Romania’s financial market regulator ASF has fined Euroins Romania, the second-biggest insurance company in the country by the volume gross premiums underwritten on the mandatory car insurance (RCA) segment, Economica.net reported.
This is the second fine in the last six months for Euroins, an insurer criticized by car owners for the way it pays the compensations.
This time, Euroins Romania will have to pay a RON 100,000 (EUR 20,800) fine because it breached certain rules of conduct in relation to its clients.
ASF spotted, among others, problems with Euroins informing the recipients of compensations about the procedures and about their rights - such as to repair their cars in any auto repair service.
Within 30 days, the insurer must draft a remedy plan or can appeal the ASF’s fine.
Last year, Euroins was also fined RON 50,000 (EUR 10,400) because it failed to respond in a timely manner to the requests received from the ASF.
Over 2 million customers have RCA insurance policies closed at Euroins, and the company gets about 30% of the gross premiums underwritten on this market segment.
Romania’s Competition Council fined the pharmaceutical company Roche Romania with RON 60 million (EUR 12.8 mln) for...