EU accession means competition for insurers

The lifting of the restriction to seal insurance contracts only with companies registered in Romania, the unification of the civil auto liability insurance with the Green Card one and a much better defined status of the insurance agents. These are some of the most significant consequences triggered by the adjustment of the Romanian insurance legislation to European regulations in this domain, with a view to EU integration. “All insurance companies within the community space will be allowed to open branches or offices on the Romanian territory. Opening up frontiers for the services branch in the domain of insurance will undoubtedly lead to significantly tougher competition,” stated Maria Bugeanu, honorary chairman of the Romanian Association of Insurance Law, during the Insurance Law International Conference. The conference debating the “Issues pertaining to the Adjustment and Harmonisation of Insurance Law to European Regulations”, is organised by the National Union of Insurance Companies in Romania (UNSAR) and ADAR. “A consented regrouping of insurance companies has to be put into practice, following the disappearance, through absorption, of small and non-performing companies,” Bugeanu stated. ZF