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Insurance

Romania

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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CMS Ex­pert Guide to In­sur­ance
17 Jan 20
CJEU rules in­surers li­able for not in­form­ing life in­sur­ance policy...
The European Court of Justice (CJEU) was re­cently asked to rule on the EU­'s Solvency II Dir­ect­ive (and all earli­er le­gis­la­tions reg­u­lat­ing life in­sur­ance) re­gard­ing the can­cel­la­tion rights of in­sur­ance...
23 Dec 19
A new EU op­er­a­tion­al re­si­li­ence frame­work for cy­ber se­cur­ity?
Our re­cent Law-Now art­icle dis­cussed the FCA, PRA and Bank of Eng­land con­sulta­tions on im­prov­ing fin­an­cial sta­bil­ity in the UK mar­kets through op­er­a­tion­al re­si­li­ence. Con­tinu­ing this theme, but now from...
20 Dec 19
Ro­mani­an Fin­an­cial Ser­vices Au­thor­ity turns its at­ten­tion to a post-Brexit...
As re­por­ted earli­er this year, the Ro­mani­an Fin­an­cial Ser­vices Au­thor­ity (the “FSA”) in­dic­ated that, in the event of a hard Brexit, UK en­tit­ies op­er­at­ing in the non-bank­ing fin­an­cial mar­kets will...
04 Dec 19
Ro­mania to re­lax re­stric­tions on in­sur­ance dis­tri­bu­tion on a FOS basis
As we re­por­ted pre­vi­ously, at the end of 2018, the Ro­mani­an Fin­an­cial Su­per­vis­ory Au­thor­ity (the “FSA”) is­sued Norm no. 19/2018 on in­sur­ance dis­tri­bu­tion (“Norm 19”). Norm 19 in­tro­duced a num­ber...
15 Nov 19
Brexit and data pro­tec­tion: what to do next (when you don’t know what’s...
Whilst the threat of a no-deal Brexit has been aver­ted for now, the fu­ture is by no means cer­tain. We have high­lighted some of the key is­sues for UK-based or­gan­isa­tions, and the EEA or­gan­isa­tions that...
05 Nov 19
Whis­tleblow­ing Dir­ect­ive ad­op­ted by the EU Coun­cil
On 7 Oc­to­ber 2019, the EU Coun­cil ap­proved the word­ing of the "Dir­ect­ive of the European Par­lia­ment and of the Coun­cil on the pro­tec­tion of per­sons who re­port breaches of Uni­on law", also known as the...
24 Apr 19
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”)...
12 Mar 19
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...
07 Mar 19
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...
16 Jan 19
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...
10 Sep 18
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”)....