Sanctioning decisions adopted by the ASF Council in March 2025 - update

Bucharest, 7 April 2025 - The Council of the Financial Supervisory Authority adopted, in March 2025, several sanctioning decisions, as well as a series of measures applicable to certain entities/persons operating in the non-banking financial market for violation of certain provisions of the relevant legislation.

INSURANCE MARKET

Asigurarea Românească - Asirom Vienna Insurance Group S.A. was sanctioned with a fine of RON 50,000 for infringing the following legal provisions:

• (1) letter b) of Law no. 132/2017 on compulsory motor third party liability insurance for damage caused to third parties by vehicle and tram accidents, as subsequently amended and supplemented;
• 21 para. (2) of Law no. 132/2017 on compulsory motor third party liability insurance for damage caused to third parties by vehicle and tram accidents, as subsequently amended and supplemented;
• 21 para. (4) of Law no. 132/2017 on compulsory motor third party liability insurance for damage caused to third parties by vehicle and tram accidents, as subsequently amended and supplemented;
• 21 para. (5) of Law no. 132/2017 on compulsory insurance against civil liability for damage caused to third parties by vehicle and tram accidents, as subsequently amended and supplemented.

Allianz – Țiriac Asigurări S.A.

• Was sanctioned with a fine in the amount of RON 130,800 for the infringement of Article 5 para. (8) letter b) of Law no. 132/2017 on compulsory motor civil liability insurance for damage caused to third parties by vehicle and tram accidents, as subsequently amended and supplemented;
• Was sanctioned with a fine of RON 23,000 for the infringement of the following legal provisions:
• 11 para. (6) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• 12 para. (6) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• 13 para. (1) letter d) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• 14 para. (1) letter a) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• 24 para. (7) of Rule no. 22/2021 on insurance distribution, as subsequently amended and supplemented.

Millenium Insurance Broker (Mib) Broker de Asigurare-Reasigurare S.A. was sanctioned with a fine of RON 9.700 for the following:

• failure to comply with the provisions of Art. 13 para. (1) letter e) item (iii) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• failure to comply with the provisions of Chapter 12 - Chart of Accounts - item 514 Class 4 - "Accounts of third parties", respectively, Class 7 - "Income accounts" and Chapter 14 - Function of accounts - item 516 para. (1) - Group 41 - "Settlements related to the activity of creation of insurance and distribution products" and Group 70 - "Net turnover" of the accounting regulations approved by ASF Rule no. 36/2015 on accounting regulations regarding the annual individual financial statements and annual consolidated financial statements applicable to brokerage companies carrying out insurance and/or reinsurance distribution activity.

Asigest Broker de Asigurare - Reasigurare S.A.  was sanctioned with a fine of RON 7.700 for the following:

• failure to comply with the provisions of Art. 4 para. (5) letter b) item (i) of ASF Rule no. 22/2021 on insurance distribution, in relation to the provisions of Art. 8 para. (5) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• failure to comply with the provisions of Art. 4 para. (12) of ASF Rule no. 22/2021 on insurance distribution, in relation to the provisions of Art. 35 para. (8) letter d) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• failure to comply with the provisions of Art. 12 para. (6) letter b) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• failure to comply with the provisions of Art. 13 para. (1) letters a) and b) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• failure to comply with the provisions of Art. 40 para. (3) and (4) of ASF Rule no. 22/2021 on insurance distribution, in conjunction with the provisions of Art. 14 para. (1) letter a) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• failure to comply with the provisions of Art. 14 paras. (5) and (6) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented, in conjunction with the provisions of Art. 38 para. (3) letter a) and para. (4) of ASF Rule no. 22/2021 on insurance distribution;
• failure to comply with the provisions of Art. 2 para. (2) of ASF Rule no. 36/2015, in conjunction with the provisions of Chapter 2 General Provisions and Principles, Section 2.5 Accounting policies, correction of accounting errors, estimates and events after the balance sheet date, 2.5.1. Accounting policies, item 61 para. (2) of the Accounting Regulations on the individual annual financial statements and consolidated annual financial statements applicable to brokerage companies engaged in insurance and/or reinsurance distribution activity, approved by ASF Rule no. 36/2015;
• failure to comply with the provisions of item 245 para. (3) and the provisions of Chapter 12 Chart of Accounts, Class 8 Special Accounts, 80 Off-balance sheet accounts, namely account 836 "Amounts from distribution activity paid directly to the account of the company with which the brokerage company has entered into the collaboration agreement" of the Accounting Regulations on individual annual financial statements and consolidated annual financial statements applicable to brokerage companies carrying out distribution activity in insurance and/or reinsurance, approved by ASF Rule no. 36/2015;
• failure to comply with the provisions of Chapter 14 Function of the Accounts, Class 4 Third Party Accounts, Group 46 Debtors and Sundry Creditors, namely the function of account 462 "Sundry Creditors" and the provisions of Chapter 4 Balance Sheet and Profit and Loss Account, Section 4.6 Third Parties, item 301, para. (1), sentence 1 of the Accounting Regulations on annual individual financial statements and annual consolidated financial statements applicable to brokerage companies engaged in insurance and/or reinsurance distribution activity, approved by ASF Rule no. 36/2015;
• failure to comply with the provisions of Art. 8 para. (6) of ASF Regulation no. 13/2019 on the establishment of measures to prevent and combat money laundering and terrorist financing through the financial sectors supervised by the Financial Supervisory Authority;
• failure to comply with the provisions of Art. 6 para. (1) sentence (1) and Art. (1) of ASF Rule no. 33/2017 on the organization of archiving activities at entities authorized/approved, regulated and supervised by the Financial Supervisory Authority.

Asigest Broker de Asigurare - Reasigurare S.A. was sanctioned with a fine of RON 11,400 for the following:

• failure to comply with the provisions of Art. 4 para. (1) and Article 21 para. (6) of ASF Regulation no. 13/2019 in conjunction with the provisions of Art. 24 para. (1) of Law no. 129/2019;
• failure to comply with the provisions of Art. 24 para. (1) letter e) of Law no. 129/2019 in conjunction with the provisions of Art. (1) of ASF Regulation no. 13/2019;
• failure to comply with the provisions of Art. 7 para. (3) and para. (7) of Law no. 129/2019 in conjunction with the provisions of Article. (1) of ASF Regulation no. 13/2019;
• failure to comply with the provisions of Art. 71 para. (4) letter c) of ASF Regulation no. 13/2019, in conjunction with the provisions of Art. 23 para. (2) of Law no. 129/2019;
• failure to comply with the provisions of Art. 71 para. (1), Art. 71 para. (4) letter b) of ASF Regulation no. 13/2019, as subsequently amended and supplemented, in conjunction with the provisions of Art. 23 para. (1) of Law no. 129/2019;
• failure to comply with the provisions of Art. 23 para. (5) of Law no. 129/2019, in conjunction with the provisions of Art. 12 para. (4) of ASF Regulation no. 13/2019;
• failure to comply with the provisions of Art. 24 para. (6) of Law no/ 129/2019 in conjunction with the provisions of Art. 10 para. (2) of ASF Regulation no. 13/2019;
• failure to comply with the provisions of Art. 24 para. (4) of Law no. 129/2019, in conjunction with the provisions of Art. 11 para. (5) of ASF Regulation no. 13/2019

Global Risk Services-Insurance Broker S.R.L. was sanctioned with a fine in the amount of RON 17.700 for the following:

• failure to comply with the provisions of Art. (4) letter c) and para. (8) of ASF Rule no. 22/2021 on insurance distribution;
• failure to comply with the provisions of Art. 11 para. (4) of Law no. 236/2018 of the Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• failure to comply with the provisions of Art. 29 para. (1) letter c) item (i) of ASF Rule no. 22/2021 on insurance distribution;
• failure to comply with the provisions of Art. 11 para. (12) of Law no. 236/2018, in conjunction with the provisions of Art. 3 of ASF Rule no. 9/2020 and with the provisions of Chapter I, sub-chapter 1.3, item 20 para. (1) letter a) item (ii) of the Annex to ASF Rule no. 9/2020 on the financial year-end for insurance entities.

Ideea Intermed Insurance Broker de Asigurare S.R.L. was sanctioned with a written warning for failure to comply with the provisions of Art. 22 para. (13) of ASF Rule no. 22/2021 on insurance distribution.

CAPITAL MARKET

Prebet S.A.

• Fining Prebet S.A. with a fine in the amount of RON 19,300 for failure to comply with the reporting obligations, namely for failing to ensure the preparation and publication of an audit report on significant transactions concluded with related parties during the second semester of 2024, in accordance with the provisions of Article 108 of Law no. 24/2017;
• Imposing on Prebet S.A. the obligation to order the necessary measures in order to ensure the preparation and publication to ASF and the market operator of an audit report on the significant transactions concluded with related parties during the second semester of 2024, within 30 days from the date of communication of the act.