Insurance Accounting in Romania

The permanent existence of risks under all forms and in all domains of activity, supposes the closing of insurance policies between natural and legal persons, having the quality of insurant respectively specialized institutions, having the quality of insurer, which assumes the risk production in return for the payment of some insurance premiums from the beneficiaries of the insurance policies. Underlying the development of the insurance policies in Romania is Law No. 32/2000 concerning the insurance activity and surveying insurances with their subsequent modifications and completions. Insurance companies keep a double-entry accounting with the help of specific accounts to the insurance activities and draw up annual financial reports which include balance sheet, profit and loss account, the report of own capital modifications, the report of treasury flux, and the explanatory notes to financial reports.

Accounting Regulations from the 30th of December 2015. Concerning the individual annual financial reports and the consolidated annual financial reports of the entities which develop insurance and/or reinsurance activities, published in Romania’s Official Monitory No. 2 bis from the 4th of January 2016.

Badea, D., & Ionescu, L. (2001). Personal insurances and their rumination in accounting. Bucharest: Economical Publishing.

Cenar, I., & Cioca I. C. (2016). Accounting in insurances. Cluj Napoca: Risoprint Publishing.

Law No. 32/2000. Concerning insurance activity and surveying insurances, with the subsequent modifications and completions, published in Romania’s Official Monitory No. 148 from the 10th of April 2000.