Drivers were not very keen to report their RCA policies to Euroins (the bankrupt company) as there were 63,000 enquiries. Enabled The policies were supposed to expire on September 8.

In this sense, the ASF proposed to extend the term by 3 months, and the Ministry of Finance prepared a project in this sense.

The project to extend the term of validity of the Euroins policy – click to open

This draft addresses the fact that for insurance/reinsurance policies, the legal termination periods of 90 days and 150 days are extended by 90 days.

“There is a need to adopt a draft regulatory act in the form of an emergency order

justified by the exceptional circumstances caused by the existence of an unusually large number of insureds who have insurance policies, in particular the mandatory RCA car civil liability insurance, concluded with an insurance company where bankruptcy proceedings have been opened, and the adoption of this measure as an emergency is necessary to ensure the real protection of insurance counterparties and beneficiaries, taking into account the fact that there is a risk that in the current situation, the degree of insurance protection of the national fleet will significantly decrease,” the explanatory note says.

As of 17 March 2023, Euroins had 2.8 million RCA policies in force when the ASF declared it insolvent and withdrew its licence.

ASF sources recently told HotNews.ro that “on July 19, 2023, more than 1.8 million RCA policies issued by Euroins were valid, corresponding to 25% of the total number of more than 7.2 million RCA policies, according to data provided to the ASF Bureau of Automobile Insurers (BAAR)”.