Romania Insurance Industry – Governance, Risk and Compliance
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Romania Insurance Industry Regulation Overview
The Financial Supervisory Authority (ASF) regulates the Romania insurance industry along with other regulators and supervisors, including the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (FERMA), and the National Association of Insurance and Reinsurance Companies (UNSAR).
The Romania insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Financial Supervisory Authority (ASF)
· International Association of Insurance Supervisors (IAIS) · European Insurance and Occupational Pensions Authority (EIOPA) · Federation of European Risk Management Associations (FERMA) · National Association of Insurance and Reinsurance Companies (UNSAR) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Romania Insurance Industry – Key Regulators and Legislation
Financial Supervisory Authority (ASF): The Romanian insurance industry is supervised by ASF under the provisions stipulated in the Insurance Law. It is mainly responsible for authorizing, supervising, and controlling the activities of insurers, reinsurers, and insurance intermediaries in Romania.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
A few of the key legislation that regulates the insurance industry in the country are:
- Law No. 287/2009 on the Civil Code
- Rule No. 9/2015 on the authorization and operation of insurance and/or reinsurance brokers
- Law No. 132/2017 on compulsory insurance against civil liability for the damage to third parties caused by vehicle and tram accidents. Compulsory motor third-party liability insurance(Răspundere Civilă Auto– RCA)
- Law No. 703 of December 3, 2001, on Civil Liability for Nuclear Damage
- Social Insurance Law, 2000
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Romania Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Romania insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurances in Romania
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Romania Insurance Industry - Company Registration and Operation
A license is required to operate in the Romania insurance industry. Article 15 of Law No. 237/2015 – Insurance Law requires (re)insurance companies with a head office outside the EU and EEA to obtain official authorization from ASF to operate an insurance business in the country. Moreover, insurance intermediaries require authorization from ASF before conducting any insurance business in Romania.
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Romania Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Romania. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Income Tax: According to existing tax legislation in Romania, corporate tax applies to both residents (companies incorporated in Romania by the country’s existing legislation) and non-resident companies operating in the country. Resident companies are taxed on their global consolidated income, whereas non-resident companies are taxed only on income earned in the country.
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Scope
- The report covers details of the insurance regulatory framework in Romania.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The ASF regulates the Romanian insurance industry.
- Foreign direct investment of up to 100% is permitted in the Romanian insurance industry.
- Non-admitted insurance is not permitted in the Romanian insurance industry. However, insurers from EU and EEA Member States are permitted to operate in the country without a license.
- The Solvency II framework will introduce new risk management standards for insurers.
- Nuclear liability insurance, motor third-party liability insurance, and insurance of dwellings against natural perils are compulsory insurance classes in Romania.
Reasons to Buy
- Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Romania.
- Track the latest regulatory changes and expected changes impacting the Romania insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Romania insurance industry?
The Financial Supervisory Authority (ASF) is the key regulator of the Romania insurance industry.
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Which other bodies oversee the Romania insurance industry?
The International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (FERMA), and the National Association of Insurance and Reinsurance Companies (UNSAR) are the regulatory and supervisory bodies that oversee the operations of the Romania insurance industry.
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Which are the compulsory insurances required within the Romania insurance industry?
A few of the compulsory insurances required within the Romania insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What types of taxes are imposed upon the Romania insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Romania. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.
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