Cornel COCA-CONSTANTINESCU: The Romanian insurance market is reaching its maturity point

"After a trial period, the Romanian insurance market is reaching its maturity, in my opinion. I believe in this market. As proof of my belief, I took on my shoulders to lead the insurance-reinsurance sector in ASF - The Financial Supervisory Authority during the most difficult moment in the insurance market's history in the past years", Cornel COCA-CONSTANTINESCU, First Vice President, ASF - The Financial Supervisory Authority, during the Brokers' Conference at FIAR 2017.

"It is a personal decision, but I want to believe that my dialogue partners - insurers and brokers - will rise up to the task", he added.

In the next period of time we have, together, at least two challenges to overcome, Cornel COCA-CONSTANTINESCU said. These are:

1. The implementation of IDD - Together, we will succeed in bringing quality services and more transparency on the mediation markets. The novelties that this European directive will bring focus on organizational requirements, information requirements, professional training norms, consultancy, cross sale information and so on. I believe that all these will increase the public's trust in the market and in the intermediaries because they increase transparency and, indirectly, they change the way sales are conducted. Last but not least, the paradigm changes significantly in the case of consultancy activities, the activity being more laborious and better documented at intermediaries-clients level.

2. The second challenge focuses on the Romanian market's eternal challenge - MTPL. The market went through an extremely tough time and now it is resetting. I believe we must learn from past mistakes and look towards the future with hope,, to look for short, medium and long term solutions, to take the market where it belongs, leading it away from this peripheral zone.

Cornel COCA-CONSTANTINESCU pointed out that the new MTPL law brings new tools with the purpose of solving the market's problems, mentioning the introduction of reference tariffs - this is not mandatory, being informal, a fixed point which the insurer can refer to when he/she buys a policy; the new attributions of BAAR, the introduction of the "high risk client" concept, direct compensation and others.

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