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A panel of experts – 13 of whom come from the EU member states – was nominated to establish the principles of European legislation for the insurance contract law (PEICL). The panel includes no Romanian expert, so the event in Bucharest was rather intended to render the European experts familiar with the situation in Romania. The main conclusion of the debate was that much of the relevant Community acquis, such as the contractual elements and definitions thereof, was already incorporated in the Romanian legislation (premium, insured risk, compensation) and the obligation of the insurer to supply the clients with information before and after the execution of the insurance contract and the interpretation to the benefit of the insured of any kind of ambiguous formulations or documents. The goal was established that the new legislation be completed by 2010, but there are still some major issues unsettled. One of them is the relation between the European and national law and ways to transpose the first at national level.
