Alin Burcea, president of the National Association of Travel Agencies (ANAT), stated that, starting in 2017, tourists will be able to recover all their money if the agencies from which they purchased travel packages go into insolvency or bankruptcy, following the establishment of a mutual guarantee fund.
“The entry fee will probably be a few thousand euros, after which an annual sum will be paid, so that a guarantee fund is created which, for 1,500 agencies, will likely amount to several million euros. I do not know to what extent we will be able to fulfill the European directive according to which all collected amounts must be guaranteed,” Burcea stated.
According to him, ANAT has commissioned a study and, based on it, will propose a version to the National Tourism Authority and the Financial Supervisory Authority.
The mutual guarantee fund for travel agencies will not be applied retroactively, but from the moment it comes into force.
Source: Capital
Frequently Asked Questions
What is the mutual guarantee fund?
It is a financial mechanism created by ANAT to ensure the full refund of amounts paid by tourists if a travel agency goes into insolvency.
When will this measure take effect?
The measure is scheduled to become operational starting in 2017 and will not apply retroactively to previously purchased vacations.
Who will contribute to this fund?
The fund will be financed by approximately 1,500 travel agencies through entry fees and annual contributions.