurance may be associated in professional unions and they can join the international unions, in compliance with the obligations arising from the provisions thereof.
  

(13) the activities of intermediaries in insurance advertising and/or reinsurance enterprises must comply with the legal provisions governing this activity, in order to protect the public interest.
  

(^ 1) Insurance brokers and/or reinsurance are forbidden to advertise for paid advertising products times, activity or actions of any insurers reinsurers times.
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Alin. (13 ^ 1), art. 35 was introduced by the pct. of 96 art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(14) where the insurance supervisory Commission finds that advertising activity of insurance intermediaries and/or reinsurance headquarters times where appropriate domicile in Romania does not comply with these rules, apply the penalties provided for in article 10. 39 in paragraph 1. (3) (a). d) or (e)).
  

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Alin. (14) article. 35 was amended by point 97 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(15) all reports, documents and requests for insurance brokers and/or reinsurance, as well as correspondence of any kind with the insurance supervisory Commission shall be signed, if appropriate, the only significant persons.
  

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Alin. (15) article. 35 was introduced by article 98 point. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(16) Any power of Attorney given to another person, including administrators and issued by the administrator only, where the latter is not part of executive management, is null and void.
  

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Alin. (16) of article 1. 35 was introduced by article 98 point. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(17) by way of derogation from paragraph 1. (16), when management is handled by a single person, in justified cases, the persons referred to in paragraph 1. (16) may empower another person in the broker's insurance and/or reinsurance in order to carry out their obligations under paragraph 1. (15).
  

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Alin. (17) article. 35 was introduced by article 98 point. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(18) the authorization, which shall indicate the period for which it is granted, shall be sent not later than two calendar days of the issuance of the notice, to her, the insurance supervisory Commission.
  

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Alin. (18) of article 3. 35 was introduced by article 98 point. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(19) Notwithstanding the provisions of paragraphs 1 and 2 of the. (5) (a). d), insurance brokers and/or reinsurance may conduct marketing activities of privately run pension fund and/or the prospectus optional pension, in compliance with the legal provisions in force.
  

— — — — — — — — — — — —-. (19) article. 35 was modified by art. From the EMERGENCY ORDINANCE nr. 117 of 24 October 2007, published in MONITORUL OFICIAL nr. 732 of 30 October 2007.

(20) the contract of indemnity insurance referred to in paragraphs 1 and 2. (5) (a). c) refers only to the activity of insurance mediation and/or reinsurance regulated in accordance with this Act and with the rules issued pursuant thereto.
  

— — — — — — — — — — — —-. (20) article. 35 was introduced by point 3 of article 1. From the EMERGENCY ORDINANCE nr. 87 of 8 November 2006, published in MONITORUL OFICIAL nr. 916 of 10 November 2006.
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Art. Amended 35 of point 47 of the art. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.


^ Article 35 1 insurance brokers and/or reinsurance are obliged to submit Insurance Supervisory Commission's annual financial statements, and other documents, the times reports this information that may be requested, the deadlines and in the forms laid down in the rules issued pursuant to this law, decisions or opinions through the times.
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Art. 35 ^ 1 was introduced by the pct. of article 99. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.


Article 35 ^ 2


(1) insurance brokers and/or reinsurance can capitalise on the times equity, investing revenue from insurance brokerage or reinsurance and capital reserves in the movable fold estate (bank deposits, shares, bonds, other securities, immovable property intended for their own activity or rental).
  

(2) income from rental real estate activity may represent up to 15% of income related activity of insurance mediation.
  

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Art. 35 ^ 2 was introduced by the pct. of article 99. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.


Article 36 (1) An insurance broker who require authorization under art. 35 paid when the application for authorization authorization fee 30,000,000 lei; amount of the fees for authorisations are updated periodically through the decision of the insurance supervisory Commission, according to the price index press release National Commission for statistics.
  

(2) if the application for authorization or withdrawal documentation by the applicant, the authorization fee will not be returned.
  

— — — — — — — — — — —-. (2) of article 9. 36 was amended by subpct. 29 item 2 of article in law No. 162 of 8 May 2009 published in Official Gazette No. 322 of 14 May 2009, amending art. From the EMERGENCY ORDINANCE nr. 117 of 24 October 2007, published in MONITORUL OFICIAL nr. 732 of 30 October 2007.

(3) insurance brokers and/or reinsurance payable, from the moment of granting authorization for the operation during the validity thereof, a fee, fixed annually by the insurance supervisory Commission of not more than 0.3% of the income from the brokerage activity related to that period are due.
  

— — — — — — — — — — —-. (3) art. 36 was amended by article 48, item. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.
(3 ^ 1) After the date of accession of Romania to the European Union, the fee for the operation referred to in paragraph 1. (3) it can raise up to a maximum of 0.5% of the income from the brokerage activity related the period for which they are payable, in relation to the obligations incumbent upon the insurance supervisory Commission, after acquiring the status of a Member State of the European Union.
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Alin. (3 ^ 1), art. 36 was introduced by the pct. of 100 art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(4) insurance brokers shall pay the fee for the operation at the time fixed by the rules.
  

(5) For the failure of the operating period referred to in paragraph 1. (3) calculate the delay increases, in accordance with the rules in force concerning the collection of receivables.
  

— — — — — — — — — — —-. (5) article. 36 was amended by point 49 of art. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.


^ Chapter VII 1 the right of establishment and freedom to provide services in respect of insurance intermediaries and/or reinsurance enterprises — — — — — — — — — — —-head. VII ^ 1 was introduced by the pct. of article 50. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.


Article 36 (1) ^ 1 insurance intermediaries and/or reinsurance enterprises, authorized and/or registered insurance supervisory Commission to carry out intermediary activity on the territory of Romania, as appropriate, may carry out brokerage activity in the territory of any Member State.
  

(2) insurance intermediaries and/or reinsurance operates in accordance with para. (1) provided prior notification of the insurance supervisory Commission.
  

(3) the provider of insurance and/or reinsurance forward for information the insurance supervisory Commission the following documents and information: a) the Member State in whose territory they intend to carry out the activity of intermediation;
  

(b) the organizational structure to);
  

c) address in the host Member State from which it can be obtained and to which they may be communicated;
  

d) qualification and experience, the name of the driver, who has the ability to represent and engage in dealings with third parties in the territory of the Member State concerned, including evidence that it does not have a criminal record for offences against heritage or for offences provided for in the financial and fiscal legislation.
  

(4) Insurance Supervisory Commission shall transmit this information within 30 days of its receipt by the competent authority of the Member State concerned, provided that the Member State has notified the European Commission that it wishes to be informed of such actions.
  

(5) where the Member State concerned has not expressed the wish referred to in paragraph 1. (4) the intermediary in insurance and/or reinsurance can start working immediately.
  

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Art. 36 ^ 1 was introduced by the pct. of article 50. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.


Article 36 ^ 2 where the Insurance Supervisory Committee wishes to be informed of the intention of any insurance intermediary and/or reinsurance from a Member State to carry out brokerage activity on the territory of Romania, will communicate this requirement from the European Commission. The intermediary insurance and/or reinsurance will convey, through the competent authority of the home Member State, the documents and information requested, in accordance with the legal provisions in force.
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Art. 36 ^ 2 was introduced by the pct. of article 50. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.


Article 36 (1) ^ 3 Intermediary insurance and/or reinsurance domiciled or, where appropriate, with its registered office in a Member State which, under the right of establishment and freedom to provide services, wants to carry on brokerage activity on the territory of Romania shall be subject to compliance with legislation and regulations.
  

(2) Insurance Supervisory Commission shall require an insurance intermediary and/or reinsurance intermediary activity on the territory of Romania of any information and documents necessary for verifying compliance with the national legislation.
  

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Art. 36 ^ 3 was introduced by the pct. of article 50. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.


Article 36 (1) ^ 4 where the insurance supervisory Commission finds non-compliance with the provisions of the national legislation of the insurance intermediaries and/or reinsurance enterprises carrying out activities in the territory of Romania, in accordance with the provisions of art. 36 ^ 3, therefor taking necessary measures in order to remedy the situation.
  

(2) where the insurance supervisory Commission ascertained that the intermediary does not take all the necessary steps to remedy the situation, it shall so inform the competent authority of the Member State of origin.
  

(3) where the measures taken by the competent authority of the Member State of origin shall prove to be inadequate and/or insufficient and if the intermediary in question continues to violate the provisions of national legislation, the insurance supervisory Commission shall exercise the powers conferred on it under the law, being entitled to apply the penalties provided for by law, including the prohibition of carrying on the activity of insurance mediation and/or reinsurance enterprises in Romania.
  

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Art. 36 ^ 4 was introduced by the pct. of article 50. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.


Article 36 ^ 5 in case of withdrawal of authorization or, where appropriate, of the removal from the register of insurance agents to an intermediary in insurance and/or reinsurance, which has its registered office domiciled times in Romania, the insurance supervisory Commission will inform all the competent authorities on whose territory they operate on the basis that intermediate right of establishment or the freedom to provide services.
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Art. 36 ^ 5 was modified by item 101, article. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.


Article 36 (1) ^ 6 advertising Activities of intermediaries in the insurance and/or reinsurance must comply with the legal provisions governing this activity in order to protect the public interest.
  

(2) where the insurance supervisory Commission of the contravention of the provisions of paragraph 1. (1) the insurance intermediaries and/or reinsurance enterprises, which operates on the basis of the right of establishment and freedom to provide services, calls for an immediate cessation of such practice, failing to inform the competent authority of the Member State of origin.
  

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Art. 36 ^ 6 was introduced by the pct. of article 50. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.


Article 36 ^ 7 Insurance Supervisory Commission will take the necessary measures to ensure appropriate publication of the conditions under which it should be conducted insurance business in Romania.
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Art. 36 ^ 7 was introduced by the pct. of article 102. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.


Chapter VIII control work and sanctions — — — — — — — — — — — — —

The Title Head. VIII amended item 104 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.


Article 37 No act or omission of an insurance agent, in violation of any provision of this law, the law applicable to the insurance contract and the terms or amount of insurance premiums, and other items relating to the conclusion of the insurance contract cannot be relied upon by the insurer who has mandated the staff member concerned for the cancellation of a contract of insurance.
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Art. Amended 37 of point 18 of the art. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 38 be repealed.
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Art. 38 was repealed by article 19 pct. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 38 ^ 1 (1) of this Act, the violation of the rules adopted in implementation thereof, and of the opinions, decisions or requests for information, documents and reports shall be established by exercising A.S.F. constant control, periodic or unannounced checks on the activity of insurance intermediaries and/or reinsurance entities that Fund or organize qualification courses, training and professional development.
  

(2) the penalties shall be adopted by the Council on the basis of A.S.F. finding essays prepared by specialized departments that carry out audits at the headquarters of the supervisory authority or the protocols concluded as a result of the checks carried out by regular or unannounced inspection teams designated for that purpose, at the headquarters of the intermediary in insurance and/or reinsurance Fund or entity which organises qualification courses training and professional development.
  

(3) monitoring the application of sanctions is made by specialized divisions which compiled the papers or by the direction of control, periodic or unannounced controls.
  

(4) continuous monitoring is carried out at the premises of the A.S.F. its specialized divisions: the data in reports) and the notifications, periodic or annual, laid down by this law and by the rules issued pursuant thereto.
  

b) documents and information required for the purpose of pursuing A.S.F. supervision supervisory type;
  

c) documents and information which requires the prior approval of the amendments decided by the brokers of insurance and/or reinsurance;
  

(d) compliance with the deadlines for presenting) reports, documents and information, the missing information when forwarding referred to. a)-(c)).
  

(5) the specialized Departments within the A.S.F., carrying out continuous monitoring in accordance with the provisions of paragraphs 1 and 2. (4) to notify by letter with acknowledgement of receipt to the insurance intermediaries and/or reinsurance Fund, the Board of directors or management entities which organize qualification courses, training and further training about the violation of this law, the rules issued pursuant thereto, as well as opinions, decisions or requests for information, documents and reports and will ask them as within 7 calendar days of receipt of the notification, submit a response through explaining the reason.
  

(6) within three working days of receipt of the response to the notification referred to in paragraph 1. (5) the direction in question will propose, through a report of findings, measures sancţionatoare, A.S.F. Council to which shall be attached to the reply received.
  

(7) Report of findings will be prepared and will be presented to the Council at the same term A.S.F. with that referred to in paragraph 1. (6) in the case of the lack of any response to the notification referred to in paragraph 1. (5) and (8) the time limits laid down in paragraph 1. (5) and paragraphs 1 and 2, respectively. (6) run from the date of receipt of the notification of registration of the insurance intermediaries and/or reinsurance entities that Fund or organize qualification courses, training and further training, as appropriate, and, respectively, from the date of registration of the notification of the response to the direction of the issuing of the notice's specialty.
  

(9) according to the nature, severity and frequency deviation, A.S.F. Council may decide so applying a sanction, in accordance with the provisions of this law, as well as making an unannounced inspection at the headquarters of the intermediary in insurance and/or reinsurance or, if the control is in progress on a regular basis will have its extension and the negative aspects.
  

(10) the regular controls and their theme will be notified to the executive management of brokers and insurance/reinsurance times, if appropriate, the Board of Directors of the Fund, agents of insurance or reinsurance and insurance agents, legal entities under 15 working days before the date of commencement.
  

(11) insurance intermediaries and/or reinsurance, legal persons, entities or Fund organises qualification courses, training and professional development are required to make available the inspection teams periodically or unannounced, where appropriate, an adequate space, which during the control to be used only by the team members.
  

(12) Controls only aspects of unexpected will target specific results from the analysis of the reports and the periodic or annual times missing information when forwarding complaints and complaints registered with the A.S.F., for activities of insurance intermediaries and/or reinsurance Fund or entity which organises qualification courses, training and further training, as appropriate.
  

(13) Any insurance intermediary and/or reinsurance Fund or entity which organises qualification courses, training and professional development may refuse to make an unannounced.
  

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Art. 38 ^ 1 was modified by pct article 20. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 39 (1) Repealed.
  

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Alin. (1) of article 1. 39 was repealed by article item 106. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(2) the following acts Constitute offences: a) failure in any way, of the rules adopted pursuant to article 5. 8 para. (1) as well as of the decisions or opinions of the insurance supervisory Commission/A.S.F. issued under art. 8 para. (2) and (3);
  

b) violation in any way, by the insurance intermediaries and/or reinsurance, funds or entities which organize qualification courses, training and further training, as appropriate, to the provisions of art. 5 letter b)-j), l) and n), of the rules issued pursuant to this law, as well as opinions, decisions or requests for information, documents and reports;
  

(c) failure by the broker) insurance and/or reinsurance approval or opinion, as appropriate, A.S.F., for/of significant shareholders direct and/or indirect and significant insurance brokers and/or reinsurance or, in the case of the Fund, the opinion of the members of the Board of Directors prior to;
  

d) violation of in any way, by the insurance brokers and/or reinsurance obligations concerning the keeping of the registers and transmit the reports provided by law and/or the rules adopted pursuant thereto.
  

e) violation of the obligations laid down in article 21. 35 and the rules issued pursuant to this Act with respect to the maintenance of the minimum limit of the authorized capital;
  

f failure to comply with the provisions of article 1.) 33 para. (3), (4), (5 ^ 1), (6), (7) and (14), art. 34, art. 38 ^. (5), (11) and (13), as well as the rules governing the activity of insurance agents, insurance agents subagenţilor and subordinates;
  

failure to comply with obligations). 35 para. (13) and (14 ^ 1);
  

h) non-compliance with the obligations of insurance brokers and/or reinsurance. 33 para. (3), (41), (6), (7) and (14), art. 35, 36, art. 381 paragraph 2. (5), (11) and (13) and in the rules issued to implement;
  

I) failure by insurance brokers and/or reinsurance, the Board of Directors of the Fund or entity that organizes leadership qualification courses, professional training and improvement of deadlines for transmitting or submitting incomplete and inaccurate reporting, reporting, analysis, information and documents provided for in this law, the rules issued pursuant to them or by decision times opinions;
  

failure to comply with the provisions of article). 5 ^ 1 and rules issued in its application by the Board of Directors of the Fund;
  

k) the failure by the leadership of the entities which organize qualification courses, training and further training and/or by the lecturers. 38 ^. (5), (8), (11) and (13) and rules issued pursuant to this law;
  

l) fulfilment fulfilment in times of inadequate obligation of keeping nurses journal in brokerage, law and regulations issued pursuant thereto.
  

m) making any changes to the documents and/or the conditions under which authorisation was granted, without prior opinion of A.S.F.;
  

n) activity of the insurance intermediaries and/or reinsurance enterprises without carrying out and maintenance of the professional requirements laid down by this law and by the rules given in connection with its application;
  

a failure to comply with paragraph 1.) (8 ^ 1).
  

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Paragraphs 1 and 2. (2) of article 9. 39 has been amended pct, article 21. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.

(3) Committing intentionally or through negligence by Act or omission, comisiune, of any of the acts referred to in paragraph 1. (2) shall be imposed with: a) written warning;
  

b) fine applicable to insurance intermediaries: and/or reinsurance from 2,500 to 50,000 lei lei; insurance agents, individuals, subagenţilor and insurance agents accountable, individuals, from 500 to 1,000 lei lei; Heads of entities which organize qualification courses, training and professional development, from 1,000 to 10,000 lei lei; the driver or, where appropriate, significant persons of insurance intermediaries and/or reinsurance enterprises, legal entities, and members of the Board of Directors of the Fund, from 2,500 to 50,000 lei lei;
  

c) fine applicable to any person who uses the names of broker insurance and/or reinsurance, insurance agent or subagent of reinsurance, or insurance agent subordinate or any variants thereof without authorization issued or without being registered with the insurance supervisory Commission/A.S.F., from 10,000 lei up to 100,000 lei for legal entities , and from 5,000 to 10,000 lei lei to individuals;
  

d temporary or definitive) prohibition of the exercise activity for insurance brokers and/or reinsurance, as defined in art. 2 point 9, 12 and 15;
  

e) withdrawal of insurance brokers and/or reinsurance entities which organises qualification courses, training and professional development, withdrawal of approval for significant persons of insurance brokers and/or reinsurance and, where appropriate, the withdrawal of approval for members of the Board of Directors of the Fund, the revocation of a member or of the entire Board of Directors of the Fund, the revocation of the approval granted and/or lecturers, the layout of the insurance brokers/assistants in exclusion from reinsurance brokerage records special in which they were registered.
  

— — — — — — — — —-. (3) art. 39 has been amended pct, article 21. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.

(4) a penalty of fine may be applied cumulatively with any of the penalties referred to in paragraph 1. (3) (a). d) and (e)).
  

(5) Repealed.
  

— — — — — — — — —-. (5) article. 39 was repealed by article 22 pct. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.

(6) The individualization of the penalty shall keep account of the personal circumstances and the actual Commission of the offence and the conduct of the perpetrator.
  

(7) in the event of the detection of two or more offences, applies to the fine prescribed for the most serious offence.
  

(7 ^ 1) To the extent that this act otherwise, offences covered by paragraph 1. (2) apply to them the provisions of Ordinance No. 2/2001, approved with amendments and completions by law No. 180/2002, as amended and supplemented.
— — — — — — — — —-. (7 ^ 1), art. 39 was introduced by the pct, article 23. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.

(8) constitutes infringement and is punishable with imprisonment from 3 months to 2 years, or with fine deed to any person in the activity of insurance mediation and/or reinsurance to/from Romania without authorization, and A.S.F. activity without an entry in the records provided for in article 10. 5 letter q). — — — — — — — — —-. (8) article. 39 has been amended by paragraph 24 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.
(8 ^ 1) It is prohibited for any person who does not have authorisation issued, or is not registered with the A.S.F. to use names of broker insurance and/or reinsurance, insurance agent or subagent of reinsurance, or insurance agent subordinate or any variants thereof, in connection with a product or service, except to the extent that such use is established or recognised by law or by an international agreement or when context in which those words are used, it follows that he is not talking about insurance mediation activities and/or reinsurance.
— — — — — — — — —-. (8 ^ 1), art. 39 has been amended by paragraph 24 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.
(8 ^ 2) In any form of advertising, official acts, contracts or other such documents, initials, logo, Crest or other identifiable elements of an insurance intermediary and/or reinsurance enterprises operating in Romania or who suggests a link with it can only be used by and in conjunction with a subunit of that entity, including in its name.
— — — — — — — — —-. (8 ^ 2) of art. 39 has been amended by paragraph 24 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.
(8 ^ 3) For the purposes of the exercise of specific activities, foreign entities may use the designation on Romanian territory which it uses and in the home. In a situation where there is the possibility of confusion, in order to ensure proper clarification, A.S.F. may require that the name of the intermediary in insurance and/or reinsurance is accompanied by an explanatory statement in the Romanian language.
— — — — — — — — —-. (8 ^ 3) of art. 39 has been amended by paragraph 24 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.

(9) be repealed.
  

— — — — — — — — —-. (9) article. 39 was repealed by article 25 point. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.

(10) administrative Fines laid down by law and administered by the insurance supervisory Commission shall be made to the State budget revenue share of 50%, and the difference it makes revenue in the budget the insurance supervisory Commission.
  

— — — — — — — — — — —-. (10) of article 1. 39 has been amended item 57 of the art. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.

(11) Repealed.
  

— — — — — — — — — — —-. (11) article. 39 was repealed by subpct. 36 of section 2 of article in law No. 162 of 8 May 2009 published in Official Gazette No. 322 of 14 May 2009, amending art. From the EMERGENCY ORDINANCE nr. 117 of 24 October 2007, published in MONITORUL OFICIAL nr. 732 of 30 October 2007.

(12) in order to ensure transparency and the application of uniform sancţionatorii measures referred to in this article, the insurance supervisory Commission will issue rules pursuant to the present law concerning gradualizarea sancţionatorii measures. Sancţionatorii measures must be proportional to the degree of danger of the offence perpetrated, taking account of the circumstances in which it was committed, the manner and means of committing it, the purpose pursued by 1406, produced, as well as the personal circumstances of the offender and other data recorded in the report of findings/minutes.
  

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Alin. (12) article. 39 was introduced by article 117, point. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.


Article 40 (1) decisions taken by the insurance supervisory Commission, in accordance with article 5. 8 para. (2) natural or legal person concerned may make complaint to the Bucharest Court of appeal within 30 days of notification of the decision.
  

— — — — — — — — — — —-. (1) of article 1. 40 has been amended item 58 of the art. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.

(2) the complaint shall be addressed to the Court of appeal does not suspend the settlement thereof, measures provided by the insurance supervisory Commission.
  

(3) the resolution of the complaint shall be made, in particular, and urgency.
  


Article 41 the insurance supervisory Commission may at any time decide to amend or revoke any measures ordered, if you find that they are no longer needed.


Article 41 ^ 1 (1) the insurance supervisory Commission will issue rules concerning the proper resolution of complaints amicably, disputes between insurance intermediaries and/or reinsurance enterprises and make sure.
  

(2) Insurance Supervisory Commission will support professional associations of insurers and insurance intermediaries and/or reinsurance enterprises to cooperate in order to resolve cross-border disputes.
  

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Art. 41 ^ 1 has been amended item 118 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.


Chapter IX transitional and final Provisions Article 42 (1) in all matters concerning the Organization and functioning of the insurance supervisory Commission, as well as the regulation of insurance and reinsurance activity shall apply to the provisions of this law.
  

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Alin. (1) of article 1. 42 was amended by section 6 of article. 1 of law No. 289 of 28 December 2010, published in MONITORUL OFICIAL nr. 892 of 30 December 2010.

(2) Any statutory provisions relating to the organisation and functioning of the Commission for the supervision of insurance and non-insurance operations reinsurance are administered/Commission for the supervision of insurance business.
  

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Alin. (2) of article 9. 42 was amended by section 6 of article. 1 of law No. 289 of 28 December 2010, published in MONITORUL OFICIAL nr. 892 of 30 December 2010.


(3) Repealed.
  

— — — — — — — — —-. (3) art. 42 was repealed by point 26 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.

(4) Repealed.
  

— — — — — — — — —-. (4) article. 42 was repealed by point 26 of article. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 42 F ^ 1 does not have quality A.S. procedural passive and cannot be summoned to court processes against the insurance intermediaries linked and/or reinsurance enterprises, even if they are located in the bankruptcy, failure to meet the obligations assumed by them under the law and/or international conventions or in the case of lawsuits against entities that organises qualification courses training and further training and/or lecturers.
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Art. 42 ^ 1 has been changed from point 27 of article 4. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 43 (1) of the national trade register Office is obliged to allow free access of information from the register A.S.F. trade central, kept in computerised system, relating to insurance brokers and/or reinsurance from Romania, authorized in accordance with the provisions of this law, the insurance intermediaries and/or registered in reinsurance, as well as other natural or legal persons who are, or are seeking approval to become significant shareholders, whether direct or indirect of a broker; also, the national trade register Office is required to provide, at the request of A.S.F. Economic and financial information reported by insurers, reinsurers, insurance agents and brokers, legal insurance and/or reinsurance in annual financial statements.
  

(2) the Act by which it is found are individualized and the obligation to pay a broker of insurance and/or reinsurance, insurance agent authorized or registered or of the persons referred to in art. 39 in paragraph 1. (3) (a). b), as appropriate, drawn or issued by law enforcement, according to the law, A.S.F. constitute debt-claim.
  

(3) the due date, title of the claim becomes enforceable, which forced A.S.F. will trigger the procedure for recovery of its claims, according to the provisions of the code of civil procedure.
  

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Art. Amended 43 of point 28 of article 7. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 44 (1) the insurer or broker who at the date of entry into force of the present law was authorized to conduct activities in the field of insurance, under the terms of the legislation repealed by this law, shall be authorized to continue the work for the next 4 months from the date of publication in the Official Gazette of Romania, part I, of the decision of Parliament on the appointment of members of the Board of the insurance supervisory Commission the period in which you will conforming to the rules of this law.
  

— — — — — — — — — — — —-. (1) of article 1. 44 was amended by section 1 of article in EMERGENCY ORDINANCE No. 51 of 29 March 2001, published in MONITORUL OFICIAL nr. 175 of 6 April 2001.

(2) insurers are outgoing or, in the case of composite business insurers, calls for giving up one of the activities are required to carry out the transfer of the portfolio under the conditions laid down in article 23. 23 and in the rules issued pursuant to this law.
  

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Alin. (2) of article 9. Amended 44 of point 121 of the art. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

(3) within 4 months from the date of publication in the Official Gazette of Romania, part I, of the decision of Parliament on the appointment of members of the Commission for the supervision of Insurance undertakings pursuing an activity in the mutual insurance after the entry into force of this law shall be obliged to request and obtain the authorisation of the insurance supervisory Commission, in accordance with the provisions of art. 12. — — — — — — — — — — — —-. (3) art. 44 was amended by section 2 of article in EMERGENCY ORDINANCE No. 51 of 29 March 2001, published in MONITORUL OFICIAL nr. 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 decision of Parliament on the appointment of members of the Board of the insurance supervisory Commission.
  

— — — — — — — — — — — —-. (4) article. 44 was amended by section 3 of the article in EMERGENCY ORDINANCE No. 51 of 29 March 2001, published in MONITORUL OFICIAL nr. 175 of 6 April 2001.

(5) pending the approval of the new chart of accounts, specific activity, in determining the income of the insurer shall be taken into account first actually received.
  

(6) no later than 6 months after 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 chart of accounts and accounting methodology specific to insurance business.
  

(7) Insurance Supervisory Commission will appeal in the first year of its publication in the Official Gazette of Romania, part I, of the decision of Parliament on the appointment of members of the Commission for the supervision of insurance to cover the costs of maintenance, equipment and operation, on a reimbursable loan, cash from the Fund for the protection of insured persons, established by art. 60 of law No. 136/1995 on insurance and reinsurance in Romania; the loan will repay as obtaining financing sources, set up under the provisions of this law.
— — — — — — — — — — — —-. (7) article. 44 was amended by paragraph 4 of article in EMERGENCY ORDINANCE No. 51 of 29 March 2001, published in MONITORUL OFICIAL nr. 175 of 6 April 2001.


Article 45 (1) the date of entry into force of the present law is constituted by the insurance supervisory Commission.
  

(2) members of the Board of the insurance supervisory Commission will 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 the insurance supervisory Commission, the Office for the supervision of insurance and reinsurance activity of the Ministry of Finance attributions given in competence of the insurance supervisory Commission, referred to in art. 5, with the exception of that referred to. j).
  

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Alin. (3) art. 45 was amended by section 1 of article. From the EMERGENCY ORDINANCE nr. 116 of 29 June 2000, published in MONITORUL OFICIAL nr. 311 of 5 July 2000.

(4) the functions of the Office for the supervision of insurance and reinsurance activity of the Ministry of Finance, the Ministry of Finance's legal skills, as well as of the Government of Romania, as labelled on the date of entry into force of this law, in article 19. 5, 7, 53, 60, 65 and 67 of the law nr. 136/95, shall be taken by the insurance supervisory Commission at the time of appointment to the members of the Commission for the supervision of insurance business, the date on which the Office for the supervision of insurance and reinsurance activity ceases its activities.
— — — — — — — — — — — —-. (4) article. 45 was amended by paragraph 2 of article 9. From the EMERGENCY ORDINANCE nr. 116 of 29 June 2000, published in MONITORUL OFICIAL nr. 311 of 5 July 2000.

(5) Employees of the Office for the supervision of insurance and reinsurance activity of the Ministry of Finance shall transfer the interest to service the insurance supervisory Commission on similar functions.
  


Article 46 on the date of entry into force of the present law shall repeal: Law No. 47/1991 concerning the establishment, organization and operation of insurance companies, published in the Official Gazette of Romania, part I, no. 151 of 19 July 1991; point V of the Government Ordinance. 23/1992 on the modification of sanctions, published in the Official Gazette of Romania, part I, no. 213 of 28 august 1992; Government Ordinance No. 27/1997 for the completion of the law nr. 136/1995 on insurance and reinsurance in Romania, published in the Official Gazette of Romania, part I, no. 208 of 26 august 1997; Law No. 48/1998 on approval of the Government Ordinance. 27/1997 for the completion of the law nr. 136/1995 on insurance and reinsurance in Romania, published in the Official Gazette of Romania, part I, no. 102 of 4 March 1998; Government decision No. 574/1991 concerning the duties of the Office for the supervision of insurance and reinsurance activity, published in the Official Gazette of Romania, part I, no. 182 of 11 September 1991; art. 1 of Government decision No. 789/1993 modifying and supplementing governmental decision nr. 574/1991 concerning the duties of the Office for the supervision of the business of insurance and reinsurance, as well as the governmental decision nr. 788/1992 concerning the Organization and functioning of the Ministry of finance, published in the journal of Romania, part I, no. 33 of 3 February 1994, as well as any other provisions contrary to this law.


Article 47 the insurance supervisory Commission will adopt and will issue: 1. within 3 months of the appointment of members of the Board of the insurance supervisory Commission, rules on: (a)) the classes of insurance which can be practiced;
  

b) information and documentation required by the authorization procedure;
  

c) minimum limit the margin of solvency, as well as the methodology for calculating it;
  

d) insolvency of the insurer;
  


e Fund management) conditions of life insurance, investments and valuation of assets, the calculation of mathematical reserves, as well as any other matter relating to the actuarial standards;
  

f) asset categories admitted to cover the technical reserves of the insurer, as well as the rules of the dispersal of investments;
  

g) elaboration of methodology of calculation and of minimal technical reserves for insurance activity, under the present law;
  

2. within six months of the appointment of members of the Board of the insurance supervisory Commission, rules on: (a) the updating of the minimum limits):-the paid-up share capital of insurance companies, insurance-reinsurance and reinsurance;
-the paid-up share capital of insurance brokers;
-Reserve Fund free shed of an insurer established in the form of the mutual society;

b authorization fees) the update and the setting of time limits for payment of fees for the operation referred to in this law;
  

c) information, documents and certificates necessary for drawing up the reports referred to in this law;
  

d) form and content of financial reports, including the report on life insurance;
  

e) other technical reserves than those referred to in article 1. 21. (1);
  

f) information should contain reports of insurance brokers, matters relating to the behaviour and management of their affairs, the minimum limit of professional indemnity insurance, as well as the operations that can be performed;
  

g) repealed;
  

— — — — — — — — — — — — — —) (g) of paragraph 2 of article 9. 47 was repealed by article item 122. From the EMERGENCY ORDINANCE nr. 201 of 22 December 2005, published in Official Gazette No. December 29, 2005 1,191.

h) insurance categories exempted from the provisions of this law, under the conditions and within the terms set out by the insurance supervisory Commission;
  

I) responsibilities, competencies, and any other matter relating to the particular administrator powers, as well as significant shareholders and executives of the insurer, after he is appointed;
  

j) criteria for prior approval of significant shareholders and persons significant;
  

k) application of the law on compulsory insurance;
  

l) confidentiality arrangements;
  

m) transfer of portfolio.
  


Article 47 ^ 1 Repealed.
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Art. 47 ^ 1 was repealed by pct article 29. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 47 ^ 2 insurance intermediaries and/or reinsurance enterprises entitled to use the personal data of insured persons or beneficiaries of insurance or reinsurance contracts entered into, including the fiscal identification code, solely for the purposes of the management of contracts of insurance or reinsurance and claims investigation dossiers, in compliance with the provisions of 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 additions.
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Art. 47 ^ 2 has been modified by the point of article 30. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Article 47 ^ 3 this Act transposing European Union directives in the field of insurance provided for in the annex. 3.
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Art. 47 ^ 3 was introduced by the pct. of article 63. 1 of law No. 403 of 11 October 2004, published in Official Gazette No. 976 of 25 October 2004.


Article 47 ^ 4 Repealed.
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Art. 47 ^ 4 was repealed by article, item 31. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.

This law was adopted by the Senate at its meeting on 6 March 2000, in compliance with the provisions of art. 74 para. (1) of the Constitution of Romania.

SENATE CHAIRMAN MIRCEA IONESCU-QUINTUS this law was adopted by the Chamber of deputies at its meeting of 7 March 2000, in compliance with the provisions of art. 74 para. (1) of the Constitution of Romania.

p. CHAMBER of DEPUTIES PRESIDENT, MIRON TUDOR MITREA Schedule 1 Repealed.
— — — — — — — — — — — — Annex 1 was repealed by article item 32. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Annex 2 Repealed.
— — — — — — — — — — — — Annex 2 was repealed by article item 32. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.


Annex 3 Repealed.
— — — — — — — — — — — — Annex 3 has been repealed by article item 32. 180 of the law nr. 237 of 19 October 2015, published in MONITORUL OFICIAL nr. 800 of 28 October 2015.
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