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USR'S Drula: ASF chiefs, their appointers should explain why RCA policy is up 40pct

National leader of the Save Romania Union (USR) Catalin Drula is requesting the management of the Financial Oversight Authority (ASF) to give explanations regarding the increase in RCA third-party car insurance policies, noting that ASF Chairman Nicu Marcu had been summoned to Parliament more than a month ago.

"The governance of Ciolacu and Ciuca leads to a surge in all prices, including RCA policies. The heads of the ASF and those who put them in charge should explain to the Romanians why this is happening and what they did to prevent the situation. They looked impassively at the problems on the insurance market; they were complicit to the collapse of City Insurance, and now the whole market and the Romanians are suffering. USR has asked the chairman of ASF Nicu Marcu to give explanations in Parliament for more than a month, but he is hiding," Drula is quoted as saying in a press statement.

USR says that early this February lawmakers Pollyanna Hangan and Mihai Botez requested that Marcu be called before the Economic Policy, Reform and Privatisation Committee of the Chamber of Deputies.

"The authority that he leads could foresee, if not completely prevent, the disaster of 2022 on the insurance market in Romania. At the same time, through Senator Silvia Dinica, USR has asked ASF for answers to several questions, including some related to checks at City Insurance and Euroins companies, given that the City Insurance bankruptcy led to a 71% increase in the price for RCA policies in 2022."

USR also says that it will submit a bill restructuring ASF, "so that this key institution becomes functional and bears responsibility for the field it has to regulate.'