insurance legislation in Romania Archives - Pavel, Margarit and Associates

Considering that the incorporation of a company in Romania that carries out its activity as insurance and / or reinsurance broker in Romania shall meet additional conditions regarding the registration and authorization in Romania, therefore we consider useful their brief presentation in this article. Pavel, Margarit and Associates Romanian Law Firm recommends using the services of a lawyer specialized in corporate, commercial, mergers and acquisitions law and insurance law in Romania for your advice on the applicable provisions of Romanian insurance law and assistance in registering and licensing as an insurance broker and / or reinsurance company in Romania. Incorporation of a company with the activity of insurance and / or reinsurance broker in Romania Regarding the place where it will carry out its activity, the brokerage company that carries out insurance and / or reinsurance activities must establish its registered office and headquarters in Romania. The Romanian company must include in its name the phrase "insurance company, insurance-reinsurance or reinsurance." Also, the Romanian companys sole object of activity will be operations related to that of insurance and / or reinsurance broker in Romania. Pavel, Margarit and Associates Romanian Law Firm recommends addressing to a lawyer specialized in corporate, commercial, mergers and acquisitions law and insurance law in Romania for drafting corporate documents and providing legal advice to identify the type of Romanian company to be registered with the Romanian Trade Register as a brokerage company in Romania. Special rules for setting up as an insurance and / or reinsurance broker in Romania provided by the Romanian insurance legislation First of all, the companies that carry out insurance and / or reinsurance activities in Romania must be authorized by the competent authority in Romania. In case of carrying out the insurance activity in Romania, the authorization will be granted for the activity of life insurance and general insurance in Romania, and for the reinsurance activity in Romania the authorization will be granted for the activities of general reinsurance, life reinsurance or composite reinsurance which includes both general and life reinsurance in Romania. The competent authority in Romania will analyze the application for authorization as an insurance and / or reinsurance broker in Romania based on the submitted business plan and other conditions for granting the authorization. One of the conditions for granting the authorization in Romania is the one related to the insurance activity, respectively reinsurance in Romania or the operations directly related to them and the prohibition to carry out any other commercial activity except those strictly permitted by Romanian law. Another key condition is that of holding eligible own funds to cover the Solvency Capital Requirement in Romania (SCR) and the Minimum Capital Requirement (MCR) in Romania. Last but not least, the company wishing to authorize itself as an insurance and / or reinsurance broker in Romania must submit for approval to the competent authority in Romania the information on the identity of shareholders or associates of the Romanian company, natural or legal persons, and the amount their holdings. In order to authorize the company as an insurance and / or reinsurance broker in Romania, Pavel, Margarit and Associates Romanian Law Firm recommends addressing a lawyer specialized in corporate, commercial, mergers and acquisitions law and insurance law in Romania to take all necessary steps and to ensures that you meet the special conditions provided by the special insurance legislation in Romania. Pavel, Margarit & Associates Romanian Law Firm is one of the top law firms in Romania, offering top legal advice. The Romanian law firm clients are foreign and top local companies and high worth individuals. In 2022, the success stories of the Romanian Law Firm have brought recognition from the most prestigious international guides and publications. The firm was ranked third place in Romania by the Legal 500 publication. The Romanian law firm is also recognized by IFLR 1000 Financial and Corporate Guide 2022. Pavel, Margarit & Associates Romanian Law Firm is also the only law firm in Romania recommended by the Global Law Experts Director in London in the Dispute Resolution area of Practice. All the relevant information regarding Pavel, Margarit & Associates Romanian Law Firm can be found on the website www.avocatpavel.ro.

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How can you incorporate an insurance and / or reinsurance broker in Romania?