This proposal is part of the regulator’s plan for one of its strategic objectives, namely replacing supervision of “conformity” with supervision based on risk evaluation.
The companies that sell RCA policies are ABC Asigurari, Allianz-Tiriac, Generali Romania, Asirom, Euroins, Astra, BCR Asigurari, Carpatica Asig, Groupama, Omniasig, UNIQA and City Insurance. In 2011, premiums underwritten on the RCA segment dropped 17.3%, to 2.06 billion lei (EUR471 million) and made up 25% of the total general and life insurance market. Premiums underwritten on the whole market were worth RON7.95 billion, down 4.3% on the year because of a decline in income from general insurance by 6.5%, to RON6.21 billion.
According to CSA’s new strategy, the regulator will implement an electronic records system for home insurance, able to interact with databases managed by the Pool of Insurance Against Natural Disasters (PAID) and other entities with information on housing. The regulator also wants to run a series of analyses into natural disaster insurance, focusing on reporting and reinsurance.
The strategy provides the creation of a toll-free phone line, through which insurer clients can obtain information and assistance. The regulator also wants to update legislation and optimize complaint receipt, registration and resolution, as well as correct flaws found in claim settlement.
In the first nine months of 2011, CSA received and solved 4,888 complaints. Most of them, 4,689, were related to general insurance. Of these, 3,597 complaints involved RCA policies. (EUR1=RON4.3696)