In Romania, the Financial Supervisory Authority is the authority which regulates the insurance and intermediation activities under the provisions of Law no. 32/2000 on the insurance activity and insurance supervision.
The purpose of the activity of this commission is to defend the rights of the insured and to increase the stability of the insurance activity in Romania.
AThe activity of the insurers and insurance brokers is under the close supervision of the Financial Supervisory Authority which drafts an annual report regarding the activity carried out and the insurance market evolution. Also, the Financial Supervisory Authority keeps the Registry of insurers and insurance brokers, the Registry of insurance intermediaries and the Registry of actuaries.
In 2009, the Financial Supervisory Authority founded the Institute of Insurance Management (IMA) whose purpose is to ensure the training and specialization of persons working in the field of insurance or insurance intermediation.
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