Romanian market regulator shuts down small-sized insurer
Romania's financial market regulator ASF slapped a RON 50,000 (EUR 10,000) fine on the small-sized Romanian insurer Asimed, lifted its license, and asked its bankruptcy for 40 regulation breaches.
Among others, the firm has had no valid management team since April 2017 and failed to meet the capital requirements at the end of 2018 and 2019, Profit.ro reported.
The company's revenues reached RON 723,395 (EUR 155,000) in 2019, from RON 798,813 in 2018. Its net profit amounted to RON 646,663 (EUR 138,000), from a RON 143,166 loss in 2018.
General insurer Asimed started its activity in 2004. Local businessman Laurentiu Huica owns 80.5% of its shares, while several local drug stores own the remaining 19.5%.
"Our company is constantly growing and constantly aims to meet the needs of the Romanian insurance market. Our goal is to become the first choice of Romanian clients in terms of insurance and gaining the status of leader," the company's website reads.
(Photo source: Shutterstock)