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Author(s): Cristina-Alexandra Darie

Journal: The Romanian Economic Journal
ISSN 1454-4296

Volume: XIII;
Issue: 35;
Start page: 175;
Date: 2010;
Original page

Keywords: Insurance companies | Freedom to provide services | Right of establishment | Home country control | The Single European passport.

ABSTRACT
Insurance companies, reinsurance companies and insurance-reinsurance companies authorized in one EU Member States can carry out insurance or reinsurance activity in another member state, under the right of establishment and freedom to provide services. The right of establishment of an insurer can be done either by setting up principally by transfer of the principal activity in another MemberState, either by setting up a secondary establishment. To talk about carrying out insurance business by the free provision of services, the risk must be located in another member state than that in which the establishment to which the insurance contract was concluded. These companies should be subject to a system of prior approval and financial control of the single Member State of origin (home countrycontrol). Court of Justice has issued decisions which ruled not to apply or correct application by Member-States the provisions of European Directives into national law. In Romania, Chapter III ยน of Law 32/2000, regarding insurers right of establishment and freedom to provide service and the Order of the Insurance Supervisory Commission nr.14/2009 to implement the rules on business insurance/reinsurance in Romania in the right of establishment and freedom to provide services, transpose the European law provisions in the field and determinethe conditions relating to notification to the competent authority for the activity within the host Member State and the conditions of exercise activity.
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