Just like in the European Union, insurance companies might start setting their own prices.
The project was decided upon during National Insurance Conference, attended by experts from 10 different countries and based on practices from European Union. It will be implemented bit by bit, to avoid chaos on the market.
The new project has already been registered at the Parliament and according to it, National Commission of Financial Market will not be allowed to set rates anymore, but rather suggest ways to calculate it.
"This method has to be well arranged. It must reflect the real prices of items, not the ones demanded by the markets", president of the commision, Valeriu Chiţan declared.
Insurance companies though, are more skeptic. They believe that such freedom will cause a raise in prices.
"Companies will at first put a favorable price, but after the full implementation, prices will grow"
"It will create unfaithful competition"
The conference was attended by over 100 international experts. They all came forth with suggestions regarding how the project can be implemented. There, the insurance companies started setting their own prices since 2007, but this year Government had to set a maximum amount.
"The price grew significantly, especially for those at most risks, such as people transporting goods. People activating in this field saw a rise of 4 to 5 thousand euro, before the state decided to interfere" vice president of financial supervisory authority, Coca Constantinescu said.
Until now, National Commission of Financial Market was setting the price of insurances every year, a car insurance being of 760 lei. According to authorities, a new method to calculate the price will be created by the end of the year.