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Romanian Insurers, Brokers Must Solve Complaints In Maximum 30 Days

Romanian insurers and brokers will be forced to resolve all claims and complaints within 30 days, whether the solution is favorable or not, according to a norm passed by the insurance regulator CSA and published in the Official Journal.
Romanian Insurers, Brokers Must Solve Complaints In Maximum 30 Days
15 apr. 2010, 12:30, English

The norm also sets that insurance companies have 30 days after the norm takes effect to draft procedures for the receipt and resolution of complaints, which they will forward to the regulator.

The norm, which was published in Romania’s Official Journal of April 7, sets that insurers and brokers are to create a registry that will record all notifications and complaints received. They must also create an online system for people to send notifications and claims.

The new rule states the insurance regulator may order a reanalysis of a claim if the solution proposed doesn’t protect the interest of the insured/plaintiff.

Insurers and brokers may get written warnings, fines or even have their license withdrawn for breaches of the norm.

Romania’s insurance market is operated by over 40 insurance companies and nearly 500 brokers.

Last year, the insurance regulator received about 6,700 complaints, of which more than half involved mandatory car insurance policies.

Romania’s general and life insurance market totaled 8.8 billion lei (EUR1=RON4.1355) in 2009, down 1.1% from the previous year.