ROMANIA: ASF fines CITY Insurance for violating the methodology for reserves

6 April 2020 — Andrei Victor
As a result of the periodic control performed at the largest Romanian insurer as GWP - CITY Insurance, the ASF Board decided to sanction the company with a fine of RON 100 k (about EUR 20 k), after finding a series of violations of the law regarding the methodology of calculating the technical reserves, as the market authority annouced in a statement published on its website.

At the same time, the ASF Board established the obligation of CITY Insurance to implement measures of operational and prudential nature to remedy the deficiencies found during the periodic control until the end of 2020.

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