President Iohannis promulgates law on compulsory insurance policies

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President Klaus Iohannis has promulgated on Wednesday the law on compulsory insurance policies (RCA) for third party damages resulting from accidents involving vehicles or trams, the Presidential Administration announces.

The Chamber of Deputies approved on May 16 the law on RCA, the insured having the option to conclude an insurance policy for periods of one month up to 12 months, to suspend the policy when the vehicle is immobilized and to be compensated irrespective of the auto service they attend.

Payment of insurance premiums is made in full or in instalments according to the agreement between the insured and the RCA insurer.

One of the amendments adopted allows the insured to be compensated regardless of the service they will repair their car, but policies cannot grow due to repair costs because they represent only a fraction of the total cost of the damage, the President of the Association of Independent Auto Service Companies (ASSAI) Cristian Muntean said at the end of the session of the parliamentary committee that drafted the report voted later by the plenum.

Also, the use of counterfeit parts in car repair is considered an offense.

The reference price is calculated on a half-yearly basis by a company with recognized expertise in the field, contracted by ASF, according to the formula provided by article 2, point 24 and published by ASF.

The administrative and sales costs of the insurance policy, included in the premium tariff, may not exceed 25% of the overall resulting tariff.

 

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