insurers

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.

Romania’s insurers said Tuesday insurance regulator CSA’s decision stating insurers must pay civil liability car insurance (RCA) damage claims before cars are repaired and not after they are taken out of repair shops, will impact prices, as well as the quality of services provided by repair shops.

Romania’s insurers registered losses over the past five years on the mandatory civil liability car insurance segment (RCA) and must find solutions to reduce costs, National Union of Romanian Insurers (UNSAR) president Cristian Constantinescu said Tuesday.

The delayed payments owed by Romanian insurers to auto repair shops currently cumulate EUR300 million, with an average debt of EUR100,000 per company, said Thursday Cristian Muntean, a manager of independent auto repair shop association ASSAI.

Allianz-Tiriac, Omniasig and Asirom are the top three insurance companies by general and life insurance policies underwritten in the first quarter on the Romanian market, the same ranking as in December 2008, according to the Insurance Supervision Commission (CSA).