1 September 2014

We have been advised by the Financial Supervision Authority of Romania that in order to pursue non-life Class 10 (Motor Third Party Liability) under the freedom to provide services, it is compulsory for the insurance company to:
  • communicate the name and address of the claims settlement representative which must be established in Romania
  • submit official documents confirming its membership of Romania’s Motor Insurer’s Bureau and Street Victims Protection Fund
  • comply with the Romanian legislation regarding Motor Third Party Liability insurance
Before the submission of the relevant documents, the insurance undertaking is not allowed to perform insurance business under the right to provide services on the Romanian territory for Class 10 risks.
In accordance with the provision laid down in Romanian legislation the insurance undertaking has no obligation for other fees and taxes within the Romanian territory when it pursues insurance business under the freedom to provide services.