Romanian Parliament OKs financial regulator’s new management

Leonardo Badea, the president of the Chamber of Deputies’ budget committee, became the new head of the Authority for Financial Supervision (ASF) yesterday after the Parliament’s positive vote in the plenary session. Ovidiu Wlassopol also received the Parliament’s approval to become the new first deputy president. He was previously a counselor for Mircea Ursache, a member of the ASF board. During one of the debates in the Parliament’s committees, the MP Claudiu Nasui asked Wlassopol about the main differences between two technical concepts in the insurance sector, namely the RBNS (reported but not settled insurance claims) and IBNR (incurred but not reported claims). The new deputy president couldn’t answer the question, although he has been working with the ASF for several years. As ASF first deputy president, Wlassopol will earn more than EUR 10,000 per month. The new ASF president, Leonardo Badea, is a professor at the Targoviste University and his experience in the financial environment is only on at theoretical level. He teaches about the capital market. editor@romania-insider.com (photo source: Cdep.ro)