Insurance & Private Pensions

advising entities interested in operating/investing on the local insurance market, carrying out legal audit / due diligence processes, drafting and negotiating business / portfolio transfer agreements and share transfer agreements, it assists with the ASF authorisation of the transaction, as well as with the setting up and authorisation of insurance companies.

drafting and amending the legislative framework as regards the establishment of private pension funds and fund managers in accordance with international standards and the needs of the Romanian market.

advising on the interpretation and application of the special legal framework, the drafting of general terms of insurance contracts used in day-to-day business, compliance of insurance conditions with insurance and consumer protection legislation, negotiation of complex insurance contracts, outsourcing of functions and corporate changes, and related authorisation, sensitive customer complaints, compliance with insurance distribution regulations, drafting and negotiation of bancassurance contracts, assistance in the relationship between insurance companies and intermediaries, assistance and representation in the relationship with the Financial Supervisory Authority (Autoritatea de Supraveghere Financiară - ASF), assistance to insurers from other EU Member States in providing insurance services in Romania on the basis of the freedom to provide services and the freedom of establishment within the EU. For clients acting as insurance beneficiaries, we assist in negotiating complex insurance contracts (asset, liability, business interruption/loss and other business risks) and in obtaining damages under insurance contracts.

assisting in the establishment of private pension fund management companies, legal due diligence on private pension firms, drafting and negotiation of agreements for the purchase of shares in private pension firms, merger of pension portfolios, compliance with the special legal framework, outsourcing of functions and corporate changes and their approval by the ASF.