ROMANIA: FGA ended its term as temporary administrator at EUROINS

6 April 2020 —
The Board of the Financial Supervisory Authority (A.S.F.) approved, at the meeting on April 1st, the termination of the mandate of the Insurance Guarantee Fund - FGA as temporary administrator at the insurer EUROINS Romania Asigurare Reasigurare, the Romanian www. informed.

In February 2020, the Board of the Romanian Financial Supervisory Authority (ASF) decided to amend EUROINS Romania with RON 500,000 (more than EUR 100,000), as a result of violation of some provisions of MTPL Law as the procedures for solving the MTPL claim files, deficiencies regarding the internal control mechanisms at the company level, irregularities regarding the establishment of technical reserves and data quality, as the market authority annunce in a statement. More than that, The Insurance Guarantee Fund (FGA) has beend appointed temporary administrator, until the appointment of the new Supervisory Board.

"The FGA mandate has helped us to establish the basis of our new procedures and processes, oriented towards clients with full respect of the local law. We all go through a difficult period, but we hope that EUROINS Romania, the entire insurance market, as well and the Romanian society as a whole will emerge stronger and wiser from the COVID-19 crisis", said Georgi MARKOV, Deputy CEO, EUROINS Insurance Group, declared for