The watchdog said it cannot intervene in the price policies for car insurance because that is beyond its attributions and would go against EU laws.
Last week, the watchdog put forth a bill proposing that mandatory car insurance policy prices be set so as to cover insurers’ estimated underwritings for the next 12 months, risks, costs and profit margins.
The institution said in a press release Tuesday the bill it put up for public debate did not target higher insurance prices but setting a unitary calculation method for RCA prices.
In 2011, RCA underwritings stood at nearly 2 billion lei (EUR444 million) and accounted for a quarter of the domestic insurance market. Insurers authorized to issue RCA policies in Romania are ABC Asigurari, Allianz-Tiriac Asigurari, Generali Romania, Asirom, Euroins Romania, Astra, Omniasig, Carpatica Asig, Groupama Asigurari, UNIQA Aigurari, and City Insurance.