Journal of Accounting and Management Information Systems (JAMIS)

Legislative amendments concerning the insurance contract

15/2006 ,   p199..205


Keywords:   law, insurance contract, Romania, legislative changes

There have been many legislative changes in the insurance contract since the Law no. 136/1995 on insurance and re-insurance in Romania was adopted, the latest being included in the Emergency Ordinance no. 61/2005 which was passed by the Law no. 283/2005. When the insurance contract was defined, the legislator introduced the category of the insurance contractor beside that of the insured as parties who can make a contract. The object of the insurance may be: credits and warranties, insurance against financial loss, as well as other types of insurance. In case of denunciation of contract, the only situation which remains valid is that which requires the prior notification addressed to the other party within 20 days. The subrogation of the insurer on behalf of the insured is not possible in the case of person insurance. As regards the denunciation of an individual life insurance contract, the insured may denunciate it within 20 days since the insurer signs it, with the mention that these stipulations do not apply to life insurance contracts with duration of 6 months or less. The provisions referring to the insurance of credits and warranties are completed and it is stated that the pursuit of a debtor in a credit contract with regard to the fulfilment of the contract requirements, including the payment in due course of the credit and the real and personal warranties, cannot be a redeeming action. To conclude, one can say that the new regulations with regard to the insurance contract shed some light on several aspects, but at the same time, the legislator is not consistent with the initial provisions of the Law no. 172/2004, going back over the previous rules and changing many of them with the Emergency Ordinance no. 61/2005.