BUCHAREST (Romania), April 2 (SeeNews) – Romania's financial regulator ASF said it has imposed a 100,000 lei ($22,600/20,700 euro) fine on the country's biggest insurer City Insurance for miscalculation of technical reserves.
City Insurance must now implement operational and prudential measures reduce the level of identified risks by the end of the year, ASF said in a press release on Wednesday.
City Insurance led the Romanian general insurance market in terms of GWPs in the first nine months of 2019 with a market share of 17.39%, latest ASF data showed.
City Insurance provides non-life insurance solutions. Founded in 1998 by Romanian and foreign investors and headquartered in Bucharest, the company operates 42 offices and branches around the country employing 400 people.
As of end-September, 28 insurance companies regulated by ASF were active in the insurance market, out of which 15 offered only non-life insurance, seven offered only life insurance and six had composite activity.
($=0.9146 euro)