Romania's financial regulator finds problems with car insurance premiums

Romania’s Financial Supervisory Authority (ASF) has found several irregularities in the way local insurers have been calculating their premiums for the mandatory car insurance – RCA. The institution has given these companies 30 days to fix the problems. The insurers include Generali, Groupama, Allianz-Tiriac, Asirom, Omniasig, Uniqa, and Euroins. They need to analyze the methods used in calculating their tariffs and justify them. The companies should then notify the Financial Supervisory Authority on their new tariffs. ASF hasn’t yet completed the controls for Carpatica Asig and City Insurance. ASF decided to control the insurance companies after local transporters had a big protest in Bucharest accusing the insurers of unjustified increases in the mandatory car insurance premiums. The regulator has found that the average premium for freight and passenger transport vehicles has increased by 42% compared to June 2015. editor@romania-insider.com