"With the approval of this law the Executive intends to regulate, among others, the conditions of access to and exercise of the insurance and reinsurance activity, the recovery and liquidation measures of insurance and reinsurance companies in a difficult financial situation, the supervision regime, in which the preponderant role of the Insurance Activity Supervision Body and the sanctioning regime applicable to the reinsurance activity are highlighted", reads the press release issued at the end of the Economic Commission of the Council of Ministers meeting.
The document also states that the Economic Commission has examined the Law on the Procedural Regime Applicable to Special Crimes in the Insurance and Pension Funds Sector and to Transgressions whose Processing is the responsibility of the Insurance Activity Supervision Body, with the aim of defining "the acts and formalities for the processing of special crimes in the insurance and pension funds sector, as well as transgressions whose processing is the responsibility of the insurance activity supervision body".
In addition, the Economic Commission of the Council of Ministers the Annual National Development Plan for 2021 and the Financial Programming of the National Treasury for the last quarter of this year.
