Bucharest, 22 December 2021 - The Financial Supervisory Authority (A.S.F.) carried out a periodic on-site inspection of Euroins Romania Asigurare - Reasigurare S.A. in May-October 2021. As a result of the aspects found during the inspection, and in accordance with the legal provisions, the Board of the Financial Supervisory Authority decided to impose administrative penalties on the company, consisting of fines, as well as measures to remedy the deficiencies found, as follows:
Pursuant to the provisions of Article 163 para. (2) letter (b) and para. (51) of Law no. 237/2015 on the authorisation and supervision of insurance and reinsurance activity, sanctioning Euroins România Asigurare-Reasigurare S.A. with a fine amounting to RON 3,546,000.
In accordance with the provisions of Article 215 (1) letter b) of the Government Emergency Ordinance no. 93/2012 on the establishment, organization and operation of the Financial Supervisory Authority, approved with amendments and additions by Law no. 113/2013, with subsequent amendments and additions, the sanctioning of Euroins România Asigurare-Reasigurare S.A. with a fine amounting to RON 2,314,425 (representing 0.1751% of its turnover).
Based on the provisions of Article 8 para. (3), art.34 para. (2), para. (3) and para. (5) in conjunction with the provisions of Article 99 para. (2) of Law no. 237/2015, within two months from the date of receipt of the decision, Euroins România Asigurare-Reasigurare S.A. shall submit to A.S.F. for approval a recovery plan, with measures to restore the level of eligible own funds covering the solvency capital requirement (SCR) or to change the risk profile so that within 6 months the SCR is again met.
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About the Financial Supervisory Authority
The Financial Supervisory Authority is the national authority, established in 2013 by GEO 93/2012 approved by Law 113/2013, for the regulation and supervision of the insurance markets, private pensions, as well as the capital market. The FSA contributes to strengthening the integrated functioning framework of the three sectors, amounting to over 10 million participants. More information can be found on www.asfromania.ro.
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