Financial regulator head: Three Romanian insurers were robbed

The four committees that voted on Monday for the dismissal of Misu Negritoiu, the head of the Financial Supervisory Authority (ASF), submitted their report yesterday to the Standing Bureaus of the two Chambers of the Parliament. The bureaus will meet again next week to decide on the date of the Parliament’s vote on Negritoiu’s dismissal. The Financial Supervisory Authority (ASF) is the institution in charge of regulating and supervising the insurance sector, capital market, and private pension funds in Romania. The MPs think that Negritoiu is responsible for the bankruptcy of two big local insurance companies, Astra Asigurari and Carpatica Asig. The current ASF head said yesterday that it’s clear for him that the financial problems in the insurance market started from the three Romanian companies that had been robbed over time, namely Astra Asigurari, Carpatica Asig and City Insurance, reports local Wall-street.ro. “A lot of money came out of the insurance market and no one knows where it went,” he said. A former CEO of ING Bank Romania, Negritoiu has been leading the financial regulator ASF since April 1, 2014. During his mandate, Astra Asigurari and Carpatica Asig, two of the biggest local insurance companies, controlled by local investors Dan Adamescu and Ilie Carabulea, went bankrupt. ASF has been accused of going against local investors and favoring the foreign insurers. editor@romania-insider.com