The Financial Supervisory Authority (ASF) has published the reference rates for the mandatory motor vehicle liability insurance (RCA), in accordance with the provisions of Law No. 132/2017 on the mandatory motor vehicle liability insurance for damages caused to third parties following vehicle and tram accidents.
According to the table released by ASF, the lowest RCA rate, of 691 lei, shall be charged on insured aged between 31 and 40 years old whose car has an engine displacement of less than 1,200 cc. The highest RCA rate is 2,870 lei and shall be paid by people up to 30 years old who drive cars with an engine displacement of over 2,500 cc.
For legal entities, the RCA rates range from 905 lei for cars with an engine displacement between 1,601 and 1,800 cc to 1,395 lei for cars with an engine displacement of over 2,500 cc.
ASF representatives mention that the reference rates are not the fees RCA policies are being concluded for in the market.
In a statement issued on Friday, ASF says that the reference rates were calculated according to the legal provisions by independent company Ernst & Young Assurance Services SRL for the various vehicle categories (cars, freight vehicles, passenger vehicles, etc.), the type of the insured (legal entity / natural person), the age of the insured in the case of natural persons, as well as the technical specifications of the vehicles (engine displacement or power, maximum authorized mass, number of seats).
"Looking at the rates published today we notice that they don't vary significantly from the previous ones, which indicates a stability in the market. We are talking about marginal differences, which are normal in a free market. We are looking very carefully at the RCA rates and are ready to adopt all the legal measures to prevent any imbalances in this segment," said ASF vice-president Cristian Rosu.
ASF representatives argue that the changes in the estimated reference rates for each risk segment are mainly generated by the evolution of the damage claims during the reference periods considered for the two calculations. "The publication of the reference rates is intended to increase transparency, to keep the customers informed and transmit them correct and complete information regarding the RCA policies," the statement says.
Created in 2013 by OUG No. 93/2012 approved by Law No. 113/2013, ASF is the national authority tasked with regulating and supervising the insurance and private pension markets, as well as the capital market.