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    Press release: Positive solutions for the Financial Supervisory Authority (A.S.F.) given in June 2022

Press release: Positive solutions for the Financial Supervisory Authority (A.S.F.) given in June 2022

Bucharest, July 5th, 2022 - In June 2022, the courts ruled in favour of A.S.F. in the following relevant cases:

 

1.High Court of Cassation and Justice - Case No 7056/2/2019

By Judgment no. 3183/2.06.2022, the High Court of Cassation and Justice ruled in favour of A.S.F., against the claimant Societatea de Asigurare - Reasigurare City Insurance S.A.

The solution in a nutshell:

"Grants the plea of invalidity of the appeal, raised by the defendant Financial Supervisory Authority. Declares null and void the appeal lodged by the claimant Societatea de Asigurare - Reasigurare City Insurance S.A. against Civil Judgment No. 1159 of 9 November 2020 of the Bucharest Court of Appeal - Ninth Administrative and Fiscal Division.

This judgment is final."

Subject-matter of the case: Appeal brought by the petitioner-appellant against Civil Judgment
No 1159/9.11.2020, by which the Bucharest Court of Appeal dismissed the application as unfounded.

In substance, the case concerned the annulment of A.S.F. Notice No 333/25.11.2019 and an order that the defendant A.S.F. issue a notice admitting the application for offsetting the claims of the insurance and reinsurance company ASTRA S. A. against those of the applicant company".

The court's ruling can be found at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000379403

 

  1. Bucharest Court of Appeal - Case no. 4834/2/2015

 

By Judgment no. 141/2.06.2022, the Bucharest Court of Appeal rendered the following decision in favour of A.S.F., against the claimant Grecu Elena, in her capacity as significant person/General Manager of Forte Asigurări Reasigurări S.A.

The solution in a nutshell:

"Grants the exception of time-bar. Declares that the application is out of time.

Appeal within 5 days of the judgment (...)."

Subject-matter of the case: In the main proceedings - annulment in its entirety of A.S.F. Decision No 1666/10.11.2014, by which Ms Grecu Elena was fined by Lei 5,000 and the withdrawal of her approval as a significant person/General Manager of Forte Asigurări Reasigurări S.A.

Subsidiariliy - annul, in part, the decision of the A.S.F. No 1666/10.11.2014, in so far as it annuls the sanction of withdrawal of the applicant's approval as a significant person/Director General and orders the A.S.F. to pay the costs.

The court's ruling can be found at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000327753&id_inst=2

 

  1. Bucharest Court of Appeal - Case no. 2496/2/2021

By Judgment no. 1166/7.06.2022, the Bucharest Court of Appeal ruled in favour of A.S.F., against the claimant Societatea de Asigurare - Reasigurare City Insurance S.A.

The solution in a nutshell:

Annuls the application for lack of standing.

With an appeal within 15 days of notification."

Re: annulment of A.S.F. Decision No 325/10.03.2021 imposing a fine of RON 2,600. 000 on SAR City Insurance S.A. and the imposition of measures on it.

The court's ruling can be found at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000394518&id_inst=2

 

 

  1. High Court of Cassation and Justice - Case No 4883/2/2019

By Judgment No 3409/9.06.2022, the High Court of Cassation and Justice ruled in favour of A.S.F., against the claimant SIF Oltenia S. A.

The solution in a nutshell:

"Takes notice of the motion to dismiss. Annuls Judgment no. 998 of 13 December 2019 of the Bucharest Court of Appeal - Section VIII - Administrative and Fiscal Litigation. This judgment is final. "

Subject-matter of the case: appeal brought by SIF Oltenia S.A. against Civil Judgment No 998/13.12.2019, by which the Bucharest Court of Appeal dismissed the applicant's application for annulment and suspension as unfounded.

In substance, the case concerned the suspension and annulment of Decision No 937/18.07.2019, by which the A.S.F. imposed on the Board of Directors of SIF Oltenia S. A. the obligation to convene and ensure the holding of the Ordinary General Meeting of Shareholders within 45 days from the date of issuance of the decision, having included on the agenda the items proposed by the shareholders of SIF Banat Crișana S. A. and SIF Muntenia S. A. through the request registered at the issuer's registered office with no. 5071/11.06.2019, which was the subject of the current report published at the B.V.B. on 11.06.2019.

The court's ruling can be found at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000376278

 

 

  1. Bucharest Court of Appeal - Case no. 2008/2/2020

By Judgment no. 1092/14.06.2022, the Bucharest Court of Appeal ruled in favour of A.S.F., in contradiction with the Insurance - Reinsurance Company City Insurance S.A.

The solution in a nutshell:

"Takes note of the waiver of judgment.

With a right of appeal within 15 days of notification (...)"

Re: annulment of A.S.F. Decision No 455/06.04.2020 on the establishment of measures against City Insurance S.A., A.S.F. Decision No 457/06.04.2020 on the establishment of the measure to increase the share capital by the RON equivalent of RON 16.5 million, and A.S.F. Decision No 458/06.04.2020 on the sanctioning of the company with a fine of RON 100, 000.

The court's ruling can be found at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000382925&id_inst=2

 

  1. Bucharest Court of Appeal - Case no. 7758/2/2021

By Judgment no. 1160/16.06.2022, the Bucharest Court of Appeal rendered the following decision in favour of A.S.F., against the claimant Uniqa Asigurări S. A.

The solution in a nutshell:

"Dismisses the appeal as unfounded.

With an appeal within 15 days of notification."

Subject-matter: Action brought by the applicant Uniqa Asigurări S.A. seeking:

  1. annul A.S.F. Decision No 1406/4.11.2021 on the sanctioning of Uniqa Asigurări S.A. with a written warning;
  2. the Court should find that the applicant has not infringed any legal provision and order the Authority to repay the sums paid by the company 'unlawfully'.

The court's ruling can be found at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000402399&id_inst=2

 

  1. High Court of Cassation and Justice - Case No 5267/2/2019

By Judgment No. 3609/17.06.2022, the High Court of Cassation and Justice ruled in favour of A.S.F., against the claimant Societatea de Asigurare - Reasigurare City Insurance S.A.

The solution in a nutshell:

"Dismisses as unfounded the appeal brought by the appellant-claimant Societatea de Asigurare Reasigurare City Insurance S.A. against Civil Judgment No. 857 of 29 September 2020 delivered by the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII.

This judgment is final."

Subject-matter: Appeal brought by Societatea de Asigurare - Reasigurare City Insurance S.A. against Civil Judgment No 857/29.09.2020, by which the Bucharest Court of Appeal dismissed the appeal brought by the applicant as unfounded.

On the merits, the case concerned the annulment of A.S.F. Decision No 1040/13.08.2019 sanctioning the applicant City Insurance S.A. with a written warning.

The court's ruling can be found at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000376806

 

  1. High Court of Cassation and Justice - Case No 887/2/2018

By Judgment no. 3668/21.06.2022, the High Court of Cassation and Justice ruled in favour of A.S.F., against the appellants/claimants S.I.F. Transilvania S. A. , Mihai Fercală, Iulian Stan, Petru Mihalcea, Gheorghe Lutac, Stefan Szabo, Dumitru Carapiti, Adriana Marioara Boian, Gavril Ola, Mircea Radus, Dragos Calin, Mihaela Susan and Stefan Szitas.

The solution in a nutshell:

"By a majority: rejects as inadmissible the plea of illegality of Decision No 1995/12.10.2016 issued by the defendant Financial Supervisory Authority. Dismisses the appeal filed by the applicants Mihai Fercală, Iulian Stan, Petru Mihalcea, Gheorghe Lutac, Stefan Szabo, Dumitru Carapiti, Adriana Marioara Boian, Gavril Ola, Mircea Radus, Dragos Calin, Mihaela Susan and Stefan Szitas against Judgment No. 5547 of 28.12.2018 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII, as unfounded. Final.

With separate opinion: Grants the appeal brought by the plaintiffs Mihai Fercală, Iulian Stan, Petru Mihalcea, Gheorghe Lutac, Stefan Szabo, Dumitru Carapiti, Adriana Marioara Boian, Gavril Ola, Mircea Radus, Dragos Calin, Mihaela Susan and Stefan Szitas against Judgment No. 5547 of 28.12.2018 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII. Partially quashes the judgment under appeal. Annuls the contested decisions. Upholds the decision given on the application for suspension. Orders the respondent -appellant Financial Supervisory Authority to pay the costs."

Subject-matter of the case: appeal brought by the appellants against Civil Judgment
No 5547/28.12.2018 dismissing the application as unfounded and ordering the appellants jointly and severally to pay the A.S.F. the sum of 10 563 lei as lawyer's fees by way of legal costs.

Mentions: in substance, the file had as subject:

- annul in its entirety the decision of the A.S.F. No 104/19.01.2018 on the settlement of the preliminary complaint lodged by the applicants against the decisions of the A.S.F. No 1138, 1139, 1142, 1143, 1145, 1146, 1148, 1150, 1151, 1152, 1154 and 1156 of 16.08.2017;

- Annulment in full of A.S.F. Decisions no. 1138[1] , 1139[2] , 1142[3] , 1143[4] , 1145[5] , 1146[6] , 1148[7] , 1150[8] , 1151[9] , 1152[10] , 1154[11] and 1156[12] of 16.08.2017 (fines totalling Lei 91,000 ). 

The court's ruling can be found at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000358615

 

 

  1. High Court of Cassation and Justice - Case No 435/64/2014* (related to Case
    No 315/64/2014)

 

By Judgment No 3667/21.06.2022, the High Court of Cassation and Justice ruled in favour of A.S.F., against the appellants-claimants Mihai Fercală and Iulian Stan.

The solution in a nutshell:

"Dismisses the appeal brought by the applicants Stan Iulian and Mihai Fercală against the judgment
No 2/F of 06.02.2020 of the Court of Appeal of Brasov - Administrative and Fiscal Litigation Section, as unfounded.

 This judgment is final."

Subject-matter: Appeal brought by Mihai Fercală and Iulian Stan against civil judgment No 2/F/06.02.2020.

In the two joined cases, the applicants challenged two sets of decisions issued by the A.S.F.:

  • A.S.F. decisions no. 455, no. 456 and no. 457 dated 30.05.2014, issued as a result of non-compliance with the legal provisions regarding the preparation of documents related to the AGM of S.I.F. Transilvania S.A. dated 28.04.2014 (sanction with a fine of Lei 10,000 for each person);
  • A.S.F. decisions no. 1762 and no. 1763 dated 20.11.2014, issued as a result of non-compliance with the legal provisions regarding the drawing up of documents related to the AGM of S.I.F. Transilvania S.A. on 11.08.2014 and non-compliance with certain measures ordered by A.S.F. (sanction with a fine of Lei 16,500 for each person).

 

By the appealed civil judgment no. 2/F/06.02.2020, the Court of Appeal of Brasov ordered the following:

  • rejected as unfounded the objection of illegality of Decision No 1040/19.11.2013 (delegating certain powers by the A.S.F. Council to the Vice President of the SIIF);
  • dismissed as unfounded the claims joined in the proceedings;
  • dismissed the applications for ancillary relief made by SIFT in favour of the appellants and allowed the application for leave to intervene made by Constantin Frățilă on behalf of the A.S.F.;
  • ordered the appellants to pay the costs.

The court's ruling can be found at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=6400000000012647

 

  1. Bucharest Court of Appeal - Case no. 2547/2/2021

By Judgment no. 1322/28.06.2022, the Bucharest Court of Appeal ruled in favour of A.S.F., against the plaintiff DAW Management Broker de Asigurare S. R. L.

The solution in a nutshell:

"Dismisses the action brought by the applicant DAW Managemet Broker de Asigurare S.R.L. against the defendant Financial Supervisory Authority as unfounded.

With right of appeal within 15 days of notification (...)

Re: annulment of A.S.F. Decision No 311/2021 imposing a fine of RON 100, 000 on DAW Management Broker de Asigurare S.R.L.

The court's ruling can be found at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000394587&id_inst=2

 

  1. Bucharest Court of Appeal - Case no. 1009/2/2021

By Judgment no. 1352/29.06.2022, the Bucharest Court of Appeal ruled in favour of A.S.F., against the plaintiff Cristian Pascale, member of the Supervisory Board of City Insurance S.A. at the date of the sanction.

The solution in a nutshell:

"Dismisses the action brought and supplemented by the applicant Cristian Pascale against the defendant Financial Supervisory Authority as unfounded. With a right of appeal within 15 days from the date of communication (...)".

Subject-matter of the case: annulment of A.S.F. Decision No 88/25.01.2021, by which the applicant Cristian Pascale, member of the Supervisory Board of City Insurance S.A. at the date of the sanction, was fined by Lei 450, 000.

The court's ruling can be found at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000392470&id_inst=2

 

 

[1] Decision no. 1138/16.08.2017 sanctioning Mr. Mihai Fercală, with a fine of  Lei 10.000; 

[2] Decision no. 1139/16.08.2017 sanctioning Mr. Iulian Stan, as Executive Vice President/Deputy General Manager of S.I.F. Transilvania S.A., with a fine of Lei 11,000;

[3] Decision no. 1142/16.08.2017 sanctioning Mr. Petru Mihalcea, as Member of the Supervisory Board of S.I.F. Transilvania S.A., with a fine in the amount of RON 10,000;

[4] Decision no. 1143/16.08.2017 sanctioning Mr. Gheorge Luțac, as Member of the Supervisory Board of S.I.F. Transilvania S.A., with a fine of RON 10,000;

[5] Decision no. 1145/16.08.2017 sanctioning Mr. Ștefan Szabo, in his capacity as Chairman of the Supervisory Board of S.I.F. Transilvania S.A., with a fine of RON 10,000;

[6]  Decision no. 1146/16.08.2017 sanctioning Mr. Dumitru Carapiti, as Vice-Chairman of the Supervisory Board of S.I.F. Transilvania S.A., with a fine of RON 10,000;  

[7]  Decision no. 1148/16.08.2017 sanctioning Ms. Adriana Boian, Acting Coordinator of the Economic Department of S.I.F. Transilvania S.A. (at the date of the aspects observed), with a fine of Lei 5,000;

[8] Decision no. 1150/16.08.2017 sanctioning Mr. Gavril Ola, in his capacity as Secretary of the Board of Directors of S.I.F. Transilvania S.A., with a fine in the amount of Lei 5,000;

[9]  Decision no. 1151/16.08.2017 sanctioning Mr. Mircea Răduș, as Head of the Administrative Shareholding Department of S.I.F. Transilvania S.A., with a fine of Lei 5,000;  

[10] Decision no. 1152/16.08.2017 sanctioning Mr. Dragoș Călin, legal advisor within S.I.F. Transilvania S.A., with a fine of Lei 5,000;

[11] Decision no. 1154/16.08.2017 sanctioning Ms. Mihaela Susan, Secretary of the Board of Directors of S.I.F. Transilvania S.A., with a fine of Lei 5,000;

[12] Decision no. 1156/16.08.2017 sanctioning Mr. Ștefan Szitaș, from the Marketing - Transactions Department (at the date of the aspects observed) of S.I.F. Transilvania S.A., with a fine of Lei 5,000.