Romania’s financial watchdog fines leading insurer and its managers with over EUR 60,000

Romanian insurer Asirom was fined RON 200,000 (EUR 44,400) by the Financial Supervisory Authority following an unannounced control that ASF carried out at the company between September 5 and November 16 last year. ASF wanted to check how Asirom managed the damage claims for the mandatory car insurance policies RCA and the optional car insurance policies CASCO. ASF also controlled how the insurer calculated the loss reserve and the accuracy of data on claim files. According to ASF, the control revealed a series of irregularities, which the authority didn’t detail, and led to financial sanctions against the company and four of its managers. Bregovan Adamovic, Asirom’s vice president who was in charge of damage claims until November 1, 2016, was fined RON 50,000 (EUR 11,000). Juraj Lelkes, Asirom’s Slovak CEO, was also fined RON 10,000 (EUR 2,200). Octavian Bazon, the director in charge of the damage department, and Daniela Meghea, vice president of the board, were also fined RON 10,000 each. Asirom is one of the biggest insurers in Romania. In the first nine months of 2016, the company recorded gross written premiums worth almost EUR 200 million, and a market share of 12.9%, ranking second after Allianz-Tiriac Asigurari, according to ASF data. The company is part of Vienna Insurance Group, which also controls Omniasig and BCR Asigurari de Viata. Romania's new insurance market leader controlled for solvency editor@romania-insider.com