Bucharest, 7 February 2022 - The Financial Supervisory Authority has taken note of the announcement made by the National Liberal Party to request a hearing of the President of the Financial Supervisory Authority in a joint meeting of the Budget-Finance Committees of the Chamber of Deputies and the Senate, in order to present the situation in the RCA (compulsory insurance against civil liability) market, as well as long-term solutions.
The management of the Financial Supervisory Authority will respond to any invitation from Parliament to provide clarifications on its work and on developments in the markets it supervises.
At the same time, in view of the European legislation in force, the Financial Supervisory Authority has always stated that it cannot intervene to impose the level of insurance premiums regardless of the category and type of vehicle or the segment to which its owner belongs. Any infringement of European Directives (in this case Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance - Solvency II) may lead to infringement proceedings.
With reference to the way insurance companies set RCA tariffs, we point out that they calculate their RCA tariffs based mainly on their own damage history and on the forecasts of its evolution and other expenses arising from the conclusion of RCA contracts, according to Article 18 - Setting the RCA insurance premium and informing the policyholder of Law No 132/2017.
About the Financial Supervisory Authority
The Financial Supervisory Authority is the national authority, established in 2013 by GEO 93/2012 approved by Law 113/2013, for the regulation and supervision of the insurance markets, private pensions, as well as the capital market. FSA contributes to the consolidation of the integrated framework for the operation of the three sectors, which totals over 10 million participants. More information can be found on www.asfromania.ro.