UPDATE: Direcția Națională Anticorupție a clasat denunțul FACIAS împotriva conducerii ASF.
The General Prosecutor's Office has sent the complaint lodged by FACIAS against the management of the Financial Supervisory Authority (ASF) for abuse of office and negligence in office to the National Anticorruption Directorate.
FACIAS filed a criminal complaint with the Public Prosecutor's Office on 6 April this year, detailing how the ASF management, knowing the difficulties faced by Euroins, decided not to act in accordance with its statutory duty to "ensure the protection of policyholders and contribute to maintaining the stability of the insurance market". The result of this inaction inevitably led to the bankruptcy of the company, with consequences for the insurance market and customers. Specifically, FACIAS reported that the ASF knew from 2020 that Euroins did not have the necessary funds to cover claims, but simply imposed fines without acting to prevent the disaster of bankruptcy. The consequences of this defective way of carrying out its duties have already been felt by Romanians in the case of the bankruptcy of City Insurance, which tripled the price of insurance to compensate for losses. Now, after the bankruptcy of Euroins, a new increase in RCA prices is expected, with the ASF indirectly responsible for this.
Following FACIAS's action, the Public Prosecutor's Office has analysed the complaint and considered that the facts reported fall within the competence of DNA.
FACIAS considers that the criminal investigation bodies should investigate the activities of the ASF in connection with these bankruptcies in order to establish the reasons why the institution did not act in accordance with its legal powers. The Foundation for the Defense of the Citizen Against State Abuses will also continue to follow the evolution of this case, firmly convinced that prompt reaction in such situations will result in a change of attitude by the authorities and implicitly increase the level of security in the Romanian insurance market.