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Insurers, reinsurers, and brokers face an increasingly unpredictable world, not least because of tougher capital and risk requirements impacting on your business. So you can be certain to meet these challenges successfully, you need advisors with specialist knowledge of your sector and a detailed understanding of the evolving regulatory framework.

CMS has helped major insurers establish and expand operations in Central and Eastern Europe. We are the market leader in M&A in the sector, offer dedicated regulatory expertise and have extensive experience from distribution of insurance products to defence of class action claims.

CMS Romania has a dedicated team of insurance law specialists who focus on both contentious and non-contentious matters, primarily advising leading global insurers and reinsurers, as well as intermediaries, on their regulatory and business challenges in Romania – from complex regulatory issues, through to mediation and litigation around claims, and also corporate and commercial transactions.

With 100 insurance lawyers across 34 countries, we can protect your commercial interests in your home market and across borders. We provide advice based on strong local knowledge delivered on a Europe-wide basis by expert lawyers, many of whom have worked in the sector or for regulatory authorities.

We assist clients on the most complex transactional, advisory and contentious matters. A multi-disciplinary team advises on strategic as well as operational matters, liability and dispute resolution, policy drafting, coverage, regulatory issues, M&A, capital raising and restructurings, HR, tax, real estate and commercial issues.

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Bel­gian reg­u­lat­ory frame­work for MGAs now in force
On 21 Novem­ber 2018 and 7 March 2019, we is­sued news­let­ters (re­spect­ively avail­able here and here) re­gard­ing the Bel­gian pro­pos­al to cre­ate a new reg­u­lat­ory frame­work for man­aging gen­er­al agents (“MGAs”) in Bel­gi­um (“Pro­pos­al”).
Bel­gi­um braces for Hard Brexit with draft law
On Feb­ru­ary 19, Bel­gi­um passed a draft law pre­par­ing it­self for a Hard Brexit should the UK leave the European Uni­on (EU) on the dead­line of 29 March 2019 without a with­draw­al agree­ment in place to reg­u­late UK's de­par­ture and define its fu­ture re­la­tion­ship.
Up­date of Bel­gian pro­pos­al for MGA reg­u­lat­ory frame­work
On 21 Novem­ber 2018, we is­sued a news­let­ter (ac­cess­ible here) re­gard­ing a draft law amend­ing the law of 4 April 2014 on in­sur­ance, which will cre­ate a new reg­u­lat­ory frame­work for man­aging gen­er­al agents (“MGAs”) in Bel­gi­um (“Pro­pos­al”).
Ro­mania: In­sur­ance dis­tri­bu­tion on the basis of free­dom of ser­vices...
The Ro­mani­an Fin­an­cial Su­per­vis­ory Au­thor­ity (“FSA”) re­cently is­sued Norm 19/2018 (“Norm 19”) which fur­ther reg­u­lates in­sur­ance dis­tri­bu­tion in Ro­mania, after the en­act­ment of Law no. 236/2018 (which im­ple­men­ted the In­sur­ance Dis­tri­bu­tion Dir­ect­ive earli­er.
Brexit and the in­sur­ance sec­tor – in­form cus­tom­ers about Brexit’s...
The European In­sur­ance and Oc­cu­pa­tion­al Pen­sions Au­thor­ity (“EIOPA”) provided an opin­ion on in­form­ing cus­tom­ers about the im­pact of the with­draw­al of the United King­dom from the European Uni­on (“Opin­ion”).
EU tem­por­ary meas­ures on CF­Ds and bin­ary op­tions
On 22 May 2018, the European Se­cur­it­ies and Mar­kets Au­thor­ity (“ESMA”) ad­op­ted two de­cisions im­ple­ment­ing tem­por­ary product in­ter­ven­tion meas­ures. These de­cisions re­strict the mar­ket­ing, dis­tri­bu­tion and sale of con­tracts for dif­fer­ence (“CF­Ds”) and bin­ary.
Ro­mani­an le­gis­lat­or re­laxes rules on pro­cessing of health data amidst...
After fa­cing an in­tense back­lash from a num­ber of in­dus­tries, the Ro­mani­an Cham­ber of Depu­ties has agreed to amend the ini­tial draft law on pro­cessing of health data that will al­low more lee­way for in­surers when cal­cu­lat­ing risk.
EU Product Li­ab­il­ity Dir­ect­ive still an ad­equate tool, ac­cord­ing to...
On 7 May 2018, the European Com­mis­sion pub­lished its fifth re­port on the per­form­ance of the EU Product Li­ab­il­ity Dir­ect­ive (Dir­ect­ive/85/374/EEC) in the mem­ber states. The dir­ect­ive in­tro­duced the concept of strict li­ab­il­ity for pro­du­cers of de­fect­ive products.
Draft law on GDPR im­ple­ment­a­tion sows un­cer­tainty for in­surers
A draft law im­ple­ment­ing the Gen­er­al Data Pro­tec­tion Reg­u­la­tion (“GDPR”), which is cur­rently un­der de­bate in the Ro­mani­an Cham­ber of Depu­ties, seeks to in­tro­duce ad­di­tion­al re­stric­tions on the pro­cessing of per­son­al data, which could have a sub­stan­tial im­pact.
The In­sur­ance Dis­tri­bu­tion Dir­ect­ive (Dir­ect­ive (EU) 2016/97) is ap­plic­able...
On 9 March 2018, the Coun­cil of the European Uni­on ad­op­ted a draft dir­ect­ive post­pon­ing the ap­plic­a­tion of new rules on in­sur­ance dis­tri­bu­tion to 1 Oc­to­ber 2018 (the “Draft Dir­ect­ive”). The Draft Dir­ect­ive also ex­tends to 1 Ju­ly 2018 the dead­line for mem­ber.
Con­tri­bu­tions to second pil­lar pen­sion sys­tem de­crease from 2018
Ac­cord­ing to the re­cently pub­lished Gov­ern­ment Emer­gency Or­din­ance no. 82/2017, from 1 Janu­ary 2018, the con­tri­bu­tion to the privately man­aged second pil­lar pen­sion funds will be re­duced from 5. 1% to 3. 75%.
In­sur­ance Dis­tri­bu­tion Dir­ect­ive: Pro­pos­al to post­pone ap­plic­a­tion...
The In­sur­ance Dis­tri­bu­tion Dir­ect­ive (the “IDD”) came in­to force on 22 Feb­ru­ary 2016; the cur­rent dead­line for trans­pos­i­tion by mem­ber states is 23 Feb­ru­ary 2018. Re­cently, the European Par­lia­ment’s Eco­nom­ic and Mon­et­ary Af­fairs Com­mit­tee (“ECON”) re­com­men­ded.