Facebook LinkedIn

Press Release regarding the initiation of the process of appointing three members of the Board of Administration of the Insurance Guarantee Fund

Bucharest, August 12th, 2020 The Board of the Financial Supervisory Authority approved, in the meeting held today, the initiation of the process of appointing three members of the Board of Administration of the Insurance Guarantee Fund (Ro. F.G.A.), appointed by the authority, whose terms of office will expire at 20.08.2020.

 According to the provisions of Art. 20 of Law no. 213/2015 on the FGA, the members of the Board of Administration of the Fund must meet, cumulatively, the following conditions:

         a) to have graduated from a long-term university with a bachelor's degree or from a short-term university with a bachelor's degree and master’s degree in economic or legal matters;

         b) to have a good reputation and worthiness;

         c) to have proven professional experience in the financial or regulatory/supervisory banking field, finance and insurance for a minimum of 8 years.

The persons conceerned in taking such a position may submit their application file by 20.08.2020 inclusive of, at the email address: This email address is being protected from spambots. You need JavaScript enabled to view it.. The list of requirements for filling the posts and the contents of the application file can be accessed here https://asfromania.ro/informatii-publice/informatii-publice-2.

According to Art. 21 Para. (1) of Law no. 213/2015, the members of the Board of Administration of the Fund

        a) May not be spouses, relatives or affinity to second degree;

        b) May not hold the position of employee or director, member of the Board of Administration, of the Supervisory Board or Directorship of an insurer, as the case may be;

        c) May not be Senators, Deputies, Members of the Government or hold senior positions within any political party or political organization during the term of office;

        d) Must have no criminal record;

        e) Must not have in the tax record penalties provided by law.

According to the law, the Board of Administration of the Insurance Guarantee Fund is made up of 5 members, of which two are appointed by the Ministry of Public Finance and three by the Financial Supervisory Authority, of which the Chairman of the Administrative Board is elected.

*********

About the Financial Supervisory Authority

The Financial Supervisory Authority is the national authority set up in 2013 by EGO no. 93/2012, approved by Law no. 113/2013, for the regulation and supervision of insurance markets, private pensions, as well as the capital market. ASF contributes to strengthening the integrated operating framework of the three sectors, which totals more than 10 million participants. More information can be found on www.asfromania.ro.