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The insurance industry in Romania is facing many problems, being the most sanctioned by the Competition Council, which has submitted a series of proposals to iron out existing legislative deficiencies, Chairman of the Competition Council Bogdan Chiritoiu told AGERPRES on Monday.
"There are several problems with the insurance industry, and, as proof, it is also the most sanctioned by the Competition Council. The companies on the RCA civil liability insurance market were fined twice, the last time over 20 million euros in 2022, and previously we had fined nine insurance companies and UNSAR 53 million euros. Our fines must, however, be accompanied by measures to help the market function. For that, we have sent a series of proposals to iron out the existing legislative deficiencies, but we are open to any solutions," said Chiritoiu.
According to him, the problems with City Insurance and, recently, Euroins are related, however, to the undercapitalisation of the companies as against the risks taken up, an aspect that does not fall within the competence or expertise of the competition authority, told Agerpres.
"We continue to discuss and collaborate with the Financial Oversight Authority and the Ministry of Public Finance and make ourselves available to the legislature so that, within the limits of the legal powers and expertise of each institution, we find the best solutions both for the market and for the customers on the mandatory insurance market."
The Council of the Financial Oversight Authority (ASF) decided on Friday to withdraw the business licence of the Euroins Romania company, noting signs of the company's state of insolvency.
