Bucharest, 27 May 2022 - The Board of the Financial Supervisory Authority (A.S.F.) approved on Wednesday, 25 May 2022, a draft rule making substantial changes to Rule 20/2017 on motor insurance in Romania. The normative act has been sent to the Official Gazette and is to enter into force 90 days after publication.
One of the regulations introduced for the first time comes directly to the aid of the damaged parties, as well as the hundreds of thousands of road accident offenders each year. It will also be possible to fill in the form electronically. According to the new rules, "when the accident report form is filled in electronically, the data filled in and the holographic signatures of the drivers of the two vehicles involved in the accident are taken over by the device on which the form is filled in". The technical basis will be developed by the Romanian Motor Insurers' Bureau (BAAR), together with the insurance companies issuing RCA in Romania. "RCA insurers and BAAR will develop and manage the technical solutions and establish by mutual agreement the procedure for the notification of the damage through the form of the Amicable Accident Report in electronic format, in compliance with the legal provisions on the management of operational risks generated by the IT systems used by the entities authorised/approved/registered, regulated and/or supervised by A.S.F.," the act states.
As a reminder, also at the ASF initiative, in 2021 the obligation to hold the RCA policy in physical format was eliminated, as it is sufficient to present it in electronic format in the event of an inspection.
The main purpose of the new regulations, however, was to repeal or amend the provisions of Rule 20/2017 which are not in line with the provisions of European legislation and are the subject of discussions with the European Commission (COM) services in infringement case 2018/4075 - action for failure to fulfil obligations as an EU Member State regarding the incompatibility with the Solvency II Directive and the RCA Directive of certain provisions of Romanian legislation on motor third party liability insurance adopted in 2017.
Specifically, the obligations to notify changes in tariffs or to report the grounds thereof to A.S.F., in accordance with the measures imposed by the European Commission, have been removed.
Last but not least, the act modifies the way in which compensation is granted for the consequences of the loss of use of vehicles, including their temporary replacement. The new procedure is simpler and clearer, and is in the interests of all parties involved in the compensation and repair process and, above all, of the damaged party.
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 insurance markets, private pensions, as well as of the capital market. FSA contributes to the consolidation of the integrated operating framework of the three sectors, which has over 10 million participants. More information can be found on www.asfromania.ro