President of Romania’s Financial Supervisory Authority will directly supervise the insurance sector

Misu Negritoiu, the president of the Financial Supervisory Authority (ASF), will directly supervise the insurance sector.

Misu Negritoiu, President of the Financial Supervisory Authority (ASF)

He will take over the duties of Marius Vorniceanu, ASF’s vice president in charge of the insurance sector, reports

Misu Negritoiu will be in charge of setting up the maximal and the reference tariffs for the mandatory car insurance premiums RCA. He will also have to make reports about troubled insurance companies.

Marius Vorniceanu officially announced his resignation from ASF and the Parliament will appoint another vice president only after the parliamentary elections in December.

Vorniceanu said he had been planning to leave the office for some time now. He added that his decision was not related to the recent case investigated by the anti-corruption prosecutors where another ASF vice president, Mircea Ursache was heard as a witness. Angela Toncescu, the former president of Carpatica Asig, was detained in the same case.

Vorniceanu’s decision to resign may be related to the recent scandals on the local mandatory car insurance (RCA) market. Local transporters have organized several protests in Bucharest complaining about the high RCA premiums. They convinced the Government to freeze RCA tariffs.

Romania Insider

29 September, 2016