English
The Insurance Supervisory Commission (CSA) is not entitled to establish prices for mandatory car insurance (RCA) as per Law 32/2000 and the Romanian insurance market is a free, competition-driven market, according to a press release from the Commission. The value of RCA premiums are set exclusively by insurance companies, which are entitled to decided whether to increase or decrease such premiums, depending on their financial results on this segment, the average damage, damage frequency and other factors. CSA points out that it is the duty of the insurance company to be permanently capable of sustaining their obligations undertaken through RCA contracts as per article 21 of Order 11/2007 on the enforcement of mandatory car insurance norms.
Insurers Free To Set Mandatory Car Insurance Price
F.A.
Ziarul BURSA #English Section / 18 octombrie 2007
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