Romanian Insurers' Contribution To Road Victims Protection Fund Reduced To 0.3%

Romanian insurance companies issuing civil liability insurance (RCA) policies will contribute 0.3% of the RCA premiums collected to the Road Victims Protection Fund, as opposed to the 0.5% contributed right now, according to a decision of the Insurance Supervision Commission (CSA).

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Last year, the contribution was 1.5% and it decreased to 0.5% in 2009.

"In the current economic context, we hope that this measure (…) will contribute to the consolidation of the insurance market, given that the 13 companies issuing RCA policies hold the largest share in the general insurance market," CSA president Angela Toncescu said in a press release.

The Road Victims Protection Fund was founded in 2006, to compensate people who suffered losses in accidents involving unidentified or uninsured cars, and is built around contributions from companies authorized to issue RCA policies.

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