The Romanian Senate adopted on September 13 the draft law on mandatory car insurance policies (RCA).

Liberal MPs rejected the project, claiming the Government would pass an emergency ordinance on this topic. The liberals also asked for the resignation of Misu Negritoiu, the president of the Financial Supervisory Authority (ASF).

The main amendments to the RCA law revolve around the reference rate for insurance policies. RCA contracts will be concluded based on the reference tariff, which all insurance companies would have to comply with.

The road carriers want a reference tariff set for six months, which would be around EUR 1,000 for a truck without accidents, according to sources.

The carriers have threatened with protests, as they are unhappy with the high RCA tariffs. They claimed that many carriers have been forced into bankruptcy after the insurance premium rates for commercial freight and passenger transport increased four-fold year-on-year, and by 500% compared to 2014. Thus, an RCA policy for a B0 class truck has now reached a price of RON 20,000 (some EUR 4,500) per year, up from RON 4,000 (EUR 900) in 2014.

editor@romania-insider.com