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New compensation limits on the liability of compulsory insurance

The Official Gazette of Romania, Part I, no. 840 of 13 December 2012 has published the Order of the President of the Insurance Supervisory Commission no. 22/2012 amending and supplementing Rules on compulsory insurance of civil liability for damages caused by car accidents, implemented by the Order of the Insurance Supervisory Commission no. 14/2011.

The most significant changes relate to:

Introducing the mention that vehicles for which insurance is required for registration in Romania, RCA insurers are obliged to require proof of tax registration of the vehicle in the name of the new owner.
RCA insurers are required to request all necessary information for risk assessment, according to their own criteria established in the first payment and check the correctness of identification and technical data of the vehicle, and the owner/user.

The repealment of the provisions relating to the correction of the insurance premium, which allowed the granting of discounts to date cumulative/consecutive to a level exceeding 25%.

The new compensation limits established by the Insurance Supervisory Commission are:
– For material damages in one and the same accident, regardless of the number of victims, the compensation limit is established for accidents since 2012, to a level of 1,000,000 euro equivalent at the exchange rate of the currency market at the time of the accident, by the National Bank of Romania;
– For injuries and deaths, including injury without patrimonial character in one and the same accident, regardless of the number of victims, the compensation limit is established for accidents since 2012 at a level of EUR 5,000,000, equivalent in lei at the exchange rate of the currency market at the time of the accident, by the National Bank of Romania.

The enactment also provides that compensation limits will be reviewed every five years, in accordance with the evolution of the european indeces on the European Index of Consumer Prices (EICP) established in accordance with Regulation (EC) no. 2494/95 on the harmonized indices of consumer prices.

>> The source: JURIDICE.ro

Diana STOICA

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