The tax for issuing licenses to insurance companies will rise form 13,000 lei at present to 20,000 lei, according to a bill to amend and supplement the relevant legislation that was adopted by Parliament after giving it a final reading. Under the bill, the tax for issuing authorized copies – for renewing the license and for issuing the duplicate of the license – will represent 10% of the license tax, IPN reports.

The supervision authority will take a decision as to the issuing of the license within 30 working days of the receipt of all the documents required for issuing the license, while in the case of renewal of the license – within 14 working days of the day the statement for renewing the license is submitted.

Under the draft law, the Government and the National Commission for Financial Markets within two months of the publication will adjust their normative documents to the given law and will submit proposals for bringing the legislation in compliance with the given law to Parliament within three months.