Starting next year, insured persons will have to request in writing the annulment of their auto civil liability insurance (RCA) contracts signed for 2005, in case they wish to change the insurance company. The request will have to be filed at least 30 days before the expiration date. The stipulation applies when the 2005 policies expire, not when they are concluded.
The new company the insured will opt for will have to check the policy annulment, and, in case it sells the insurance policy knowing that the respective customer had been insured with another company or if it fails to run the proper verifications and the customer had been insured with another company, it is supposed to transfer the contract to the previous company within seven days after the situation is uncovered.
This stipulation, included in norms issued by the Insurance Surveillance Commission that are to be published today in the Official Gazette, is a complete novelty for the car insurance industry. The "binding" of insured persons to insurance companies, even though just psychological (considering the signing of another document, many policy buyers will probably choose to go with the same company), will turn this year's race for customers into a tough battle.
Practically, car owners will this year seal a contract on an indefinite period with the insurance company, and the policy (on six or 12 months) will be a mere document attached to the respective contract. Representatives of the Insurance Surveillance Commission state this move is meant for a better surveillance of activities linked to car insurance contract signing.
sorin.pislaru@zf.ro
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