Bucharest, 29 September 2021 – The Financial Supervisory Authority (ASF) announces that, in accordance with the legislation in force, if RCA policies offered for sale have values that exceed the level of the reference tariff multiplied by 1.36 (i.e. increased by 36%), these policies will be redistributed by BAAR (Romanian Motor Insurers' Bureau) at the value of the maximum tariff thus obtained, to which the corresponding Bonus/Malus classes are applied.
For example, in the case of freight transport, for a truck owner exceeding 16 tons, who is experiencing a significant increase in RCA tariffs during this period, the maximum selling price established by the above procedure is 9,662 lei for category B0 (reference tariff 7,105 lei x 1.36 = 9,662 lei). All other bonus classes will thus decrease significantly compared to the maximum selling tariff.
The Financial Supervisory Authority is thus coming to the aid of certain social and professional categories which are affected by the prices charged in recent days by insurance companies for RCA policies.
Please note that in order to apply this method of calculating the maximum tariffs for RCA, associations of carriers have been consulted and have agreed on this approach which will be put in place for the next period.
We would also like to mention that the Financial Supervisory Authority has requested all insurance intermediaries to immediately inform all customers that if they receive from at least three different insurers offers of RCA insurance premiums 36% (factor "N" - https://www.baar.ro/asigurati-cu-risc-ridicat/) higher than the reference tariffs for the risk segment to which they belong, they are classified as high risk policyholders, according to Law no. 132/2017. This type of customer can request from the Romanian Motor Insurers' Bureau (BAAR) an offer for the conclusion of a RCA contract.