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Page 1: KPMG in Romania | KPMG | RO

© 2014 NTMO sprl, a Romanian law firm, member of the Bucharest Bar Association. NTMO is associated with KPMG Legal, an international

network of independent law firms. All rights reserved. Printed in Romania.

Issue 95

Legislative amendments on

outsourcing of activities by

insurers

Norm no. 25/2014 issued by of the Financial Supervisory Authority

(“ASF”), amending the Norms regarding the principles for the

organization of an internal control and risk management system and

the organization and performance of internal audit activities by

insurers/reinsurers, approved under Order 18/2009 by the President

of the Insurance Supervisory Commission, was published in the

Official Journal of Romania, Part I, No. 835 of 17 November 2014

(“Norm no. 25/2014”).

Pursuant to Norm 25/2014, insurers/reinsurers will have the

possibility to outsource, subject to prior notification of ASF, the

establishment of damages and settlement of claims deriving from

compulsory motor third party liability insurance for damages resulting

from road accidents in Romania.

Under the currently applicable regulations, as a general rule,

insurers/reinsurers may outsource the establishment of damages and

settlement of claims for types of insurance coverage other than the

compulsory motor third party liability insurance for damages resulting

from road accidents in Romania.

Norm no. 25/2014 will take effect on 1 January 2015.

Modificări legislative privind

externalizarea activităților de

către asiguratori

În Monitorul Oficial al României, Partea I, nr. 835 din 17 noiembrie

2014, a fost publicată Norma Autorității de Supraveghere

Financiară („ASF”) nr. 25/2014 pentru modificarea Normelor

privind principiile de organizare a unui sistem de control intern şi

management al riscurilor, precum şi organizarea şi desfăşurarea

activităţii de audit intern la asigurători/reasigurători, aprobate prin

Ordinul preşedintelui Comisiei de Supraveghere a Asigurărilor nr.

18/2009 („Norma 25/2014 ”).

Prin Norma 25/2014 se instituie posibilitatea ca

asigurătorii/reasigurătorii să externalizeze, cu notificarea prealabilă

a ASF, activitatea de constatare şi lichidare a daunelor, inclusiv

pentru asigurarea obligatorie de răspundere civilă pentru prejudicii

produse prin accidente de vehicule pe teritoriul României.

Conform reglementărilor aplicabile în prezent, ca regulă generală,

asigurătorii/reasiguratorii pot externaliza activitățile de constatare

şi lichidare a daunelor, cu excepția celor privind pentru asigurarea

obligatorie de răspundere civilă pentru prejudicii produse prin

accidente de vehicule pe teritoriul României.

Norma 25/2014 va intra în vigoare la data de 1 ianuarie 2015.

Page 2: KPMG in Romania | KPMG | RO

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although

we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or

that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough

examination of the particular situation.

© 2014 NTMO sprl, a Romanian law firm, member of the Bucharest Bar Association. NTMO is associated with KPMG Legal, an international

network of independent law firms. All rights reserved. Printed in Romania.

NTMO in association with KPMG Legal - Crafting the Laws of Success

The strength of NTMO comes from the finely tuned legal skills and resilient commitment of its people. It is more than

ourselves or our law firm - we strongly believe in a higher purpose, our clients and their sustainable businesses, this country

and its future. Business evolves, global mega trends bring new challenges, industries and the public sector change, so we

stand by our clients and communities with dedication, energy and pragmatic support. You will be in safe legal hands with

us, as our roots in Romania go back 20 years, while we also extend internationally through our KPMG Legal membership,

with its more than 1,500 lawyers in 90 countries – we take pride in our reputable name, value mission and talented people.

Contact

Daniela Nemoianu

Managing Partner

[email protected]

Laura Toncescu

Managing Partner

[email protected]

Alina Mihaila

Partner

[email protected]

Sebastian Olteanu

Partner

[email protected]

Victoria Business Park, DN1,

69-71 Bucuresti-Ploiesti Road,

Sector 1, 013685

Tel. +40 (741) 800 800

+40 (372) 377 800

Fax +40 (741) 800 700

+40 (372) 377 700

Email [email protected]