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RCA Insurers To Be Held Liable Once Policies Are Released - Regulator
Romanian insurers who sign civil liability car insurance policies (RCA) will be held liable from the moment the policy is released, the country’s insurance regulator CSA said Tuesday.
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RCA Insurers To Be Held Liable Once Policies Are Released - Regulator
The regulator decided to amend the norms concerning RCA policies so that insurance companies will no longer interpret the provisions at will, to the detriment of their clients, CSA president Angela Tomescu said.
The current RCA regulations stipulate insurance companies are to be held liable for RCA policies from the moment the insurance premium is paid and the policy is released.
In some cases, insurers refused to pay out damage claims arguing the RCA policy is only valid after due premiums are cashed.
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