ORDER No. 2328/2390 of 28 december 2001
regarding the approval of the Specific accounting regulations for the insurance field harmonizing the European Directives and International accounting standards.

Issuer: Ministry of the public finances, Insurance Supervising Commission
Published in: The Official Gazette no.34 of 18th February 2002

The Minister of the public finances and the President of the Insurance Supervising Commission, upon article 4(2) of the Law of accountancy np.82/1991, republished as altered by the Ordinance of the Government of Romania nr.61/2001 and the article 44(6) of the law no.32/200 regarding the insurance companies and the supervision of insurance,

Issue the following Order:

Art. 1.
The Specific accounting regulations for the insurance field harmonizing the European Directives and the International accounting standards, annex*) to the present Order, are approved and enacted as of 1st January 2002.
The specific accounting regulations are binding for companies in the insurance field, as Romanian legal persons and for the foreign legal persons' subsidiaries located in Romania.
*) The annex will be subsequently published.

Art.2.
The administrators, financial-accounting directors, chief accountants and any other person undertaking the management of the companies in the insurance field, are responsible, according to the law, for the preparation, appropriation and the correct apply of these regulations as well as for the correct transposition of the accounting balances of the checking balances as of 31st December 2001 in the accounts provided for in the new accounting plan. These persons are as well responsible for the corresponding adaptation of the software used to process the financial-accounting data as well as for the accuracy and the up to date of the data that are processed or evidenced in the account books.

Art.3.
The auditors, appointed according to the law as well as the expert accountants, the authorized accountants with university studies and the expert accountants companies, that certify the insurance companies balance sheets as of 31 December 2001 have the obligation of checking and certifying the correct transposition of the account balances drawn up for that date in the accounts provided for in the new accounts plan.

Art.4
After having consulted the professional associations of the insurance operators, The Insurance Supervising Commission, periodically updates the specific accounting Regulations for the insurance field, harmonizing the European Directives and the international standard accounting, considering upon further alterations of these regulations and in accordance with the accounting Law no.82/1991, republished, with the subsequent alterations and supplements and the law no.32/2000 regarding the insurance companies and the supervision of insurance, submits them to the approval of the Ministry of the public finances with the view to permit their carrying on.

The Minister of the public finances
Mihai Tanasescu

The President of the Insurance Supervising Commission
Nicolae Eugen Crisan

ANNEX
to download the INSURANCE ACCOUNTING REGULATIONS click here.