
The Norm has been adopted, which applies to insurers who intend to carry out insurance
activity on the Romanian territory, regardless of whether the supervisory regime in third
countries is declared or not declared equivalent.
The norm is not applicable to insurers from third countries that carry out reinsurance activity
in Romania through subsidiaries.
The Financial Supervisory Authority authorizes the subsidiaries of insurers from third
countries and supervises the activity carried out by them, exercising the supervisory powers
to the same extent that it exercises them for the supervision of companies headquartered in
Romania.
The subsidiaries of the insurers from the third states carry out activity on the Romanian
territory only on the basis of the authorization issued by the A.S.F.
In order to protect the interests of the contractors, in case the solvency of the subsidiary
continues to deteriorate after the application of the recovery plan, A.S.F. orders the
liquidation of the portfolio and the application of the necessary measures.