ASF fined the management of the largest Romanian insurer EUR 780 k

28 January 2021 — Andrei Victor
The ASF Board decided to fine the Management Board and the Supervisory Board of the Romanian largest insurer - CITY Insurance with a total RON 3.78 million lei (almost EUR 780 k), because fallowing a control, the insurer failed to submit the requested documents in due time, as the Romanian insurance news portal www.1asig.ro informed.

About two weeks ago, ASF decided to sanction CITY Insurance with a fine in the amount of RON 500,000 (~EUR 102,000) for delayed payment of the compensations related to the MTPL claim files. (More details here)

The mentioned web-site mentioned that the Romanian Financial Supervisory Authority requested CITY Insurance relevant information and documents in order to check the company's reinsurance program. As the requested documentation was not submitted, and the executive and supervisory management of the company did not ensure that the requested documentation are aivalable in due time, the supervisory authority "was prevented, without right, in the exercise of the attributions conferred by law", explained ASF in a statement.

Therefore, ASF Board to sanction the members of the Management Board and of the Supervisory Board, as follows:

  • Renato Szilagyi, Chairman of the Board of Directors: RON 530,000 ;
  • Buzerea Barbu Mircea, Vice President of the Management Board: RON 500,000;
  • Spyridon Stavros Mavrogalos Fotis, Member of the Management Board: RON 500,000.
  • Browne Woodthorpe Robert, Chairman of the Supervisory Board: RON 450,000;
  • Rossler Max Walter, Vice President of the Supervisory Board: RON 450,000;
  • Pascale Cristian, Member of the Supervisory Board: RON 450,000;
  • Arampova Aelita, Member of the Supervisory Board: RON 450,000;
  • Papanikolaou Epameinondas, Member of the Supervisory Board: RON 450,000.
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