The present order establishes the conditions for licensing of insurance and / or reinsurance brokers and it entered into force on publication in the Official Gazette.
Also, the order provides a set of requirements to be met by insurance and / or reinsurance brokers authorized at the date of its entry into force.
Thus, within 60 days after the entry into force, insurance and / or reinsurance brokers that are already authorized, are required to submit to CSA copies of labour contracts concluded with executives managers and of management contracts or mandate contracts concluded with administrators as well as the statements provided in Annex 3 or 4, as the case may be, to the present norms.
Also, until December 31st, 2011 entities that are already authorized must have a registered social headquarters (either owned or under a lease / loan contract), to be used solely for the performance of the activities for which they have been authorized, where can be sent and received correspondence from the CSA and from other institutions or authorities, headquarters where is permanently present an employee of the broker, during the daily working hours, communicated to the CSA and which meets the following requirements:
• the social headquarters and the working points have adequate technical equipment, to ensure the smooth performance of insurance brokerage activity;
• computation technique should include: computers and software, printers, internet connections, phone, fax, allowing the management policies;
• office area is not less than 15 sq meters, is not located in the basements of buildings, except from office buildings located in business centres, allowing the placement of office furniture, computers, storage and archiving of documents;
• the space must be equipped with office furniture – working desks, cabinets, storage furniture.
The present order also amends the minimum limits of civil professional liability insurance contracts available on the territory of Romania, the minimum coverage limit being of 1.121.000 euro / event and an aggregate amount of 1.700.000 euro per year, with no franchise. Those that are authorized at the date of entry into force of the present order are required to meet these requirements on the date of renewal of the professional indemnity insurance contract.
© 2024 Contexpert Consulting SRL. All rights reserved.
For comments and / or suggestions please visit our Contactpage.