Romania's financial regulator sets mandatory car insurance reference prices

Romania’s Financial Supervisory Authority (ASF) announced yesterday the reference prices for the mandatory car insurance - RCA policies. The reference prices are 3% to 17% lower compared to the maximum tariffs, which were introduced by ASF six months ago. People aged 31-40 who own a car with an engine capacity of 1,201 to 1,400 cc will pay the lowest insurance premiums, namely around RON 506 (EUR 111) for an RCA policy concluded for one year. The reference tariff is RON 957 (EUR 210) for companies that own a car with an engine capacity of 1.401 to 1.600 cc. For motor vehicles with a mass of over 16 tons, the reference price is RON 7,314 (EUR 1,606). The Financial Supervisory Authority will later issue a set of norms that will limit the RCA prices to a certain interval above the reference price. Romanian MPs approved earlier this week the new RCA law, which sets new rules on the mandatory car insurance (RCA) segment. editor@romania-insider.com