TAIEX`s group of experts and representatives of the Romanian Financial Supervisory Authority (ASF) shared with the CNPF specialists more about the experience of MTPL liberalization, implementation of the European Solvency II directives and IDD (Insurance Distribution Directive), forecasting risks caused by the liberalization of insurance and transition to the risk-based supervision.
During the visit, experts presented Romania's experience of motor insurance liberalization and the measures taken in this regard by the regulator, advantages/disadvantages of introduction of such tariffs, practice of improving transparency and reporting, assessment of the liberalization impact on insurance prices and claims, as well as ASF's experience on reducing risks/threats that may appear in connection to MTPL liberalization. Experts noted the importance of creating a guarantee fund for the insurance market in order to overcome possible cases of insolvency.
TAIEX is the Technical Assistance and Information Exchange instrument of the European Commission. TAIEX supports public administrations in regard to the approximation, application and enforcement of EU legislation as well as facilitating the sharing of EU`s best practices. Participants of TAIEX are EU candidate countries, potential EU candidate countries, as well as all countries covered by the European Neighbourhood Policy.