1st of January brings larger compensation limits, and Bonus-Malus for companies
 Starting with the 1st of January, the compensation limits offered by the Romanian insurers through a Motor Third Party Liability (MTPL) policy reached the level established by the European Union: for material damages, the compensation limit increased from EUR 750 thousand to EUR 1 million per event, disregarding the number of injured parts, and for bodily injuries and deaths (including moral damages indemnities), the limit reached EUR 5 million, increasing from EUR 3.5 million at the end of 2011.
The 1st of January also marked the application of the Bonus-Malus system for legal persons.
Also, the insurance companies that do not comply with the obligations stipulated by the MTPL contracts or that comply in a deficient manner will pay, for each day of delay, penalties equivalent to 0.2% of the compensation value.
Author: Mihai CRACEA
on 16.01.2012
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