On 15 December 2015, at an extraordinary sitting, the Parliament voted at second reading on the draft Insurance Code. The deputies finally adopted the draft Insurance Code.
It introduces a new regime for determining the capital requirements of the insurer and the reinsurer.
The draft Insurance Code concerns the solvency regime, insurance contracts and the distribution of such products. The new code also regulates insurance claims. The draft proposes an entirely new code, not an amendment to the current one.
Source: BABB