The Council of Romania’s Financial Oversight Authority (ASF) has approved an application from Grawe Romania Asigurare for authorisation to provide RCA mandatory motor vehicle liability insurance as well as CASCO insurance of land transportation means, other than railway means of transportation, ASF announced on Wednesday.
‘Grawe has thus become a new insurer authorised to underwrite RCA policies, along with Allianz-Tiriac, Asirom, City Insurance, Euroins, Generali, Groupama, Omniasig and Uniqa, thus contributing to the consolidation of a sound competitive environment in the market for such product, to the benefit of consumers. Operating on Romania’s insurance market for 15 years, Grawe Romania Asigurare S.A. is the local subsidiary of the Austrian group by the same name. Most of the company’s business is conducted in the life assurance area, but it also provides property, health and accident insurance products. In 2010, it started providing mandatory housing insurance as a PAID shareholder,’ says ASF.
ASF is a national authority established in 2013 under government emergency ordinance 93/2012 approved under Law 113/2013 concerning the regulation and oversight of the markets for insurance products, private pension plans as well as the capital market. ASF was designed to contribute to the consolidation of an integrated operational framework for the three sectors that together boast of more than 10 million players.