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Romanian Car Services Accuse Insurer Omniasig Of Illegal Contract Clauses

Romania’s Association of Independent Car Services (ASSAI) notified the country’s insurance watchdog, competition authority and financial guard Wednesday over allegedly illegal contract clauses used by insurer Omniasig.
Romanian Car Services Accuse Insurer Omniasig Of Illegal Contract Clauses
27 mai 2009, 13:11, English

The association notified the same institutions on “serious irregularities” in the activity of Romania’s largest insurer Allianz-Tiriac Asigurari, on Monday.

Auto service providers said in a press release that the insurer requires them to buy car parts from a single accepted supplier, which breaks the law which bans insurance companies to deal with any other activity except insurance.

Company officials were not immediately available for comment.

ASSAI is a professional organization which represents the interests of over 500 independent auto service providers in Romania. The companies represented by the association employ over 15,000 people and have an annual total turnover of more than EUR400 million.

Omniasig, owned by Austria’s Vienna Insurance Group, had a pretax profit of 168.6 million lei (EUR1=RON4.1811) in 2008, up 321% on the year. The company underwrote premiums worth RON1.18 billion, up 33.7% on the year.

According to preliminary data of the insurance regulator, Omniasig was the country’s second largest insurer in 2008.