Also, the number of declarations submitted by shareholders and other decision-making persons has been reduced to a single self-written declaration, as per a draft act approved by the insurance regulator regarding the norms regulating the authorization and running of insurance companies.
The draft act chronologically enlarges upon the steps to take when setting up an insurance company and operating as insurance company. The draft also stipulates the introduction of mandatory professional training for certain categories of employees within insurance companies, which will be carried out through the Sector Operational Program for Human Resource Development (POSDRU).
The new regulations will take effect upon publication in the Official Journal of Romania.