Romanian insurer Uniqa fined for unfair commercial practices

Romania’s Financial Supervisory Authority (ASF) ruled a RON 40,000 (EUR 8,400) fine for Uniqa Life Insurance and written warnings for Gothaer and Grawe Romania, for unfair commercial practices found during periodic inspections carried out at the respective insurance companies.

ASF fined Uniqa mainly for “deficiencies related to the functionality of the internal control mechanisms established at the company level.” These “deficiencies” resulted in customers not being fully informed of the products they received and customers not being charged the fair price (as resulted from generally accepted procedures).

Gothaer Asigurari Reasigurari received written warning mainly for certain deficiencies related to the way of reflecting in the internal procedures of certain activities carried out at the company level and for malfunctions in the elaboration / presentation of documents that it has the obligation to draw up, according to the legislation in force.

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