Romania: Measures to protect the CITY Insurance victims
The bankruptcy of CITY Insurance - the largest player on the Romanian market, with a 20% share of the total industry and 45% in the MTPL segment, continues to be the hot topic of the week.
The focus is on creating the mechanisms for a better protection of the consumers and for a rapid payment of the claims.
In this respect, UNSAR - the National Union of Insurance and Reinsurance Companies in Romania and BAAR - the Romanian Motor Insurers' Bureau have released the first guide that offers advices to the people who have a CITY Insurance policy and to those who have suffered claims produced by a CITY Insurance insured.
Referring to the impact on the market, and especially on the MTPL line of business, UNSAR released a statement saying that:
"The impact of the situation is certainly significant, but the MTPL insurance market in Romania will continue to operate and will overcome this situation, and the holders of MTPL insurance policies issued by this company and the injured parties are protected by law through the protection mechanism built in this regard".
"At the same time, we continue to support legislative initiatives that benefit consumers and ensure an optimal and sustainable operating framework in the medium and long term" UNSAR representatives have added.
Author: Daniela GHETU
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