A Total Number Of 16 Insurance Cos Eye RCA In ’08

A total number of 16 companies turned to the Romanian Insurance Surveillance Commission (CSA) to maintain, in 2008, their authorization to offer the mandatory civil liability insurance for cars (RCA), according to data issued by the regulatory authority.

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The 16 companies are Allianz-Ţiriac Asigurări, Asiban, Asirom, Astra, BCR Asigurări, BT Asigurări, Generali România, Omniasig, Unita, Ardaf, ABC Asigurări-Reasigurări, Asitrans, Interamerican, OTP Garancia Asigurări, Clal România and Carpatica Asig.

The last company in the list recently came out of a temporary sanction imposed by CSA, through which it was banned from selling RCA, since it unjustifiably refused to pay some damages, according to the regulatory authority.

According to CSA data, the companies authorized to practice RCA collected premiums worth RON999.429 million from this type of insurance in 2006, up 31.2% on 2005.

Compared to 2007, the tariffs for 2008 on RCA policies will be an average 20-25% higher.

CSA announced Thursday that companies authorized to subscribe RCA will be obligated, starting with January 1, 2008, to create and maintain an additional technical reserve for contracts concluded.

The value of this additional reserve is calculated at the end of each month, through the application of a 60% on the value of gross premiums subscribed in the unfolding month for RCA contracts.

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