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BUCHAREST (Romania), February 13 (SeeNews) - Romania's financial regulator ASF said on Thursday it has fined insurer Euroins Romania Asigurare Reasigurare with 500,000 lei ($115,000/105,000 euro) for violating the law regulating payment of compensations, and appointed a temporary administrator.
The ASF has decided to punish Euroins for violation of some provisions of Law 132/2017 regarding compensations and has imposed operational measures aimed at remedying the deficiencies found, ASF said in a press release.
The financial authority also said that the Insurance Guarantee Fund (FGA) has been appointed temporary administrator at Euroins Romania for a limited period of time, until the appointment of a new board of directors, which is in the process of being authorized. The role of the FGA will be to oversee the operations carried out by the company during the period of temporary administration.
ASF stressed that the appointment of a temporary administrator does not represent a launch of a special administration procedure at Euroins Romania, as special administration is a measure typically applied in case of deterioration of the financial situation of a company.
"The Authority rejects any speculation that can be made in this regard in the case of Euroins," ASF stated.
ASF also stressed that Euroins is meeting the prudential indicators, both in terms of minimum capital requirements and solvency capital requirements.
At the end of September, Euroins Romania held a 11.54% share of the country's insurance market, being the fourth largest insurer after City Insurance, Allianz Tiriac Asigurari and Omniasig VIG, according to the latest data available from ASF.
Euroins Romania is part of Bulgaria's Euroins Insurance Group (EIG).
(1 euro=4.7646 lei)