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The object of the insurance law

The insurance law regulates the organization and functioning of:insurance or reinsurance
companies,mutual societies-insurers,reinsurers,insurance intermediaries,Insurance
Supervisory CommissionIn this law terms and e!pressions below have the following
meanings
"#insurance business-the activity e!ercised in or from $omania,designating,in
principal,the offer,intermediation,negotiation,termination of the insurance or reinsurance
contracts,the receipt of money,the loss li%uidation,decline and recovery activities and
realizing the investment or own funds and attracted by wor& done'
(#insurance agent-individual or legal entity empowered, based on an insurer)s
authorization to negotiate and conclude in the name and on behalf of the insurer)s
insurance contracts with third parties, under the conditions stipulated in the warrant
signed, without having the %uality of the insurer or insurance bro&er'
*#the insurance-the operation by which an insurer constitutes the principle of mutuality,
an insurance fund by contributing a number of insured e!posed to the production of
certain ris&s, and he compensates those who suffer injury on account of the fund consists
of premiums earned and due other income resulting from the activities carried'
+#the insured person-the person which has an insurance contract concluded with the
insurer'
,#the insurer-the individual or legal entity which underta&es the responsibility to e!ecute
insurance activities'
-#the insurance bro&er
.# catastrophe
/#coinsurance
0#free reserve fund paid
"1#significant shareholder
""#significant persons
"(#insurance portfolio
"*#subscribed gross prime
"+#subscribed net prime
",#incasate gross prime
"-#incasate net
".#reinsurance
"/#own retaining
"0#mutual company of insurance
The insurance activity is classified in:life insurance and general insuranceThe types of
insurances are set by norms
Insurance Supervisory Commission
222
The insurers authorization
2
The insurers activity
22
The life insurance
22
The reorganization and li%uidation of the insurers
222
Insurance intermediaries
2
Sanctions and liabilities
22
3inal orders and provisions
222
The insurance contract
22
The termination of the contract
Section ":The rights and the obligations
22
Section (:4ossessions and dwelling insurance
5ome insurance and property within it should be first on your priority list 3ire,
e!plosion, natural phenomena and disasters can destroy the best price
If prevention of fire and e!plosion there modern technical solutions, floods and
earth%ua&es are impossible to prevent or avoid 6!posed to the same ris&s and goods
from home: furniture, appliances, electronics, clothing
7o not be overloo&ed and malicious actions of individuals 8theft, vandalism, terrorism#
that can cause damage to the building and property
22
Section *:Individuals insurance
9uto Insurance
:iability Insurance
Insurance of goods
;andatory insurance of home
9ccident and health insurance
:ife insurance
2222
Section +:The civil responsibility insurance
22
Section ,:<thers insurances
22
Section -:$einsurance
222
The mandatory insurance for damages caused by car accidents
Car insurance $C9
=atural and legal persons who own vehicles subject to registration in $omania are
obliged to insure the liability cases as a result of damage caused by motor vehicle
accidents in our country
4eople who enter the territory of $omania to vehicles registered abroad are considered
insured under the law, if they meet one of the following conditions :
a# possess valid insurance international documents $omania'
b # registration number according to certify the e!istence of bilateral agreements
concluded between insurance ;otor Insurers >ureau of ;otor Insurers >ureau $omania
and the country of origin
4eople who use vehicles registered in $omania and abroad who are not insured abroad,
or whose insurance e!pires during their stay in $omania, due to insurance premiums for
the period from joining, or the e!piry date of the insurance, to e!it the vehicle in the
country
C9SC< insurance is a policy that will ensure his own vehicle to produce one of the
following:
collisions 8? damage in the par&ing lot#
fire
theft
storm, hail, rain, etc
Closing conditions of the policy ta&e into account many factors: the value of the vehicle,
its age, history of damage - if any, type of use, etc In addition some insurance
companies ta&e into account in determining insurance premiums and driver e!perience
8number of years that have licenses from previous damage#
9lthough insurance is optional, it is more than necessary for your sa&e
5ow much is insurance on that period ends, it begins valid hedging and other details, you
can learn from our consultants
=atural and legal persons who own vehicles subject to registration in $omania are
obliged to insure the liability cases as a result of damage caused by motor vehicle
accidents in $omaniei4ersoanele entering $omanian territory by vehicles registered
abroad is considered insured under this law if they meet the following conditions:
a# possess valid insurance international documents in $omania'
b# registration number according to certify the e!istence of bilateral agreements
concluded between insurance ;otor Insurers >ureau of ;otor Insurers >ureau
$omania and the country of origin
222
Transitional and final orders and provisions- 4olice, fire departments and other public
authorities competent to find and investigate motor vehicle accidents or other events, if
applicable, will be provided at the re%uest of insurers, documents and data on the causes
and circumstances of the insured ris&s and damages to establish and payment of
compensation insurers and the insured amounts
This law shall come into force on " 3ebruary "00-)) 9bout)) insurance contract, the
Commercial Code, 7ecree number +."@"0." on insurance, republished in "0//, the
Council of ;inisters decision number ".",@"0." to establish performance measures in
7ecree number +."@"0.", Aovernment 7ecision number */.@"001 on certain measures
related to vehicle insurance and any contrary provisions