Romanian Insurers To Repay RCA Premiums For Cars Registered Abroad
Romanian insurers who signed RCA policies for cars registered in European countries are to pay back the insurance premiums to customers, as insurance companies are only authorized to sign RCA policies in Romania, the country’s insurance regulator CSA said Wednesday.
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Romanian Insurers To Repay RCA Premiums For Cars Registered Abroad
“The Insurance Supervisory Commission (CSA) was notified that certain Romanian insurers signed compulsory civil liability car insurances RCA for cars registered in other states in the European Economic Area, even if they are authorized to sign such policies only on Romanian territory,” the regulator said in a statement.
CSA issued a decision compelling insurers to take back the RCA policies issued for cars registered abroad and to repay the owners for the insurance premiums.
In addition, the regulator has forbidden all 16 authorized Romanian insurers to underwrite RCA risks for cars registered in other states in the European Economic Area, including Switzerland, Croatia and Andorra.
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