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Press release related to the Financial Supervisory Authority’s position ( ASF) regarding the information published in the National newspaper on 10.06.2020

Bucharest, June 11, 2020 – Considering the information published by the National newspaper, on June 10th, 2020, regarding the control actions and the measures ordered by the Financial Supervisory Authority ( ASF) at Euroins Romania Insurance-Reinsurance SA, as well as the serious accusations brought against ASF and the members of the Council, the Authority shall make the following clarifications:

  • ASF strongly rejects the accusations brought against it regarding the manner in which it capitalized the results of the periodic control carried out at Euroins Romania Insurance-Reinsurance SA. The measures were subject to ASF's public communications dated 12.02.2020 - (https://asfromania.ro/public-information/media/archives/6991-decisions-adopted-by-the council-of the financial-supervisory-authority-12-02-2020  and 13.02.2020 - https://asfromania.ro/public-information/media/archives/6992-mentions-with-regards-to-the decision-of-sanctioning-the company - euroins);
  • The measures were ordered by framing the facts, according to the legal provisions, and the application of sanctions considered the ranking criteria and the provisions derogating on insurance, as provided in Article 163 of Law 237/2015 on authorization and supervision of the activity of insurance and reinsurance, which provide that when several offenses are committed the fine is applied for the most serious act;
  • The investment activity carried out by Euroins Romania Insurance-Reinsurance SA, in the period covered by the control action, was verified and both corrective and administrative contravention measures were ordered;
  • The deed regarding the investments was considered as one of high gravity and was the basis for the application of the sanction with a fine amounting 500,000 RON;
  • Currently, the measures ordered by the Authority, concerning the identified issues, are subject to legal review by the competent courts of law;
  • We appreciate that the information was disseminated in the public space by the incomplete rendering of the argumentation that was the basis of the sanctioning act;
  • ASF is, according to the law, the only authority in a position to rule on the considerations of opportunity, assessments and analyses underlying the issuance of its decisions. The Authority has not acted and will not act in any case under pressure from any public or private entity to carry out the acts of regulation and supervision of non-banking financial markets.

Therefore, ASF considers that the published information was presented in a distorted manner, being taken out of context. ASF acted in good faith, unbiased and within the limits of the law which provides its responsibilities for the regulation and supervision of non-banking financial markets in Romania. Other information related to the use of control results is not public, and can only be made available according to the law.