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Press Release regarding the results of the periodic verifications carried out at three insurance companies

Bucharest, October 15th , 2019 - In the meeting of the ASF Council dated October 9th, 2019, the results of the periodic verifications carried out at the companies Gothaer Asigurări Reasigurări SA, Grawe România Asigurare SA și Uniqa Asigurări de Viață SA were analyzed and the following measures were ordered:

  • the penalisation of Uniqa Asigurari de Viață SA Company with a fine of 40,000 lei, mainly for deficiencies related to the functionality of the internal control mechanisms established at the company level. Thus, it was found that for certain insurance products, not all the information regarding the conditions of the insurance contract was provided to the policy holders or they were provided in a non-compliant manner, and in some cases the calculation of the insurance premiums was not made on generally accepted actuarial bases. The company has the obligation to send the ASF a plan of measures in order to remedy the observed aspects and to implement some internal control mechanisms that will provide an adequate general internal control framework;
  • the penalisation with written warning of Gothaer Asigurari Reasigurazioni SA, mainly for certain deficiencies related to the way of reflecting in the internal procedures of certain activities carried out at the company level. Also, the company was sanctioned for malfunctions in the elaboration / presentation of documents that it has the obligation to draw up, according to the legislation in force. The company has the obligation to draw up and transmit to ASF a plan of measures to remedy the deficiencies found;
  • the penalisation with written warning of Grawe Romania Asigurare SA company for the erroneous calculation of the legal obligations regarding the contribution to the Insurance Guarantee Fund, regarding the RCA tax and the operating fee.

Companies have the right to challenge the penalisation within 30 days from the communication of the decision of the ASF Council.