Romanian Insurers To Allow Amiable Car Crash Acknowledgment Come Jul 1

The amiable solution of traffic accidents resulting in light material damages alone will be applied starting with July 1, after the conclusion of a protocol between car insurance companies at the end of March, said the president of the Romanian insurance system regulator, Angela Toncescu.

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Once the amiable acknowledgement is introduced, the damage recovery procedures will be simplified for mild victimless traffic accidents.

Thus, in such accidents, the insurers will be informed through a form, which is issued by the company and is called amiable acknowledgement of accident.

After acknowledgement, the form is sent to the insurer, together with the civil liability insurance policy (RCA).

The local insurance market is dominated by the car insurance policies (CASCO, RCA), which held a 61% share in the general insurance market in 2008.

Last year, general insurance generated revenues worth 6.98 billion lei (EUR1= RON4.2921), representing 79.5% of revenues on a market level, which reached RON8.78 billion.

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