Romania’s Financing Surveillance Authority applies EUR 177,000 fines to insurance companies

Romania’s Financing Surveillance Authority ASF gave a total of 43 fines between April and December 2013, with a total value of RON 782,000 (some EUR 177,000). According to ASF, on December 18 last year, the state institution decided to withdraw the approval of Simone Lentini, general manager and Chairman of the Board of Directors at the company Onyx Asigurari, after the authority found that he didn’t comply with the conditions set after CSA’s approval in 2012. On November 20, 2013, ASF fined both Iulius Alin Bucsa - executive president at ASTRA and Liviu Stoicescu - member of the executive with RON 50,000 (over EUR 11,000) each, another fine of RON 30,000 (around EUR 6,800) being given to Irinel Dinu - head of the damage department at ASTRA insurance company. Insurer Omniasig was also fined by the Financing Surveillance Authority. In July 2013, ASF decided to fine Mihail Tecau - executive president at Omniasig and Artur Borowinski - executive vice-president with RON 50,000 (some EUR 11,000) each. Daniela Camelia Covacescu, member of the executive, also received a fine of RON 30,000 (EUR 6,800). “The CSA board decided on April 26, 2013, to carry out a control at Omniasig Vig SA, to check the manner in which claim files were processed,” reads an ASF statement. Stamov Bozhidar Stoyanov, the head of Euroins Romania Asigurare Reasigurare’s damage department, was also fined with RON 50,000 (over EUR 11,000) in May last year. Also, ASF decided “to review all claim files rejected by the company, for which the limitation period hasn’t intervened, as well as their management according to the provisions in force”. In August, ASF fined Mihnea Tobescu, general manager of Euroins Romania Asigurare Reasigurare, with RON 50,000 (some EUR 11,000) and decided to temporary ban the company from providing RCA insurances. Also, the institution decided to withdraw the approval of Stamov Bozhidar Stoyanov. “The firm behavior of ASF will also continue in 2014 to create the premises for the insurance companies to fully understand the need to handle and conclude claim files in an appropriate manner, respecting the rights of the insured,” according to ASF. More about ASF’s controls in 2013 here. Irina Popescu, irina.popescu@romania-insider.com