The Insurance and Pension Funds Supervisory Authority (ASF) approved, on 27 May 2025, Regulatory Standard No. 4/2025-R, which amends the regulatory framework governing the distribution of insurance and reinsurance. The key changes are as follows:
- Movement of funds in “client” accounts
Insurance intermediaries must now carry out debit movements from “client” accounts exclusively through electronic transfers that ensure the identification of the beneficiary. The use of cheques or bank drafts is prohibited.
- Requirements regarding the diversification of the broker’s insurance portfolio
The Standard amends the methodology for calculating portfolio diversification, removing the obligation to analyse remuneration over the last three years. This assessment will now only be required when the concentration ratio falls below the value recorded in the most recent financial year.
- Professional liability insurance of the intermediary
The amounts of the intermediary’s professional liability insurance have been updated to €751,016.27 per claim and €1,126,522.99 per year, in accordance with the regulations of the European Commission.
- Whistleblowing channel for reporting infringements
A digital channel for reporting infringements to the ASF has been established, accessible via its official website.
