6511
Life insurance activities
This code covers life insurance activities, including issuing life insurance policies, reinsurance, and pension fund management. Essentially, if you offer financial protection to beneficiaries in case of death or survival, this is your code. It is suitable for companies developing insurance products with a savings or investment component.
Entrepreneur Profile
Acest cod este destinat societăților de asigurare autorizate de Autoritatea de Supraveghere Financiară (ASF), care oferă produse de asigurare de viață. Poate fi utilizat și de sucursalele din România ale asigurătorilor străini. Nu este potrivit pentru brokeri sau agenți de asigurări, care au coduri separate.
Who should avoid:
Avoid the exclusive use of code 6511 if the main activity of your company shifts towards other commercial or related branches not specified in the official description. See the excluded activities section below.
Authorization procedure and Trade Register aspects for CAEN 6511
For registration with the Trade Register (ONRC), the legal entity must submit the registration application accompanied by the constitutive act and proof of the registered office. The central public authority in the insurance field is the Financial Supervisory Authority (ASF), which issues the operating authorization, a mandatory prerequisite for registration. Without this authorization, registration with the ONRC cannot be completed. A fiscal registration certificate from the Tax Authority (ANAF) and proof of payment of registration fees are also required.
Regulatory framework, specific approvals and control institutions
Activities under CAEN 6511 are regulated by Law No. 237/2015 on the authorization and supervision of insurance, transposing the Solvency II directives. ASF is the control institution, and ANAF checks compliance with specific tax obligations. For authorization, a minimum share capital (according to law), a business plan, and proof of financial capacity are required. The minimum mandatory turnover at establishment is set by ASF through internal regulations. Life insurance companies must submit annual financial statements to ASF and comply with prudential indicators (SCR, MCR). No approvals from other national authorities besides ASF and ANAF are required.
Tax management, ANAF audit risk, and specific accounting
From a fiscal perspective, life insurers are payers of corporate income tax (16%) and VAT (insurance operations are exempt from VAT). ANAF frequently audits these companies due to the risk of discrepancy between gross premiums collected and technical reserves constituted. Accounting is kept in accordance with OMFP 2844/2016 and the chart of accounts is specific: accounts for gross premiums, technical reserves, and technical result. For establishment, the minimum share capital is 3,700,000 EUR (in RON equivalent). The company must have its own or leased registered office, employ qualified personnel (actuary, internal control officer). The fiscal vector is completed at ANAF with specific codes (CUIT, VAT, corporate income tax). The VAT threshold (300,000 RON) is irrelevant because the exemption is objective.
- Trade Register: registration after obtaining ASF authorization
- Legal form: SA (joint-stock company)
- Annual accounts filed with ASF and ANAF
- Audit risk: periodic checks of technical reserves
Included Activities
- ✅ Life insurance activities
- ✅ Life insurance with savings component
- ✅ Unit-linked life insurance
- ✅ Group life insurance
- ✅ Collective life insurance
- ✅ Life reinsurance
- ✅ Private pension fund management (Pillar II and III)
- ✅ Capitalization activities (accumulation fund type insurance)
Excluded Activities
- ❌ General insurance (non-life) – CAEN code 6512
- ❌ Insurance intermediation activities – CAEN code 6622
- ❌ Administration of voluntary pension funds (if not part of life insurance)
Similar or Related CAEN Codes:
From the same category of economic activities:
Întrebări Frecvente
What authorizations are needed to carry out activities under CAEN code 6511?
Authorization from the Financial Supervisory Authority (ASF) is required, along with meeting the minimum capital and corporate governance requirements under Law 237/2015.
Can I carry out life insurance activities as an authorized natural person (PFA)?
No, life insurance activities can only be carried out by joint-stock companies or branches authorized by ASF, not by authorized natural persons (PFA).