STREET VICTIMS PROTECTION FUND
General Presentation
The Fund is a non-profit professional association
Members of the fund::all insurance undertakings which are authorized to conclude compulsory MTPL-motor third party liability insurance in Romania.
Prerogatives: The Fund acts in Romania as:
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Guarantee Fund which guarantees, according to the law, the compensation of the persons who suffered losses after being involved in accidents which took place in Romania or under certain conditions in the territory of other states and they were caused by uninsured or unidentified vehicles;
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Information Centre which provides the interested persons with information about the compulsory MTPL insurance policy and the insurance undertakings;
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Compensation Body to solve, according to the law, the claims of the persons who suffered losses as a result of car accidents which took place in the territory of a state other than the one of his legal residence/domicile.
The Fund brings up to date, according to the data provided by the Romanian insurance companies, the list of the appointed claims representatives in all the EEA member states.
The Fund acts, according to its prerogatives stipulated by law, in the interest of the residents in a member state which is part of EEA. The Fund’s intervention for residents in other states is only possible based on the principle of reciprocity. In this respect the Romanian Fund has signed agreements with the National Guarantee Fund of Switzerland.
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The Fund intervenes if the accident took place:
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in Romania and the accident was caused by an unidentified or uninsured vehicle which is normally based in Romania or in other states than the Member States of the EEA.
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in the territory of a state whose National Bureau has joined the Green Card System, other than the member States of the EEA, and the uninsured vehicle which caused the accident is normally based in Romania if the victim is resident in a Member State of the EEA and if the Fund’s intervention does not contravene the accident state’s legislation.
Financial Structure: The Fund has its own financial structure which is formed by the members’ contribution which represents a percentage share from the cashed premiums for the compulsory MTPL insurance
The Fund’s right to recours: The Fund shall recuperate the amount of the paid compensation, the cost of expenses and the legal interest from the guilty party or other responsible parties or entities even by compelled execution if necessary.
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