Romania: Half million MTPL policies issued by City Insurance are ending next week
Nearly 500,000 MTPL policies issued by City Insurance are ending on May 11, ASF Romania informed in a statement. "Drivers must take out new insurance to drive legally and can request a refund of the premium in proportion to the remaining period of validity".
The Bucharest Court admitted the request to open the bankruptcy procedure formulated by the ASF on behalf of CITY Insurance on February 9, 2022, and according to Law 85/2014 on insolvency prevention and insolvency procedures, article 262 "within 90 days from the date of pronouncing the decision to open the bankruptcy procedure, the insurance policies concluded by the insurance / reinsurance company ceases by right; under the same conditions, reinsurance contracts will be terminated. "
In view of the above, the holders of MTPL insurance policies issued by CITY Insurance must conclude a new insurance, with another insurer, until May 11, 2022. Otherwise, they are liable to sanctions in accordance with the laws in force. The fine for the absence of a valid MTPL insurance is between RON 1,000 and RON 2,000 (EUR 200 - EUR 400). At the same time, the Traffic Police may decide, as additional measures, to withhold the car's registration certificate or withhold the license plates with the registration number.
Author: Andrei Victor
on 03.05.2022
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