The transformation of the second pillar pension funds doesn't even need to be discussed, declared on Tuesday evening, Misu Negritoiu, president of the Financial Supervisory Authority, at an event on the economy's expectations for this year.
His statement followed the announcement of the NN pension fund, made on Tuesday, that it has informed its clients that in recent weeks there have been discussions in the public space on a possible intent of nationalization of the private pension funds.
On the other hand, Negritoiu also said that a rug is likely to follow on the mandatory insurance market, where the cap period of the Civil Auto Liability (RCA) tariffs will expire soon.
"It (the mandatory insurance) is still the RCA star, we still have some rugs to go past, there is still lack of confidence and I hope we don't have any surprises and the market continue a constant evolution, if not balanced," the ASF official said.
He showed that last year, the health insurance increased by 70 pct.
"We want to increase the insurance share on agriculture, health care and catastrophe insurance, but we must cooperate with the government, because we have to reach balanced products," he noted.
Negritoiu mentioned that in recent years, the insurance market has seen unimaginable imbalances.
"If you look at the combined rate over the last three years, similar to the exchange rate, which represents all the costs against the gross premiums in insurance and if you take a look at the RCA, where the problem is, 139 is an almost unimaginable imbalance. How could work be carried out in such a market, where the costs are 140 pct of the income? " he wondered.
According to Negritoiu, the market is only now settling down, increasing by 12 pct both in value and quantity.
"What I saw, coming from outside: it was a chance for someone from outside, used to risks, to identify the problem. The quality of players in the market has been quite doubtful in terms of the understanding of the risks' system," said Negritoiu.
As regards the stock exchange market, it has undergone a cleaning operation, he appreciates.
"We hope the capital market becomes emergent, depending on how the philosophy of the national investment and development fund stands out," added Negritoiu.
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