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President Klaus Iohannis promulgates law concerning insurance distribution
President Klaus Iohannis promulgated on Friday the law concerning the insurance distribution.
The draft law was adopted on September 18, by the Chamber of Deputies, as the decision-making forum.
The law has to regulate the entire transposition of the EU Directive 2016/97 of the European Parliament and the European Council of 20 of January 2016, concerning the insurance distribution.
This law regulates the distribution activity of insurance and reinsurance products, the organisation and functioning of the insurance and reinsurance distributors, the surveillance of the distribution system and other activities that are connected with it, the registration of the intermediaries, including their authorization or approval with the Financial Oversight Authority (ASF), in view of ensuring an increased level of protection and information that the consumers will benefit from when it comes to the possibility of separately acquiring different components of an offered package (cross-selling).
Furthermore, president Klaus Iohannis promulgated the Law on the approval of the Government Emergency Ordinance no. 61/2015 for the extension of the deadline for entry into force of Law no. 151/2015 on the insolvency proceedings of physical persons.
According to the law's text, "the deadline for entry into force provided for at art. 93, first thesis of Law no. 151/2015 concerning the procedure of insolvency for physical persons, published in the Official Gazette of Romania, Part I, no. 464 of 26 June 2015, is extended until 31 October 2016."