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The Insurance Supervisory Commission is an independent authority which actively seeks to protect the insured's rights and to promote a stable environment for the romanian insurance market.
It's mission is to impartially enforce the insurance legislation, with readiness and honesty; to protect, in accordance with the law, the insured from insurance products; to encorage the creation of a healthy insurance market; to promote the necessity to better serve the public interest.
To this end, the highest standards of ethics and workmanship will be imposed in all formal and informal relationships with individuals, agencies and companies on whom the Comission's policies and actions have an effect upon. The Insurance Supervisory Commission has it's foundations in the Law no. 32/2000 regarding the insurance companies and insurance supervision, published in the first part of the Romanian Official Journal on the 10'th of April 2000 and all the subsequent norms and decisions.
In accordance with the commitments assumed by the Insurance Supervisory Commission in Romanian Position Paper presented in Brussels on 2001 year, for chapter 3 – „Freedom to provide services”, the Law no. 32/2000 regarding the insurance companies and insurance supervision was amended and completed according to the European Union directives for insurance field.
In accordance with articles 5 and 8 from Law no. 32/2000 regarding the insurance companies and insurance supervision, The Insurance Supervisory Commission has the following functions:
- elaborates or decides upon draft legislation concerning the insurance field and suggests individual administrative acts if related to the insurance business;
- ensures consumer's protection by supervising the insurers' financial situation, and if required carries out inspection on insurers or insurance brokers;
- supervises accounting systems and accounting norm and regulations, after consultation with the professional bodies of insurance companies;
- takes all necessary steps to ensure that the insurance activity is conducted in accordance with specific prudential regulations;
- participates in international associations of insurance supervision authorities;
- elaborates norms in enforcing of Law no. 32/2000 concerning insurance companies and insurance supervision, regarding classes of insurance, insurers and insurance broker authorisation procedure, solvency margins, insurers' insolvency, regulations for life insurance funds administration, regulations for investments and asset valuation;
- gives, suspends or cancels official authorisations, approves division or merger of an insurer registered in Romania, approves the transfer of portofolios and gives penalties to insurance companies and brokers which are breaking the legislation in insurance field.
During it's 8th Anual Conference held in Bonn (September 2001), the International Association of Insurance Supervisors (IAIS) voted in favor of CSA becoming a member of the international body of supervisory authorities.
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The structure of the Insurance Supervisory Commission has been elected by the Romanian Parliament.
The Insurance Supervisory Commission is controlled by a Council composed of a president, two vicepresidents and four members, all of them elected by the Parliament during a common session:
- President - Mrs. Angela Toncescu
- Vicepresident - Mr. Tudor Balta
- Vicepresident - Mr. Constantin Buzoianu
- Member - Mrs. Aurelia Cristea
- Member - Mr. Dan Constantinescu
- Member - Mr. Corneliu Moldoveanu
- Member - Mr. Albin Biro
Each year, the ISC releases a study entitled "Annual Report of the Insurance Supervisory Commission on its activity and the insurance market evolution".
Please follow the links below to download a PDF version of the lastest available reports.
Our address is:
18 Amiral Constantin Balescu Street, Bucharest, Romania
Please use one of the following means of communication to contact us:
- Main phone lines - +40.21.316.78.80, +40.21.316.78.81
- Mass-media & Public relations Office - +40.21.316.78.62, fax +40.21.316.78.63
- Complaints - ext. 141, fax +40.21.316.78.64
- Reports - fax +40.21.316.78.64
- E-Mail - office@csa-isc.ro
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romanian version