Each car insurance contract will be entered in real time in a special electronic register to avoid duplication of contracts, lack of identification numbers or discrepancies between the contract and the data in reality. The Financial Supervision Authority has submitted for public consultation a draft regulation that obliges companies to reflect in detail in the register each contract with all relevant data.
Any car insurance contract from any authorized company or agent will be deposited in real time in a special electronic register created for this purpose. This is the latest measure taken by the Financial Supervision Authority to discipline the vehicle insurance market. The institution has just submitted for public consultation the draft regulation that obliges all companies e
insurance agents, agents / companies, to report in real time the sale of each car insurance policy, in the Online Electronic Register of Compulsory Insurance installed in the Information Center of the Financial Supervisory Authority.
Entities are required to complete all policy fields correctly including the telephone number and e-mail address of owners or users of vehicles listed on the insurance policy, while being responsible for enforcing applicable data protection legislation. personal during the collection and processing of data in the Register.
The data of the request for sale from the insurance company must come in real time in the Register. For each request, the program automatically generates a unique random number, which is printed to the policy at the time of issue. This unique unique number is of alphanumeric form and serves to verify the reporting of the policy in the central database to the Authority. The date of sale of the insurance policy should not be earlier than 30 days from the date specified in the insurance policy as the start date of coverage. In cases of renewal the date of
the start of coverage should not be earlier than the end date specified in the insurance policy.
Cases of non-reporting in real time of compulsory insurance policies, recording of compulsory insurance policies unidentified with a unique number in the Register, cases with duplicate identification number or incorrect identification number, cases of verification of data changes reported in comparison with the printed ones, cases of breach of system security, constitute violations of legal provisions in the field of insurance and are subject to sanctions according to the provisions of applicable law, the Financial Supervision Authority states in the Draft Act.