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Romania’s experience 3 years after EU accession

Romania’s experience 3 years after EU accession. Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu. F.P.V.S. structure. Present financial strength ~ EUR 22.5 mil. Street Victims Protection Fund. Has been functioning since 2007 (Romania's accession to the EU).

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Romania’s experience 3 years after EU accession

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  1. Romania’s experience 3 years after EU accession Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  2. F.P.V.S. structure Present financial strength ~ EUR 22.5 mil. Street Victims Protection Fund Has been functioning since 2007 (Romania's accession to the EU) F.P.V.S. Guarantee Fund. (Second MID) Information Center. (4th MID) Compensation Body. (4th MID) Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  3. F.P.V.S. structure Public social security entities CASCO Reinsurance program - in excess of EUR 300,000 GUARANTEE FUND “hit and run” cases -unknown vehicle. in case of uninsured vehicle. INTERVENTION CASES Bodily injuries Material damages only in case of severe bodily injuries and only in excess of 500 Eur Both bodily injuries and material damage are covered. Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  4. F.P.V.S. structure Information Center According to 4th MID; Direct Access to MTPL insurance database -CEDAM; Under negotiation with the police for online access to vehicle registration database; Offers information also for citizens involved in domestic accidents; Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  5. F.P.V.S. structure Compensation Body According to 4th MID + mandatory by law, for the insurance undertakers, MTPL authorized in Romania (our members), to appoint claims representatives in each member state Less claims presented to the Compensation Body Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  6. F.P.V.S. activities Good cooperation with Members Green Card Bureau F.P.V.S. ISC – Supervisory Com. Police Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  7. F.P.V.S. activities 4 companies in our board, out of 13, authorized for comp. MTPL Ins. relation with our members Close contact with problems encountered in 4th MID related activities Close & good cooperation with our members / conferences-meetings GF has gathered court rulings referring to moral damages,from all members and structured them in a data base. Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  8. F.P.V.S. activities regarding contributions relation with our members Max. 5% of gross MTPL premiums, depending on necessities 2007 2.5% 2008 1.5% 2009 0.5% Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  9. F.P.V.S. activities Regarding contributions In relation with our members Mandatory by law Penalties for delays + “…On the due date the debt (debenture) shall become enforceable (writ of execution), on the basis of which, the Fund shall release the enforcement procedure for the recovery of the outstanding contributions…” Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  10. F.P.V.S. activities Common XL reinsurance program since 2007; with a retention of 300.000 EUR/event In relation with the Green Card Bureau Common activities with / for our members Good cooperation at all levelsArt. 11.2 from IR cases Same members Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  11. F.P.V.S. activities ISC has a member appointed in the FPVS board Relation with the Supervisory Commission -ISC Offers support upgrading the legal framework when needed and proposed by GF Annual budget established by the G.A. + approval from the ISC – also regarding the level of financial contribution Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  12. F.P.V.S. activities Agreement regarding FPVS/BAAR access to Police registration database In relation with the Police Info campaign Traffic controls Fight against uninsured drivers Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  13. F.P.V.S. activities GUARANTEE FUND - No. of claims - Est. 2009 2008 3 quarters 3 quarters 2007 3 Q. Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  14. F.P.V.S. activities GUARANTEE FUND - facts - Reasons for low number of claims? - Direct settlement; - Subsidiarity; - Fraud; - Not known to public – Info Campaign started in Jun. 2008; - Low uninsured rate; Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  15. F.P.V.S. activities GUARANTEE FUND - facts - Low uninsured rate? Between 21-31 January 2008, a Police action was conducted at national level; - 123,067 vehicles controlled in traffic; - 684 UNINSURED; 0.55%UNINSURED Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  16. F.P.V.S. activities GUARANTEE FUND Low uninsured rate MTPL market = 327.000 paid claims in 2008 FPVS = 154 paid claims in 2008 BAAR = 48 paid claims in 2008 (on sect. 3 IR) = 0.06% uninsured claims of the total claims number in the Romanian market Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  17. F.P.V.S. activities GUARANTEE FUND - statistics - No. of claims Info campaign Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  18. F.P.V.S. activities GUARANTEE FUND - more statistics - Losses (FPVS) notified to GF in 2009 as at 30th September 2009 Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  19. F.P.V.S. activities GUARANTEE FUND - more statistics - Losses (FPVS) notified in 2009 as at 30th September 2009

  20. MTPL market in Romania Agreed statement of facts on motor accident – amicable report Introduced since 01.07.2009 Recent & future developments Electronic underwriting To be introduced in 2010 Bonus – Malus To be introduced in 2010 Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

  21. Thank you for your attention! Conference on Motor insurance issues in Bulgaria – 10.11.09; Sorin Greceanu

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