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Law No. 503 Of 17 November 2004 On The Financial Recovery And Bankruptcy Of Insurance Undertakings

Original Language Title:  LEGE nr. 503 din 17 noiembrie 2004 privind redresarea financiară şi falimentul societăţilor de asigurare

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LEGE no. 503 503 of 17 November 2004 (* updated *) (** republished) on financial recovery, bankruptcy, dissolution and voluntary liquidation in the insurance business *) ((updated on 27 July 2015 *)
ISSUER PARLIAMENT




---------- ** **) Republicated pursuant to art. II of Law no. 139/2013 to amend and supplement Law no. 503/2004 on the financial recovery and bankruptcy of insurance companies, published in the Official Gazette of Romania, Part I, no. 260 of 9 May 2013, giving the texts a new numbering. Law no. 503/2004 on the financial recovery and bankruptcy of insurance companies was published in the Official Gazette of Romania, Part I, no. 1.193 of 14 December 2004 and subsequently amended and supplemented by: - Law no. 76/2012 for the implementation of Law no. 134/2010 on the Code of Civil Procedure, published in the Official Gazette of Romania, Part I, no. 365 365 of 30 May 2012; - Government Emergency Ordinance no. 44/2012 on the amendment art. 81 81 of Law no. 76/2012 for the implementation of Law no. 134/2010 on the Code of Civil Procedure, published in the Official Gazette of Romania, Part I, no. 606 606 of 23 August 2012, approved by Law no. 206/2012 , published in the Official Gazette of Romania, Part I, no. 762 762 of 13 November 2012; - Government Emergency Ordinance no. 4/2013 on the amendment Law no. 76/2012 for the implementation of Law no. 134/2010 on the Civil Procedure Code, as well as for the modification and completion of some related normative acts, published in the Official Gazette of Romania, Part I, no. 68 68 of 31 January 2013, approved by Law no. 214/2013 , published in the Official Gazette of Romania, Part I, no. 388 388 of 28 June 2013. + Chapter I General provisions + Article 1 (1) Procedures relating to financial recovery and bankruptcy of insurance/reinsurance companies established by this Act shall apply to insurers and/or reinsurers as defined in art. 2 2 of Law no. 32/2000 on insurance business and insurance supervision, with subsequent amendments and completions, including their foreign-based branches, as well as branches and subsidiaries of insurance/reinsurance companies in the states third parties, which are based in Romania; the procedures for financial recovery and bankruptcy of insurance/reinsurance companies do not apply to the branch of an insurance/reinsurance company or a mutual company in a Member State, which has received an authorisation from the competent authority of the home Member State. (2) The provisions of this Law do not apply to insurance intermediaries as defined by Law no. 32/2000 , with subsequent amendments and completions, which are subject to the regulations of the common law on judicial reorganization and bankruptcy contained in Law no. 85/2006 on insolvency proceedings, with subsequent amendments and completions, except for the dissolution and voluntary liquidation provided for in the head. Third section 4. + Article 2 (1) This law regulates the procedure of financial recovery of the insurer/reinsurer, the procedure of its bankruptcy, as well as the dissolution and voluntary liquidation of insurers/reinsurers and insurance brokers and/or reinsurance. (2) The measures applied in the framework of the procedures covered by this Law aim to protect the legitimate interests and rights of insurance creditors. + Article 3 (1) For the purposes of this law, the following terms and expressions have the following meanings: a) insurance/reinsurance undertaking-the insurer and/or reinsurer, as defined in art. 2 2 of Law no. 32/2000 , with subsequent amendments and completions; b) financial recovery procedure-the totality of the modalities and administrative measures ordered by the Financial Supervisory Authority * 1), as a competent authority, which are intended to maintain or restore the situation the financial of an insurance/reinsurance undertaking; Note
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* * 1) See Government Emergency Ordinance no. 93/2012 on the establishment, organization and functioning of the Financial Supervisory Authority, approved with amendments and completions by Law no. 113/2013 , with subsequent amendments and completions.
c) bankruptcy procedure-insolvency procedure that applies to the insurer/reinsurer involving the necessary measures to liquidate its wealth in order to cover the liability; d) competent authority-the Financial Supervisory Authority, as an autonomous administrative authority, the judicial authority, as well as other authorities provided by law, with regard to the application of the recovery procedure the financial and bankruptcy of insurance/reinsurance companies; e) supervisory authorities-national authorities which, by law or other regulations, are empowered to supervise insurance/reinsurance companies; f) special administrator-any natural or legal person designated by the Financial Supervisory Authority, charged with the application of administrative measures for financial recovery of the insurance/reinsurance company; g) liquidator-natural or legal person, including the Guarantee Fund, designated under the conditions Law no. 85/2006 , with subsequent amendments and completions, to lead the activity of the insurer/reinsurer and to exercise the powers provided in art. 40, in the context of bankruptcy proceedings; h) insurance creditors-insured persons, insurance policy holders, beneficiaries of insurance contracts, as well as any other third party prejudiced by non-compliance with the insurance conditions of the contracts, the claims of which have not been paid by the insurance/reinsurance undertaking; i) insurance claims-the claims of insurance creditors, which result from an insurance contract, including the amounts reserved for these creditors when some elements of the debt are not yet known. Insurance claims receivables of the Guarantee Fund, as well as premiums due by the insurance/reinsurance undertaking, shall be deemed to be receivable, resulting from the termination or, as the case may be, from the cancellation of insurance contracts or operations carried out, according to the law applicable to them, before entering the bankruptcy procedure; j) state of insolvency-that state of the insurance/reinsurance company characterized by one of the following situations: 1. the manifest inability to pay due debts with money availability; 2. decrease in the value of the solvency margin available below half of the minimum limit provided by the legal regulations in force for the safety fund; 3. impossibility of restoring the financial situation of the insurance/reinsurance company in the financial recovery procedure; k) payment agreement of insurance claims-the convention intervened before or after the opening of the bankruptcy procedure, concluded between the insurer/reinsurer and the insurance creditors, having as object the way and terms of payment of claims; l) Member State-the Member State of the European Union or the State of the European Economic Area; m) Member State of origin-the Member State in which the insurance/reinsurance undertaking has been authorised; n) host Member State-the Member State other than the home Member State where the insurance/reinsurance undertaking has opened a branch; o) third country-the non-member state of the European Union or not belonging to the European Economic Area; p) branch-the operational unit with legal personality, established under the law, to which an insurance/reinsurance company holds directly or indirectly the majority of voting rights; r) branch-any entity without legal personality, belonging to an insurance/reinsurance undertaking, which carries out directly, within the limits of the mandate received, insurance activities in the territory of a Member State other than the Member State of origin; s) the significant person-the administrator and/or the executive management of the insurance/reinsurance company; t) significant shareholder-any person who, directly and alone or, as the case may be, through or in connection with other persons, exercises rights arising from the holding of shares that, cumulated, represent at least 10% of the share capital of an insurance/reinsurance company or gives it at least 10% of the total voting rights in the general meeting of shareholders or which, as the case may be, enable this person to exercise significant influence over the management the insurance/reinsurance undertaking in which it has the significant position; u) Guarantee Fund-the protection fund provided for in art. 60 60 of Law no. 136/1995 on insurance and reinsurance in Romania, with subsequent amendments and completions. ((2) The terms: "Member State", "home Member State", "host Member State", "third country", "subsidiary", "branch", "significant person" and "significant shareholder" have the meaning provided by Law no. 32/2000 , with subsequent amendments and completions.
+ Chapter II Financial recovery procedure. General rules + Article 4 ((1) In the exercise of their duties Law no. 32/2000 , with subsequent amendments and completions, as well as those provided by the rules given in its application, the Financial Supervisory Authority shall periodically proceed to verify the financial situation of the insurance/reinsurance company, either in the basis of the documents and reports submitted by it, according to the law, or following the actions of analysis, guidance and control carried out by the specialized bodies of this authority. ((2) The verification may be carried out at any time by the Financial Supervisory Authority, including following the complaints of insurance creditors regarding the financial situation of the insurance/reinsurance company, in order to prevent the insolvency and/or the restoration of its situation in the framework of the financial recovery procedure. + Article 5 (1) The financial recovery procedure involves any intervention of the Financial Supervisory Authority for taking the necessary measures to restore the financial situation of the insurance/reinsurance company, in order to prevent the insolvency of and avoiding entry into bankruptcy proceedings. (2) The Financial Supervisory Authority is the only competent authority empowered to decide on the application of the arrangements and financial recovery measures in respect of insurance/reinsurance undertakings, including their branches in other Member States, as well as branches and subsidiaries of insurance/reinsurance companies from third countries, which are based in Romania. Financial recovery measures shall not preclude the opening, by the home Member State, of a bankruptcy proceeding. (3) The Financial Supervisory Authority shall urgently inform the supervisory authorities of all other Member States of its decision to adopt financial recovery measures against an insurance/reinsurance undertaking, including the possible concrete effects of such measures. + Article 6 (1) In all cases, the insurance/reinsurance company is obliged to provide the Financial Supervisory Authority with all the documents and information requested for verification and to ensure the conduct of the analysis and control in optimal and expeditious conditions. ((2) At the request of the Financial Supervisory Authority, the insurance/reinsurance company is obliged to determine and communicate within 48 hours of the request the following: a) the calculation of the available solvency margin, the minimum solvency margin and the safety fund; b) the liquidity indicator; c) the situation of the gross technical reserves constituted on each category of technical reserves and the insurance class practiced; d) the assets admitted to cover the gross technical reserves. (3) The indicators will be determined and reported in accordance with the regulations in force, for the month before the date of the request by the Financial Supervisory Authority. + Article 7 An insurance/reinsurance undertaking shall enter into the financial recovery procedure covered by this Law when there is at least one of the following situations: a) the non-compliance with the provisions of art. 6 6 para. ((2), as well as any other legal provisions relating to insurance/reinsurance activity, putting at risk the fulfillment of the obligations assumed towards the insurance creditors; b) the value of the available solvency margin decreases below the minimum solvency margin determined in accordance with the regulations in force; c) the value of the available solvency margin falls below the minimum limit provided by the legal regulations in force for the safety fund. + Article 8 (1) In the cases provided in art. 7 lit. a) and b), the Financial Supervisory Authority may, by reasoned decision, order the opening of the financial recovery procedure by one of the following ways: a) recovery of the insurance/reinsurance company on the basis of financial recovery plan; b) recovery of the insurance/reinsurance company through special administration. (2) In the case provided for in art. 7 lit. c) the board of directors or, as the case may be, the supervisory board is obliged, immediately, to convene the extraordinary general meeting of the shareholders for the increase of the share capital of the company. Within 5 days from the publication in the Official Gazette of Romania, Part IV, of the convocation of the extraordinary general meeting of shareholders, the company will present to the Financial Supervisory Authority: a) proof of the convocation of the extraordinary general meeting and the proposed decision to increase the share capital b) detailed analysis of the factors that led to the decrease of the solvency margin available below the safety fund's value; c) the detailed plan of measures that the company will take to avoid the decrease of the solvency margin available below the value of the safety fund for a period of at least one year. The operation of the increase of the share capital, including the payment of the subscribed share capital, will not be able to exceed 60 calendar days from the date of convocation of the extraordinary general meeting of the shareholders. ((3) By decision to open the procedure, the Financial Supervisory Authority may order the application by the insurance/reinsurance company of one or more of the following main prudential measures: a) the limitation of the volume of gross or net written premiums over a period of 3 months to one year, so that they do not exceed the values set by the decision to open the recovery procedure; b) prohibition of renewal of insurance contracts maturing or, as the case may be, only of types of insurance contracts, expressly established by the decision of financial recovery; c) prohibition of the subscription of new insurance contracts and the collection of the related premiums, during the express period established by the financial recovery decision; d) performance by the insurance/reinsurance company of the transfer of the insurance portfolio, in whole or in part, under the conditions and in compliance with the legal provisions in force; insurance/reinsurance will carry out the operations of the portfolio transfer as a matter of urgency, without being able to exceed 60 days from the date of taking the measure; e) obliging the directors of the insurance/reinsurance company to immediately convene an extraordinary general meeting, with the proposal to carry out the operation to increase the share capital or, as the case may be, the free reserve fund shed; the meeting will not be more than 5 days from the date of the convocation, and the performance of the capital increase operations will not be able to exceed 30 working days from the date of receipt of the decision to trigger the financial recovery procedure; f) prohibition of performance by the insurance/reinsurance company of certain investments; g) restriction of the territorial network of the insurance/reinsurance company by abolishing, under the law, certain branches and branches, working points and/or other secondary offices of the insurance/reinsurance company, as well as/or the replacement of significant persons with regard to which the responsibility for reaching the company has been established in the financial recovery procedure; h) the verification, inventory and instrumentation, as the case may be, of the damage files, recorded in the records of the insurance/reinsurance company, in order to assess the real damages and to establish the payment obligations to the insurance creditors; the verification, inventory and instrumentation activity of the files will be done as a matter of urgency, without being able to exceed a period of 30 days from the date of receipt of the decision to trigger the financial recovery procedure. ((. By decision to open the financial recovery procedure, the Financial Supervisory Authority may, where appropriate, dispose of: a) taking measures regarding the goods and/or assets of the insurance/reinsurance company, consisting in their inventory by this and the preservation throughout the financial recovery procedure, as well as the restriction or prohibition the possibility to dispose of them freely; liability for non-application or improper application of these measures ordered by the Financial Supervisory Authority belongs to the members of the board of directors/board supervision and executive management of the insurance/reinsurance company; b) the appointment of one or more persons to supervise the preparation and compliance of the financial recovery plan; c) any other prudential measures necessary to restore the financial situation of the insurance/reinsurance company, in order to guarantee the protection of the legitimate rights and interests of the insurance creditors. (5) If applicable, the Financial Supervisory Authority may request the competent court to approve precautionary measures regarding the assets and/or assets of the insurance/reinsurance company, according to the law. + Article 9 (1) The decision to open the financial recovery procedure provided for in art. 8 shall be published in the Official Gazette of Romania, Part I, as well as in two newspapers of national circulation, in accordance with the legal provisions. ((2) The effects of the financial recovery procedure on a pending civil lawsuit concerning a good or a right of which the insurance/reinsurance company has been stripped are governed by the law of the Member State in which the process is pending. (3) After publication of the decision, according to para. ((1), the Financial Supervisory Authority shall immediately publish in the Official Journal of the European Union an extract from its decision on financial recovery measures. If the Romanian State, through the Financial Supervisory Authority, is informed of the adoption of reorganisation measures adopted by the competent authorities of other Member States, it shall ensure, by the supervisory authority, the publication of such measures, according to par. ((1). (4) The publication provided in par. (3) shall contain: the name of the competent authority, the law applicable to the financial recovery procedure and, where appropriate, the designated administrator. The publication of the extract from the recovery decision shall be made in Romanian or in one of the official languages of the Member State in which the information is published. (. Financial recovery measures shall apply irrespective of the provisions on publication referred to in paragraph 1. ((3) and (4) and produce all their effects with respect to insurance creditors, including with regard to shareholders or associates and employees of the insurance/reinsurance company, considered as such, whose rights are exclusively affected following the application of these measures. ((6) The effects of the opening of the financial recovery procedure are subject to the Romanian law, with the exception of those bearing on the contracts and the rights referred to below, which are subject to the following rules: a) employment contracts and labour relations are governed only by the law of the Member State applicable to contracts/labour relations; b) the contract which confers a right of use or acquires the property on an immovable property is governed only by the law of the Member State on whose territory this good is situated; c) the rights of the insurance/reinsurance company regarding a real estate, a ship or an aircraft, subject to registration in a public register, are governed only by the law of the Member State under whose authority the respective register is held. (7) The opening of the financial recovery procedure does not affect the real rights of creditors or third parties in respect of tangible or intangible assets, securities or real estate-both determined goods and ensembles of goods non-determined-belonging to the insurance/reinsurance undertaking and located in the territory of another Member State at the time of the opening of the procedure The actual rights of creditors or third parties shall mean in particular: a) the right to capitalize on its asset to ensure its valorisation and to benefit from the profit or income generated, in particular on the basis of a pledge or a mortgage; b) the exclusive right to recover a claim, in particular a right guaranteed by the establishment of a pledge or the assignment of this claim as collateral; c) the right to claim the property and/or refund it from anyone who possesses it and/or uses it against the will of the rightholder; d) the real right to perceive the fruits of a good; it is assimilated to the real right inscribed in a public register and opposable to third parties, which gives the possibility to acquire a real right, in the sense previously shown ((8) Provisions of para. ((7) does not preclude the exercise of actions concerning the nullity, annulment and/or inenforceability of acts prejudicial to all creditors under the law of However, the law of the home Member State shall not apply where the person who has benefited from a legal act prejudicial to all creditors proves that the following conditions are cumulatively met: a) the said act is subject to the legislation of a Member State other than that of origin; b) the law of the home Member State does not provide for any means of attacking that act. + Article 10 (1) The financial recovery procedure triggered against an insurance/reinsurance company that buys a good does not affect the guaranteed rights of the seller when, at the time of the opening of that procedure, that property is located located in the territory of a Member State other than the State in which those proceedings were opened. (2) The financial recovery procedure triggered against an insurance/reinsurance company that sells a good, after its delivery, does not constitute a cause of resolution or denunciation of the sale and does not prevent the acquisition by the purchaser of the property, if that property is, at the time of the opening of the proceedings, in the territory of a Member State other than that in which that procedure was opened. Where, by an act concluded after the adoption of the reorganisation measures, an insurance/reinsurance undertaking shall, for consideration, dispose of a property asset, a ship or an aircraft subject to registration in a public register or values. securities or securities whose existence or transfer involves enrolment in a register or account, established by law, or which are placed in a central system of deposits regulated by the law of a Member State, the validity of that act lies subject to the law of the Member State on whose territory the real estate asset is located or under whose territory authority shall keep the register, account or system. (3) The provisions of par. ((1) and (2) shall not preclude the exercise of actions concerning nullity, cancellation and/or inoposability governed by the law of the home Member State (4) The financial recovery procedure does not prevent and does not affect the exercise of the rights of insurance creditors regarding the compensation of their claims with those of the insurance/reinsurance company subject to this procedure, under the law Provisions of para. ((3) shall apply accordingly. (. Without prejudice to the provisions of art. 9 9 para. ((7) and (8), the effects of opening the financial recovery procedure on the rights and obligations of participants in a regulated market are only subject to the law applicable to that market. It shall not prevent actions relating to nullity, cancellation and/or inoposability, governed by the law of the Member State of origin, which may be exercised in order not to take account of payments or transactions made in accordance with the applicable law. that market. + Article 11 (. The financial recovery procedure shall produce its effects throughout the European Union from the moment it produces its effects in the Member State where it has started. (2) The financial recovery procedure shall produce all its effects throughout the European Union, in accordance with the law of the Romanian State, without further formalities, including in respect of third parties in other Member States, even if the legislation those Member States do not provide for such financial recovery measures or subordinate their application to conditions that are not met. The financial recovery measures adopted in accordance with the legislation of a Member State shall apply accordingly in the territory of the Romanian State. (3) The Financial Supervisory Authority, as competent authority and supervisory authority, shall inform the supervisory authorities of all other Member States of its decision to trigger a recovery procedure. financial, including the possible concrete effects of such a procedure. The information is made before the adoption of such a decision or immediately after this time. + Section 1 Recovery of insurance/reinsurance companies based on financial recovery plan + Article 12 ((1) In the event of the opening of the financial recovery procedure on the basis of plan, the board of directors or, as the case may be, the sole manager of the insurance/reinsurance company is obliged to draw up and submit to the premises of the Financial supervision a financial recovery plan, no later than 20 days from the date of communication to the insurance/reinsurance company of the decision provided in art. 8 8 para. ((1) lit. a). (2) The financial recovery plan will necessarily include the prospects for the financial recovery of the company, as well as the concrete modalities and deadlines for carrying out the measures and provisions established by the financial recovery decision issued by the Financial Supervisory Authority. (3) The plan will also include for the following 3 financial years, at least the following information: a) estimates of acquisition and administration expenses; b) the revenue and expenditure budget related to the direct insurance activity, the acceptance of the reinsurance; c) annual budgets; d) an estimate of the financial resources with which it is intended to cover the obligations assumed, taken into account for the determination of the minimum solvency margin; e) reinsurance and/or retrocesion programmes; f) the debt payment program. + Article 13 Following the analysis of the financial recovery plan, the Financial Supervisory Authority issues a decision by which, as the case may be, it may decide: a) approval of the financial recovery plan; b) the completion and/or modification of the financial recovery plan, no later than 5 days after the date of the decision to complete and/or modify; c) rejection of the financial recovery plan. + Article 14 (1) From the date of communication of the decision approving the financial recovery plan, the insurance/reinsurance company is obliged to properly meet the measures contained in the plan, within the deadlines and under the conditions established, as they were ordered and approved by the Financial Supervisory Authority. Also, the insurance/reinsurance company is obliged to inform all known insurance creditors, no later than 5 working days from the date of receipt of the decision, the measures and provisions established by the Financial supervision. (2) Provisions of para. ((1) shall also apply accordingly to the approval of the subsequent amendments and/or additions to the financial recovery plan, carried out according to art. 13 lit. b). + Article 15 In the event of the rejection of the financial recovery plan, the Financial Supervisory Authority shall issue a reasoned decision ordering one of the following measures: a) obliging the insurance/reinsurance company to develop an emergency financing program; in this case, the provisions provided in art. 12 12-14 will apply accordingly; b) application of art. 8 8 para. ((1) lit. b) and appointment of a special administrator; c) closing the financial recovery procedure; in this case, the Financial Supervisory Authority will withdraw the authorization to operate the insurance/reinsurance company and, in case of finding its insolvency status, will ask the court immediately opening the bankruptcy procedure, according to art. 3 3 para. ((1) lit. j) section 3. + Section 2 Recovery of insurance/reinsurance companies through special administration + Article 16 (1) In case of application of the financial recovery modality provided for in art. 8 8 para. ((1) lit. b), the Financial Supervisory Authority designates a person as special administrator, who, mainly, will carry out and will take all necessary measures to restore the financial situation of the insurance/reinsurance company, in compliance with the provisions, time limits and conditions contained in the financial recovery decision. (2) In this regard, the special administrator may immediately convene an extraordinary general meeting of the shareholders, with the proposal to carry out the operation to increase the share capital. + Article 17 (1) In all cases, the manager of the insurance/reinsurance company is obliged to bring, immediately, to the attention of the special administrator all the measures established in its charge by the financial recovery decision issued by the Financial supervision. (2) The rights, obligations and powers of the special administrator shall be established by rules of the Financial Supervisory Authority. + Article 18 (1) With the appointment of the special administrator, under the conditions of this law, the suspension a) the legal duties of the significant shareholders and of the significant persons of the insurance/reinsurance company; these duties shall be transferred to the special administrator throughout the special administration period; b) voting rights regarding the appointment and revocation of the directors of the insurance/reinsurance company, the right to dividends of the shareholders, the activity, as well as the right to remuneration of the board or administrator unique, as appropriate. (2) The suspension operates throughout the special administration period. + Article 19 (1) Decision of the Financial Supervisory Authority provided for in art. 8, 13 and 15 is enforceable. (2) Against the decision, the insurance/reinsurance company may appeal to the Administrative and Fiscal Litigation Section of the Bucharest Court of Appeal, within 10 days from the date of communication, under the sanction of decay. (3) The appeal shall be judged expeditiously and in particular; the appeal shall not suspend the execution of the decision of the Financial Supervisory Authority. The court's ruling can be appealed, under the law. + Section 3 Closure of the financial recovery procedure. Effects of closing procedure. Rights and obligations of insurance creditors + Article 20 The closure of the financial recovery procedure of the insurance/reinsurance company shall be ordered by reasoned decision, issued by the Financial Supervisory Authority, according to the law, when, as the case may be: a) it is found to restore the financial situation of the insurance/reinsurance company, as a result of properly fulfilling the modality and financial recovery measures; b) the measures applied in the financial recovery procedure have not been properly met, within the time limits and under the conditions laid down, or their application could not, during the period in which they were taken, lead to the achievement of the pursued and to remove the causes that generated them. + Article 21 ((1) By decision to close the financial recovery procedure, the Financial Supervisory Authority shall, where appropriate: a) revocation of the decision referred to in 8, in the situation provided in art. 20 lit. a); b) the withdrawal of the operating authorization of the insurance/reinsurance company, as well as, if its insolvency is found, the request, immediately, of the entry into the bankruptcy procedure, in the situation provided in art. 20 lit. b). (2) By decision to close the financial recovery procedure, the Financial Supervisory Authority shall, if necessary, have the revocation of the special administrator designated under the conditions of this law and the termination of its duties. (3) The provisions of art. 9 9 para. ((1) and of art. 19 19 shall also apply in the case of the decision to close the financial recovery procedure. + Article 22 In the case provided in art. 21 21 para. ((1) lit. b), on the date of publication of the decision on the closure of the financial recovery procedure and the finding of the insolvency of the insurance/reinsurance company is born the right of insurance creditors to request the payment of the amounts due from the Fund Guarantee. + Article 23 (1) Within 30 days from the date of publication of the decision to close the financial recovery procedure, the insurance/reinsurance company for which the Financial Supervisory Authority was found insolvency is obliged to hand over to the Guarantee Fund the record of insurance contracts in force on the closing date of the financial recovery procedure, the complete record of the damage files, as well as the technical-operative and accounting records related to these contracts and dossiers, with a view to publishing insurance creditors, beneficiaries of the amounts due from the Guarantee Fund. Liability for failure to perform or improper performance of the obligation rests with board members/supervisory board and executive management of the insurance/reinsurance company. (2) Within the period provided in par. ((1), the Guarantee Fund shall designate a special commission, consisting of its own specialists, with the following composition: a) 2 members of the management, one of whom is the chairman of the commission; b) the head of the financial department or its legal replacement, as appropriate; c) 2 representatives of the technical directorate, with experience in the matter of liquidation of damages; d) 2 representatives of the legal general directorate, with experience of at least 3 years in the legal field. (3) After the expiry of the term provided in par (1), the Guarantee Fund shall take all necessary measures to publish the list of insurance creditors whose claims have resulted from the records transmitted by the insurance/reinsurance company, according to par. ((1). ((4) Abrogat. ---------- Alin. ((4) of art. 23 23 was repealed by lit. c) a art. 41 of LAW no. 213 213 of 21 July 2015 , published in MONITORUL OFFICIAL no. 550 550 of 24 July 2015. + Article 24 Repealed. ---------- Article 24 was repealed by letter. c) a art. 41 of LAW no. 213 213 of 21 July 2015 , published in MONITORUL OFFICIAL no. 550 550 of 24 July 2015. + Article 25 Repealed. ---------- Article 25 was repealed by the letter. c) a art. 41 of LAW no. 213 213 of 21 July 2015 , published in MONITORUL OFFICIAL no. 550 550 of 24 July 2015. + Article 26 Repealed. ---------- Article 26 was repealed by the letter. c) a art. 41 of LAW no. 213 213 of 21 July 2015 , published in MONITORUL OFFICIAL no. 550 550 of 24 July 2015. + Article 27 Repealed. ---------- Article 27 was repealed by the letter. c) a art. 41 of LAW no. 213 213 of 21 July 2015 , published in MONITORUL OFFICIAL no. 550 550 of 24 July 2015. + Chapter III Procedure of bankruptcy of insurance/reinsurance companies + Section 1 Repealed ---------- Section 1 of Chapter III has been repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 28 Repealed. ---------- Article 28, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 29 Repealed. ---------- Article 29, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 30 Repealed. ---------- Article 30, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 31 Repealed. ---------- Article 31, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 32 Repealed. ---------- Article 32, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 33 Repealed. ---------- Article 33, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 34 Repealed. ---------- Article 34, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 35 Repealed. ---------- Article 35, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 36 Repealed. ---------- Article 36, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 37 Repealed. ---------- Article 37, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 38 Repealed. ---------- Article 38, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 39 Repealed. ---------- Article 39, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 40 Repealed. ---------- Article 40, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 41 Repealed. ---------- Article 41, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 42 Repealed. ---------- Article 42, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 43 Repealed. ---------- Article 43, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 44 Repealed. ---------- Article 44, Section 1, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Section 2 Repealed ---------- Section 2 of Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 45 Repealed. ---------- Article 45, Section 2, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 46 Repealed. ---------- Article 46, Section 2, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 47 Repealed. ---------- Article 47, Section 2, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 48 Repealed. ---------- Article 48, Section 2, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 49 Repealed. ---------- Article 49, Section 2, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 50 Repealed. ---------- Article 50, Section 2, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Section 3 Repealed ---------- Section 3 of Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 51 Repealed. ---------- Article 51, Section 2, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 52 Repealed. ---------- Article 52, Section 2, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 53 Repealed. ---------- Article 53, Section 2, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 54 Repealed. ---------- Article 54, Section 2, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 55 Repealed. ---------- Art. 55, Section 2, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 56 Repealed. ---------- Art. 56, Section 2, Chapter III was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Section 4 Dissolution and voluntary liquidation of insurance/reinsurance and insurance and/or reinsurance brokers + Article 57 The dissolution and voluntary liquidation of insurers/reinsurers and insurance and/or reinsurance brokers is made according to the provisions of this section, as well as the rules issued by the Financial Supervisory Authority in application and shall be supplemented by the provisions Law no. 31/1990 , republished, with subsequent amendments and completions. + Article 58 (1) The dissolution and voluntary liquidation and distribution of the social patrimony of an insurer/reinsurer or insurance and/or reinsurance broker may be made only with the prior notice and under the supervision of the Financial Supervisory Authority. (2) With the withdrawal of the authorization to operate an insurer/reinsurer that is not in a state of insolvency, as provided for in art. 3 3 para. ((1) lit. j), or an insurance and/or reinsurance broker, which is not in a state of insolvency, according to Law no. 85/2006 , with subsequent amendments and completions, if the shareholders/associations do not decide to change the object of activity, the Financial Supervisory Authority may order, after 30 days from the withdrawal of the authorization, the dissolution followed by liquidation. + Article 59 (1) Insurance claims shall enjoy absolute priority over any other claims, in respect of assets admitted to represent the technical reserves of insurers/reinsurers in the procedure of dissolution and voluntary liquidation. ((2) The claims arising from the amounts collected as premiums not deposited with insurers/reinsurers by insurance and/or reinsurance brokers, as well as the claims of the Financial Supervisory Authority against insurance brokers and/or reinsurance enjoys absolute priority over any other claims, in the procedures of dissolution and voluntary liquidation according to Law no. 31/1990 , republished, with subsequent amendments and completions, and by the appropriate insolvency Law no. 85/2006 , with subsequent amendments and completions, of these insurance intermediaries. + Article 60 Liquidators cannot pay shareholders/associates any amount in the account of shares/parties that would be due to the dissolution and voluntary liquidation, before the payment of the receivables provided in art. 59. + Article 61 (1) The appointment of the liquidators of an insurer/reinsurer or insurance and/or reinsurance broker shall be made only with the prior opinion of the Financial Supervisory Authority. (2) The liquidation of insurers and/or reinsurers can also be ensured by the appointment of the Guarantee Fund as liquidator under the conditions of par. ((1), and the expenses incurred by the Guarantee Fund occasioned by the conduct of the liquidation activity are considered to be liquidation expenses. (3) The provisions of this law relating to the duties of the liquidator, the order to extinguish the claims, the privilege of insurance creditors and the expenses related to liquidation shall apply accordingly and the voluntary liquidation of insurers/reinsurers or insurance and/or reinsurance brokers according to this section. (4) The legal duties of significant shareholders and of the significant persons of insurers/reinsurers and insurance and/or reinsurance brokers shall be transferred to the liquidator throughout the period of voluntary liquidation. (5) Liquidators have the same liability as the significant persons of insurers/reinsurers and insurance and/or reinsurance brokers. + Article 62 Liquidators are obliged to prepare and transmit to the Financial Supervisory Authority monthly reports on the stage of the dissolution and liquidation procedure and to fulfill any other provisions of the Supervisory Authority Financial necessary to ensure the rights and legitimate interests of insurance creditors. + Article 63 (1) For good reasons, the Financial Supervisory Authority may request at any time, during the dissolution and voluntary liquidation procedure, the general meeting of the shareholders/associates or the delegated/syndic judge who appointed the liquidator replacing it. (2) Failure to fulfill the obligations of the liquidator provided in 62 is a thorough reason for the admission of the application for its replacement. (3) The appointment of the new liquidator is also made with the prior opinion of the Financial Supervisory Authority. + Article 64 (1) If the insurer/reinsurer in the procedure of dissolution and voluntary liquidation is in a state of insolvency, as defined by art. 3 3 para. ((1) lit. j) section 1, the liquidator is obliged to request the opening of bankruptcy proceedings. ((2) Within 30 days from the date of delivery of the decision on the opening of the bankruptcy procedure to the insurer/reinsurer, the liquidator is obliged to hand over to the Guarantee Fund the obvious insurance contracts in force, complete the damage files, as well as the technical-operative and accounting records related to these contracts and files, according to the provisions of art. 23 23 para. ((1). (3) The provisions of art. 23 23 para. ((2) and art. 24 24-27 shall apply accordingly. (4) If the insurance and/or reinsurance broker in the dissolution and voluntary liquidation procedure is in a state of insolvency, the liquidator is obliged to ask for the insolvency proceedings to be opened. + Chapter IV Repealed ---------- Chapter IV was repealed by lit. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Section 1 Repealed. ---------- Section 1, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 65 Repealed. ---------- Article 65, Section 1, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 66 Repealed. ---------- Article 66, Section 1, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 67 Repealed. ---------- Article 67, Section 1, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 68 Repealed. ---------- Article 68, Section 1, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 69 Repealed. ---------- Article 69, Section 1, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 70 Repealed. ---------- Article 70, Section 1, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Section 2 Repealed ---------- Section 2, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 71 Repealed. ---------- Article 71, Section 2, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 72 Repealed. ---------- Article 72, Section 2, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Section 3 Repealed ---------- Section 3, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 73 Repealed. ---------- Article 73, Section 3, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 74 Repealed. ---------- Art. 74, Section 3, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 75 Repealed. ---------- Article 75, Section 3, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 76 Repealed. ---------- Article 76, Section 3, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 77 Repealed. ---------- Article 77, Section 3, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Section 4 Repealed ---------- Section 4, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 78 Repealed. ---------- Art. 78, Section 4, Chapter IV was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Chapter V Sanctions + Article 79 The violation of the provisions of this law and/or the norms issued in its application is found and sanctioned by the Financial Supervisory Authority. + Article 80 (1) The following facts are contraventions: a) failure to comply with the obligation to provide the Financial Supervisory Authority with the documents and information requested, according to art. 6 6 para. ((1); b) non-determination and/or non-communication to the Financial Supervisory Authority, within 48 hours from the request, the financial situation, as well as the minimum solvency margin of the insurance/reinsurance company, according to art. 6 6 para. ((2); c) non-application or improper application of measures ordered by the Financial Supervisory Authority by decision of financial recovery, according to art. 8 8 para. ((3) and para. ((4) lit. a); d) non-preparation and/or non-submission within the headquarters of the Financial Supervisory Authority of the financial recovery plan or, as the case may be, of the financing program, according to art. 12 12 and art. 15 lit. a); e) non-compliance with and/or improperly fulfilling the measures and provisions contained in the financial recovery plan or, as the case may be, in the financing program, approved by the Financial Supervisory Authority, according to art. 14 14 para. ((1) and art. 15 lit. a); f) the violation in any way of the obligation to bring to the attention of the insurance creditors about the financial recovery measures ordered by the Financial Supervisory Authority, according to art. 14 14; g) violation in any way of the obligation to bring to the attention of the special administrator about the decision of financial recovery and the measures ordered by the Financial Supervisory Authority, according to art. 17 17 para. ((1); h) the violation in any way of the obligation of surrender to the Guarantee Fund of the insurance contracts in force, of the complete record of the damage files, as well as of the technical-operative and accounting records related to them, according to art. 23 23 para. ((1) and art. 64 64 para. ((2); i) violation in any way of obligations regarding the registration of the application for the opening of bankruptcy proceedings, in accordance with the provisions of art. 29 29; j) violation in any way the obligation to appoint the liquidators of an insurer/reinsurer or insurance and/or reinsurance broker, with the prior opinion of the Financial Supervisory Authority, according to art. 61 61; k) failure to fulfill in any way by liquidators the obligations provided by art. 60, 62 and 64 para. ((1) and (4). (2) The contravention facts provided in par. (1) shall be sanctioned, as follows, with: a) fine, applicable to the insurer/reinsurer, from 15,000 lei to 30,000 lei; b) fine, applicable to the significant persons of the insurer/reinsurer, from 5,000 lei to 15,000 lei; c) fine, applicable to the significant persons of the insurance and/or reinsurance broker, from 5,000 lei to 15,000 lei; d) fine, applicable to the liquidators of the insurer/reinsurer or insurance and/or reinsurance broker, from 5,000 lei to 15,000 lei. ((3) The fine will be applied to the insurer/reinsurer, insurance and/or reinsurance broker, significant persons or liquidators who participated in the commission of the contravention acts. The penalty of the fine will be applied separately to each person who participated in the commission of the contravention. (4) Depending on the nature and gravity of the act, the Financial Supervisory Authority may apply, with the fine provided in par. ((2), any of the penalties provided for in art. 39 39 para. ((3) lit. d) and e) of Law no. 32/2000 , with subsequent amendments and completions. + Chapter VI Transitional and final provisions + Article 81 The open bankruptcy proceedings against insurance/reinsurance companies and before the courts on the date of entry into force of this law continue to take place and close under the conditions of this law. + Article 82 Art. 65-78 shall also apply in respect of private international law relations in the field of financial recovery of insurance, insurance-reinsurance, reinsurance undertakings, mutual insurance companies, including their branches with headquarters abroad, as well as branches and subsidiaries of insurance/reinsurance companies from other third countries, which are based in Romania, including in terms of information and rights of insurance creditors. + Article 83 Repealed. ---------- Article 83 of Chapter VI was repealed by letter. d) a art. 344 of LAW no. 85 85 of 25 June 2014 , published in MONITORUL OFFICIAL no. 466 466 of 25 June 2014. + Article 84 (1) The financial recovery and bankruptcy regulated by this law shall not preclude and affect the exercise of the rights of insurance creditors regarding the compensation of their claims with insurance/reinsurance company claims subject to these procedures, under the law. (2) The provisions of art. 83 83 para. ((3) shall apply accordingly. + Article 85 ((. Without prejudice to the provisions of art. 9-11, the effects of opening a financial or bankruptcy recovery procedure, as the case may be, on the rights and obligations of participants in a regulated market are only subject to the law applicable to that market. (2) Provisions of para. ((1) does not prevent actions regarding nullity, cancellation and/or inoposability, governed by the law of the Romanian state, which may be exercised in order not to take into account payments or transactions made in accordance with the law applicable to the market That. + Article 86 The provisions of this Law shall be supplemented Law no. 32/2000 ,, as amended and supplemented, the Law no. 136/1995 ,, as amended and supplemented, the Law no. 287/2009 on the Civil Code, republished, as amended, of Law no. 85/2006 ,, as amended and supplemented, the Law no. 31/1990 , republished, with subsequent amendments and completions, of Law no. 637/2002 on the regulation of private international law relations in the field of insolvency, with subsequent amendments and completions, as well as of Law no. 134/2010 , republished, with subsequent amendments and completions. + Article 87 This law transposes the provisions Directive 2001 /17/EC on the reorganisation and liquidation of insurance undertakings, except in the Annex to the Directive. + Article 88 This law shall enter into force within 30 days from the date of publication in the Official Gazette of Romania, Part I. + Article 89 The date of entry into force of this Law shall be repealed: a) Chapter VI "Recovery, reorganization and liquidation of insurers" of Law no. 32/2000 , published in the Official Gazette of Romania, Part I, no. 148 of 10 April 2000, with subsequent amendments and completions; b) Order of the President of the Insurance Supervisory Commission no. 12/2001 for the implementation of the Norms on the insolvency of the insurer and the special administrator, published in the Official Gazette of Romania, Part I, no. 43 43 of 22 January 2002; c) Order of the President of the Insurance Supervisory Commission no. 14/2001 for the implementation of the Rules on portfolio transfer, published in the Official Gazette of Romania, Part I, no. 43 43 of 22 January 2002; d) Order of the President of the Insurance Supervisory Commission no. 3/2002 for the implementation of the Rules on the establishment, use and management of the Insurance Protection Fund, published in the Official Gazette of Romania, Part I, no. 327 327 of 16 May 2002. + Article 90 Within 60 days from the date of entry into force of this Law, the Financial Supervisory Authority will issue specific rules for the application of the provisions of this Law. -------