Insurance & Insurtech

Examples of Representative Work

• Insurtech Compliance: Assisted a global provider of services for Booking Agents on Solvency II, IDD, e-Commerce, GDPR and MiFID Directives and primary and secondary Romanian legislation (FSA - Financial Supervisory Authority) compliance ‍
• High-Profile Road Accident Defenses: Represented Romania's largest insurer in sensitive cases involving maximal coverage claims, achieving successful defenses in penal courts.‍
• Multi-Million Euro Liability Claims: Handled complex disputes for the market-leading insurer, securing victories in Bucharest civil courts through meticulous evidence and strategy.‍
• Regulatory Advisory for Market Entry: Guided foreign reinsurers and the world’s largest insurance broker on ASF compliance and EU passporting, enabling seamless expansions.‍
• Claims Management for Policyholders: Assisted large multinational corporate clients in recovering indemnity in denied or challenged claims, navigating procedural timelines and claim forensic and technological reports and findings for efficient resolutions that lead to coverages being made up for up to €30M/claim in IT and telecom equipment replacement. ‍
• Insurance Fraud: Legal assistance and court representation in a pyramidal (Ponzi) life insurance scheme fraud, with 182 damaged parties (VIPs) and €5,000,000 in damages.

Strategic Advisory for Insurance and Insurtech Companies

• Regulatory Compliance and Innovation: We guide insurers and insurtech startups through Romania's stringent frameworks, including Law 237/2015 on insurance supervision, Law 260/2008 (as amended), and OUG 54/2016 establishing the Financial Supervisory Authority (ASF) oversight. Our services ensure seamless alignment with solvency requirements, licensing, and reporting, while integrating GDPR and NIS2 for data-intensive insurtech platforms, critical in an industry where 70% of new policies involve digital elements.‍
• Product Development, Risk Management, and Tech Integration: Leverage our insights under Law 236/2018 on insurance contracts to design innovative products, from AI-powered risk assessments to blockchain-based claims processing. We focus on consumer protection, ethical AI use, and minimizing liabilities in emerging areas like cyber insurance and parametric policies, helping clients capitalize on Romania's growing insurtech market amid EU-wide digital transformation trends.‍
• Market Entry, Expansion, and Cross-Border Strategies: For foreign entities entering Romania, we navigate OUG 98/2006 on EU service freedoms, facilitating branch setups, mergers, and acquisitions. Our experience with international clients from 53 countries ensures robust strategies for fintech-insurtech hybrids, including compliance such as with ITAR for defense aerospace-linked insurtech and sustainable finance under EU Green Deal regulations.

Empowering Policyholders and Businesses

• Policy Interpretation and Coverage Analysis: We demystify intricate policy language under Law 236/2018, providing clear evaluations of coverage scopes, exclusions, and endorsementsessential for businesses adopting insurtech solutions like app-based claims or personalized premiums driven by IoT data.
• Claims Management and Optimization: From initial filing to resolution, we streamline processes, advising on timelines, documentation, and insurer obligations. In insurtech contexts, we address disputes arising from algorithmic denials or data breaches, ensuring clients maximize recoveries in a market where digital claims are rising 40% annually.‍
• Pre-Litigation Dispute Resolution: Utilizing mediation and negotiation rooted in the Civil Code, we resolve conflicts amicably, avoiding costly court battles. Our approach is tailored for insurtech scenarios, such as smart contract disputes or AI bias claims, fostering efficient outcomes for global enterprises.

Insurance and Insurtech Litigation in Civil Courts

• Claim and Coverage Disputes: We represent clients in insurance claim defense, denials, delays, or undervaluations, drawing on Law 132/2017 for compulsory motor liability and emerging insurtech issues like automated claim rejections. Our 89% overall litigation success rate (100% on insurers defense litigation in high profile, defending against multi-million euro claims) delivers favorable settlements or judgements for insurers and international policyholders alike.‍
• Contractual and Breach Litigation: Litigating non-payments, policy misapplications, or fintech integration failures under the Civil Procedural Code, we safeguard interests in high-stakes cases involving digital platforms and cross-border elements.‍
• Class Actions and Collective Redress: Defending against group claims under consumer protection legislation, particularly in insurtech mass disputes like data privacy violations or algorithmic discrimination affecting thousands of users.

Insurance and Insurtech Litigation in Penal Courts

• Road, Railroad, Airfreight and Air Travel Accidents and Liability Defense: As civil parties underwriting civil liabilities in criminal or civil proceedings, we handle high-profile road, railroad and air transportation accident cases, defending maximal coverage claims for Romania's leading insurers. Our expertise extends to insurtech telematics evidence, ensuring robust strategies in penal trials. We particularly excel in rebutting or defending technical or cyber forensic reports findings and conclusions on complex technological, industrial or safety standards (IT and telecom equipment, industrial installations, automotive, civil and industrial constructions, fire protection etc.), ‍the mandates entrusted by our insurers and corporate clients leading to securing or defending coverages and indemnities between €3M and €30M.‍
• Insurance Fraud and Cyber Investigations: Prosecuting or defending insurance fraud, including forged digital claims or AI-manipulated data. In a rising trend of cyber fraud, we integrate forensic tech analysis for airtight cases.‍
• Corporate Criminal Liability: Navigating Penal Code implications for insurers facing charges in systemic failures or insurtech breaches, such as non-compliance with GDPR in data handling — vital as EU fines escalate for digital non-adherence, or other non-compliance findings and fines following regulatory and administrative audits.

Our Clients in Insurance, Reinsurance, Insurance Distribution, Embedded Distribution, and Insurtech‍

Our firm served and targets a diverse clientele in Romania's evolving insurance ecosystem, focusing on international entities navigating local regulations amid current trends like AI integration, cyber risks, and sustainable finance. Our Clients include:

• Traditional Insurers and Reinsurers: Large carriers (e.g., Romania's top market-share holders) and global reinsurers seeking compliance with ASF oversight and reinsurance treaties.
• Insurtech Startups and Fintech Innovators: Digital platforms offering AI-driven underwriting or blockchain claims, such as those expanding via EU passports.
• Insurance Distributors and Brokers: Booking agencies, agents and embedded distributors (e.g., via e-commerce or apps) handling multi-channel sales, needing distribution compliance under Law 236/2018.
• Corporate Policyholders and Businesses: Multinationals in high-risk sectors requiring tailored coverage or legal assistance throughout insurance claims resolutions, especially if they involve technical or digital/cyber heavy forensics.
• SMEs: Policyholders facing business claims, especially in digital-embedded insurance models.
  

Cross-Sectoral Potentials

• Art & Culture: Museums, galleries, and digital media firms, portfolio owners, curators, distributors or custodians, and studios insuring NFTs, cultural artifacts, or event liabilities amid rising cyber threats to digital assets.
• Aviation, Space & Defense: Airlines, satellite operators, and defense contractors needing hull, liability, and cyber insurance for emerging risks like space ops or drone operations.
• Energy & Natural Resources: Oil & gas, renewables, and mining companies seeking climate-resilient policies for environmental liabilities and supply chain disruptions.‍
• Transportation (Road, Railroad, Airfreight, Air Travel): Logistics firms, railroads, and air carriers insuring against accidents, cargo losses, or cyber-attacks on IoT-enabled fleets.

Matters We Can Assist With

• Regulatory Disputes: Challenging ASF findings and fines for non-compliance in solvency or data protection, especially for insurtech AI models under GDPR/NIS2.
• Claims Denials and Delays: Representing policyholders in disputes over algorithmic rejections or undervalued claims.
• Fraud Investigations: Defending against or prosecuting insurance fraud, including digital forgery in embedded apps.
• Contract Breaches: Litigating non-payments or misapplications in reinsurance treaties or distribution agreements.
• Class Actions: Defending insurers against collective consumer claims, amid rising disputes over personalized premiums.
• Market Entry Barriers: Advising on EU cross-border setups, resolving licensing hurdles for foreign reinsurers.
  

Cross-Sectoral Assistance

• Art & Culture: IP-related claims for stolen artifacts or NFT fraud; embedded insurance for event organizers against cyber risks.
• Aviation, Space & Defense: Liability suits from satellite failures or drone accidents; reinsurance for space ops risks.
• Energy & Natural Resources: Environmental liability claims post-disasters; insurtech for parametric weather policies.‍
• Transportation: Road/rail/air accident defenses with telematics evidence; airfreight cargo disputes amid supply chain cyber threats.

Our Legal Services Features

• Global Expertise with Local Insight: Serving clients from 53 countries, we bridge Romanian law with EU/US standards, offering English-speaking counsel for seamless cross-border operations.
• Tailored, Tech-Savvy Strategies: Integrating AI compliance and digital tools for insurtech, with proactive risk assessments and 24/7 advisory support.
• Transparent Communication: Clear updates on obligations, merits, and resolutions, ensuring clients stay informed throughout.
• High Success Rates: 100% on insurance dispute resolution (89% overall success rate), 100% compliance adherence, and 98% client satisfaction, drawing from 21 years of boutique practice advancing exquisite legal solutions in demanding, high-stakes or novelty cases
• Cross-Sector Synergies: Leveraging our niches in aviation, energy, tech and arts to provide holistic insurance solutions.