The following information is aiming to provide the insurance undertakings from the EU Member States an overview upon the legal framework that is needed to be aware of in order to start and carry out insurance activity on the territory of Romania within the common market (through freedom to provide services and freedom of establishment).
The undertakings have to know that they are obliged to observe the binding legal provisions (regulations). This overview presents the legal provisions in force, but there should also be taken into consideration the provisions enforced or amended after the publication of this information.
The addressees of the legal provisions shall ensure that their activities are carried out in compliance with the current legal framework.
The legal provisions that are mandatory are those published in the Romanian Official Journal.
In the event of any discrepancies in interpretation between this information, other official or private translations of legal acts on one hand, and the texts of standard acts, published in the Romanian Official Journal on the other hand, the exclusive binding power is assigned to the latter.
This information should be treated as legislation in order to protecting “general good” and applies to regulations directly influencing the activities within insurance sector.
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