Insurance sector not done yet

Legislation in relation to the insurance sector lacks precision, and both implementing provisions and the decisions of the Romanian Insurance Supervisory Commission (CSA) are not always consistent over time, the European Commission report released last week shows. “Substantial further amendments and new implementing measures will be required to fully align Romanian legislation with the insurance acquis -these are planned in several steps until 2006,” the report says in the “Freedom to provide services” chapter. This is one of the EU accession negotiation chapters Romania has not closed yet. Even though it still has some work to do in view of further alignment with the acquis, CSA has adopted numerous implementing measures, notably on third party liability motor insurance and on conditions for drawing up annual financial reports, EC’s report specifies. CSA feels the report would have been different if the authors had considered the legislation pending adoption instead of only that already enacted. ZF