Governance, Risk and Compliance - The Romanian Insurance Industry

Governance, Risk and Compliance - The Romanian Insurance Industry


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  • Pages: 93
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Executive Summary

Governance, Risk and Compliance-The Romanian Insurance Industry

Summary

"Governance, Risk and Compliance-The Romanian Insurance Industry", is a comprehensive source of analysis of the insurance regulatory framework for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance in Romania. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report provides insurers with access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Romania, including-

- An overview of the insurance regulatory framework in Romania.

- The latest key changes, and changes expected in the country's insurance regulatory framework.

- Key regulations and market practices related to different types of insurance product in the country.

- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Romania.

- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

- Details of the tax and legal systems in the country.

Some of the Key Takeaway's of the report are-

- The Financial Supervisory Authority (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 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.

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.

Reasons to buy

- Gain insights into the insurance regulatory framework in Romania.

- Track the latest regulatory changes, and expected changes impacting the Romanian 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 product.



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Table of Contents

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Air carriers and aircraft operators insurance

2.4.3 Insurance of dwellings against earthquakes, landslides and flooding

2.4.4 Nuclear liability insurance

2.4.5 Social security insurance

2.4.6 Professional indemnity insurance for alternative investment fund managers

2.4.7 Professional indemnity insurance for insurance intermediaries

2.4.8 Liability for ships with respect to oil pollution

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 European Insurance and Occupational Pensions Authority

2.5.3 Financial Supervisory Authority

2.5.4 Federation of European Risk Management Associations

2.5.5 National Association of Insurance and Reinsurance Companies

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and Penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 APPENDIX

3.1 Methodology

3.2 Contact GlobalData

3.3 About GlobalData

3.4 GlobalData's Services

3.5 Disclaimer

List of Figures

Figure 1: Romania-The Three Pillars of Solvency II

Figure 2: Romania-Insurance Supervision and Control at Various Levels

Figure 3: Romania-Insurance Regulatory Frameworks for Company Registration and Operation

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Romania-Insurance Regulatory Framework Key Features

Table 3: Romania-Life Insurance Regulatory Framework

Table 4:Romania-Property Insurance Regulatory Framework

Table 5: Romania- Motor Insurance Regulatory Framework

Table 6: Romania-Bonus-Malus Framework

Table 7: Romania-Liability Insurance Regulatory Framework

Table 8: Romania-Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft

Table 9: Romania-Corporate Tax Rates for the Financial Year 2018

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