Collaborating with Euroins was extremely difficult, because they would not provide documents, they would not provide information, which is why checks were arranged almost monthly, some being unexpected and others regular, Chairman of the Financial Oversight Authority (ASF) Nicu Marcu said in a statement on Monday.
"An independent audit was ordered, together with the European Insurance and Occupational Pensions Authority, the relevant European regulatory authority, that comprised all the insurance companies in Romania - and as a result of this audit - very many deficiencies were found in this company that compelled us to impose measures for them to carry out. (...) Collaboration with this company in the insurance sector was extremely difficult. Because they would not provide documents, they would not provide information, checks were monthly: unannounced checks and regular checks," Marcu said in a testimony to a specialist committee of the Senate.
He said that insurance companies are managed according to Solvency II European directive.
The ASF Council decided on Friday to withdraw the business licence of the Euroins Romania company, noting signs of the company's state of insolvency.
Later, the management of Eurohold claimed that the ASF decision on Euroins was tantamount to "a hostile takeover of the assets of the branch in Romania" and announced that it will start the process of challenging the bankruptcy procedure decision. AGERPRES