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OFFICIAL GAZETTE 333/13.05 MO - Order no. 11/2011 issued on 05.03.2011 amending and supplementing the Norms of professional qualifications and continuous training of persons working in the distribution of insurance products, implemented by Order of the President of CSA no. 7/2010.

According to the amendments, professional qualification training programs and continuous professional training programs will be finalized with graduation exam which will be organized by the Institute of Management in Insurance. Previously, these exams would be organized by professional training providers.

 

Starting with September 1st, 2011, for insurers and brokers in insurances the professional qualification certificate is a condition for concluding employment contracts, respectively mandate contracts in the insurance or brokerage field, as appropriate, with insurers and insurance brokers.

 

Also starting with September 1st, 2011, insurers and insurance or reinsurance brokers are required to stipulate in the employment contracts, respectively mandate contracts or brokerage contracts of the above-mentioned persons the deadline by which they must follow a continuous training program. In the situation when employment or mandate contracts have been already signed, this deadline could be stipulated by an addendum to the contract.

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