Regaining the consumers' trust is the main objective of the European legislation's revision

The specialists who participated at the Brokers' Conference at FIAR 2017 pointed out that the revision of insurance legislation plays an important role for companies, but its main objective is regaining the consumers' trust.

Solvency II, IDD - Insurance Distribution Directive, but also the new MTPL law are among the most important European and local legislative changes.

Bogdan ANDRIESCU, President of UNSICAR - The National Union of Intermediaries and Insurance Consultants declared that there is very little time left for implementing the European IDD on the Romanian insurance market.

He made a short presentation of IDD's history, reminding the participants that EU member states must transpose the directive's requirements in the local legislation until February 2018.

"The agenda of the transposition of IDD in Romania is, currently, waiting for approval from ASF's Council. If the law project, after approval, will be different than the one we have discussed with ASF's working group, we will be able to transmit amendments to the Ministry of Finance, during the public hearing step", Bogdan ANDRIESCU explained.

The specialists participating as the conference also believe that Romanian brokers are ready enough to adapt to IDD's requirements.

At the same time, as far as the MTPL law is concerned, Viorel VASILE, President of PRBAR - The Romanian Patronate of Insurance-Reinsurance Brokers and the CEO of SAFETY Broker is optimistic and, despite the talks in the market, believes that insurers and brokers will adapt to new requirements.

"We believe that during this hectic period, the insurance market needs a lot of equilibrium and peace. We look towards the future with trust and I believe that we will handle the MTPL law no matter how things will turn out", Viorel VASILE said.

The MTPL law was adopted by the Chamber of Deputies on May 16, 2017, and it is currently waiting for the approval of the Romanian President.

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