It’s an earthquake on the RCA market: insurers, take it for granted. Which are the companies discovered with irregularities

The Financial Supervisory Authority announced on Thursday the list of sanctions applied on the Romanian insurance market.

The leader of the RCA market, Euroins, did not escape sanctions either. The company received a fine of over 3 million lei from the Financial Supervisory Authority. The reason? According to the institution, the sanction was applied to the company with over 3.1 million customers, for registration of non-compliant funds and delays in the payment of compensations and in the ascertainment of RCA damages.

The official announcement of ASF

In a press release, the representatives of the institution sent the list of the amended companies on the Romanian insurance market. Here are the names of the companies, the amounts that were received as a sanction, but also the reasons why ASF resorted to these fines:

Euroins Romania Asigurare Reasigurare SA. – sanctioning the company with a fine of 2,398,700 lei for registration of non-compliant funds and a cumulative fine of 652,100 lei for non-presentation of all documents requested by the control team, late payment of RCA damages, non-payment of penalties, finding of RCA damages with delay and underestimation of the notified damage reserve.

Euroins Romania Asigurare Reasigurare SA – sanctioning Ms. Tanja Blatnik, CEO of Euroins Romania Asigurare Reasigurare SA, with a fine of 98,500 lei for submitting non-compliant reports.

Groupama Asigurări SA – sanctioning the company with a warning and a fine in the amount of 62,900 lei for late payment of MTPL compensations, non-payment of penalties and finding of late MTPL damages.

Transilvania Broker de Asigurare SA – sanctioning the company with a written warning that the information / data entered in the insurance contract is incorrect and unclear.

At the moment, drivers in Romania are waiting for the price cap on RCA policies. We remind you that in February, the Ministry of Finance proposed a draft government decision, developed in collaboration with the Authority for Financial Supervision, which involved temporarily limiting, for 6 months, the RCA insurance premium rates charged by insurers. At the end of March, the project in question was approved by the Competition Council, according to the Minister of Finance.