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Decisions of the Board of Directors of the National Commission for Financial Markets - July 1, 2022

  • 01.07.2022
  • 4356

At the meeting of July 1, 2022, the Board of Directors of the National Commission for Financial Markets (NCFM), according to the mission and tasks conferred by the law, approved decisions related to the non-banking financial market, inter alia:

  • The draft amendments of certain NCFM regulations related to the activity of credit history bureaus, which aims to bring them in line with the provisions of Law no. 122/2008 on the credit history bureaus (amended by Law no. 175/2021). The main changes and updates aim to exclude the obligation of expressing individual consent for the processing of information from the credit history, with the obligation of the source/user of information to obey the legislation on personal data protection. The draft law also provides for expanding the list of entities that can serve as formation sources of credit history and specifying the type and volume of information that can be requested by the user etc. In addition, given the obligation of all creditors (banking and non-banking) to verify credit history information in all licensed bureaus, the price of a credit report obtained as a result of information exchange between bureaus has been capped, in order to maintain a financial balance in relation to consumers - individuals.
  • Amendment of Annex 1 of the NCFM Decision no. 25/2 of 24.06.2019 on the presentation, approval and application of the actuarial calculations of the compulsory motor third party liability insurance premiums. The changes occurred following the adjustment of the calculation formula of the basic insurance premium as an effect of the application of bonus-malus system. With its entry into force, it is estimated an increase of about 36% of the insurance premium. The draft Decision shall be submitted  for examination to interested authorities and institutions concerned, as well as shall be the subject of public consultations, in accordance with the provisions of the legislation in force. It can also be consulted on the NCFM website, under the "Regulations”, „Public consultations" heading.
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