Car accident history statement determines insurance fees, even if late
Friday, May 13, 2005, 06:07
The State Financial Institutions Supervision (PSzÁF) published a legally non-binding declaration regarding the car accident history statement issued by insurers that determines a driver?s future insurance fees. The financial watchdog was requested to take a stand by Union Insurance Rt, which has found that the previous insurers of their new clients often failed to produce the said document on time, with the result that these clients were automatically put in the highest insurance premium category. PSzÁF ruled that insurance fees should be set in accordance with the client?s accident history record, even if the evidence is produced beyond the 90-day deadline. The financial supervision declared that it would not hesitate to employ stringent measures to enforce the law, which requires insurers to issue the document on time.