The law will stipulate a fixed deadline for settling insurance claims, namely up to three working days of the receipt of the completed application. Insurance companies that will not comply with this deadline risk fines of up to 10,000 lei. This is provided in a draft law that was registered in Parliament, IPN reports.

The bill to adjust the insurance legislation was approved by the parliamentary commission for economy, budget and finance. The bill was drafted by MP Iulia Dascălu, who stated that the initiative aims to balance the relations between insurance market participants and beneficiaries of insurance services, and also to avoid particular commercial practices that may affect the interests of policyholders.

The legislative initiative regulates the procedure for paying insurance premiums for contracting insurance services through public procurement procedures. Another novelty of the billt is that the amount of insurance will be determined according to the vehicle’s age that is calculated from the date of the first registration or from the year of manufacture of the vehicle.

The bill to amend the law on compulsory third party liability insurance for damage caused by motor vehicles, the law on insurance or reinsurance activity, the Civil Code and the Contravention Code is to be examined and adopted by the Parliament.