Romania's Financial Supervisory Authority (ASF) sanctioned the Management Board and Supervisory Board members of City Insurance, the largest local insurer by revenue, with fines totaling almost RON 3.8 million (EUR 790 mln).

ASF said the company failed to send the documents it requested.

Earlier this year, the regulator also fined the company RON 450,000 (EUR 92,000) due to delays in paying compensations related to mandatory car insurance (RCA) contracts.

Renato Szilagyi, President of the Management Board of City Insurance, received the highest fine - RON 530,000. At the same time, Vice President Barbu Mircea Buzerea, and Board member Spyridon Stavros Mavrogalos Fotis will pay RON 500,000 each.

The members of the Supervisory Board, namely Browne Woodthorpe Robert (Chairman), Rossler Max Walted, (Vice-Chairman), Pascale Cristian, Arampova Aelita, Papanikolau Epameinondas (members), were fined RON 450,000 each.

andrei@romania-insider.com

(Photo source: Shutterstock)