Romania Insurance Industry – Governance, Risk and Compliance
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Romania Insurance Industry Report Overview
The Romania insurance industry is regulated mainly by the Financial Supervisory Authority (Autoritatea de Supraveghere Financiară – ASF). Other bodies that oversee the industry are the IAIS, the Federation of European Risk Management Associations (FERMA), the National Association of Insurance and Reinsurance Companies (UNSAR), and the European Insurance and Occupational Pensions Authority (EIOPA).
The Romania insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, health, marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.
Key Regulators | · Financial Supervisory Authority (Autoritatea de Supraveghere Financiară – ASF)
· International Association of Insurance Supervisors (IAIS) · Federation of European Risk Management Associations (FERMA) · National Association of Insurance and Reinsurance Companies (UNSAR) · European Insurance and Occupational Pensions Authority (EIOPA) |
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 (Autoritatea de Supraveghere Financiară – ASF): The Romanian insurance industry is supervised by ASF in accordance with 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. It also takes the necessary steps to ensure that the insurance activity is managed by respecting the specific prudent regulations.
International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.
The key laws and regulations in the Romania insurance industry are as follows:
- Insurance Law No. 237/2015 on the Authorization and Supervision of Insurance and Reinsurance Business
- Law No. 32/2000 on Insurance Undertakings and Insurance Supervision was renamed the Law on the Activity and Supervision of Insurance and Reinsurance Intermediaries on January 1, 2016
- Law No. 287/2009 on the Civil Code
- Rule No. 9/2015 on the authorization and operation of insurance and/or reinsurance brokers
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Romania Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Romania insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Romania Insurance Industry Analysis by Compulsory Insurances
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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. In addition, insurance intermediaries require authorization from ASF before conducting any insurance business in Romania. Also, only the joint-stock companies and European society subsidiaries or branches of foreign insurers established as Romanian legal entities are allowed to conduct insurance activities in Romania:
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Romania Insurance Industry - Taxation
The different types of taxes in the Romania insurance industry are tax on insurance premiums, 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 in accordance with 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 in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about 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
- Provides 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 about various types of insurance products.
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Frequently asked questions
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Who are the key regulators of the Romania insurance industry?
The Romania insurance industry is regulated mainly by the Financial Supervisory Authority (Autoritatea de Supraveghere Financiară – ASF).
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Which other bodies oversee the Romania insurance industry?
Other bodies that oversee the industry are the IAIS, the Federation of European Risk Management Associations (FERMA), the National Association of Insurance and Reinsurance Companies (UNSAR), and the European Insurance and Occupational Pensions Authority (EIOPA).
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What are the compulsory insurances in the Romania insurance industry?
Some of the key 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 are the types of taxes imposed in the Romania insurance industry?
The different types of taxes in the Romania insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value added tax.
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