January 27 (SeeNews) - Romania’s financial supervision authority ASF said on Friday that it fined insurance company Euroins Romania Asigurare-Reasigurare with 309,400 lei ($68,866/63,244 euro) in December for violating regulations regarding compensation claims and payments.
ASF fined Euroins Romania for failing to submit to customers compensation offers or notifications regarding the reasons for which the compensation claims had not been approved, as well as for the delayed payment of damages and failure to pay penalties incurred due to delays or partial payments, the financial regulator said in a press release.
In October 2022, Euroins Romania was fined with 422,600 lei for failing to follow regulations regarding technical reserves constituted for insurance activities, ASF said in November. At the end of 2021, Euroins Romania received a 5.86 million lei fine for violations of regulations for compensation claims and payments.
At the end of September 2022, Euroins Romania held a 31% market share, leading the list of largest insurers in the country, according to ASF data. Euroins Romania is part of Bulgaria’s Euroins Insurance Group, which is a unit of Eurohold Bulgaria.
(1 euro=4.8922 lei)
Euroins Romania Asigurare Reasigurare SA is among the biggest insurers in SEE, for more reference take a look at Top 100 insurers