RO insurer Euroins fined with record sum for sluggish compensation payments
Romanian insurer Euroins received a record fine of RON 500,000 (EUR 105,000) for delays in the payment of compensations related to the insurance contracts, Profit.ro announced quoting unofficial sources.
Euroins, part of Bulgarian group Eurohold, was reportedly placed under special administration for a limited period of time as well, according to the same source.
The insurance market’s guarantee fund FGA will appoint a special independent manager for the insurance firm.
The company was also fined last autumn, with RON 50,000 (EUR 10,500), and last week, with another RON 100,000 (21,000) for largely the same irregularities.
The new RON 500,000 fine is the third one the company has received in less than a year.
With a 11.6% share in the general and life insurance market, Euroins is the fourth-biggest local insurer, after City Insurance, Allianz-Țiriac and Omniasig VIG.
The company is the second largest player in the mandatory car liability insurance (RCA) segment, with a share of 32-33% of the market, after City Insurance.