Former insurance regulator takes the lead at troubled Romanian insurer

Romania’s Financial Supervisory Authority endorsed last week Angela Toncescu as board president of local insurer Carpatica Asigurari, which is now under financial recovery procedure, reports local Hotnews.ro. Toncescu was the former head of the Insurance Supervisory Commission (CSA). She led the institution between 2006 and 2011. She used to have a EUR 29,000 monthly salary, as CSA president, according to Romanian media reports. In 2014, Carpatica Asigurari increased its net loss to over EUR 10 million from EUR 6.7 million in 2013. The Financial Supervision Authority decided at the end of May last year to place the company under financial recovery procedure. This procedure is usually decided when an insurance company has financial problems which may later affect the clients that hold insurance policies. Carpatica Asig came into public attention in January 2014 when a member of the ASF board, Marian Mirzac, and Romanian businessman Ilie Carabulea, who owns the Carpatica financial group (Banca Carpatica, Carpatica Asig and Carpatica Invest brokerage firm) were arrested in a corruption case. editor@romania-insider.com (photo: Agerpres)