FACIAS continues to monitor the work of the Financial Supervisory Authority, after the black series of bankruptcies in the insurance sector happened right under the eyes of the supervisory institution. Recently, FACIAS learned that the Financial Supervisory Authority (FSA) and members of the Prime Minister's Chancellery attended a secret meeting with Euroins representatives, hosted by the Romanian Government, about a month after the final bankruptcy decision of City Insurance. Details of the meeting are still not public today. What do the governments have to hide?
Shortly after Romania's biggest player in the RCA market goes bankrupt in June 2022, an incognito meeting between Euroins and state representatives is taking place at the Romanian Government. A few months after that meeting, the Romanian insurance market explodes again: The FSA revokes Euroins' license and the company goes bankrupt. In just one year, the financial supervisory institution stands idly by and watches the second bankruptcy it was supposed to prevent, leaving hundreds of thousands of Romanians out of pocket. FACIAS tried to find out what was discussed at the meeting and what the conclusions were. It has therefore submitted an official request to the Government asking it to answer the following questions: What was the subject of the meeting? Who were the participants? Have there been similar meetings with all insurance companies in Romania? The public needs to know all this! Could the bankruptcy of Euroins have been avoided after the information received at that meeting?
The government refused to answer the questions, which is why FACIAS sued the institution for violating citizens' right to free access to information of public interest.
Criminal complaint against FSA management
It should be recalled that in March this year, immediately after the bankruptcy of Euroins, FACIAS filed a criminal complaint against the Financial Supervisory Authority (FSA) for the disastrous way in which the FSA managed the RCA insurance system, leaving companies such as Euroins, City Insurance and Astra to go bankrupt one after the other, with a devastating impact for Romanians. FACIAS believes that the criminal investigation authorities must investigate the activity of the ASF in relation to these bankruptcies in order to establish the reasons why this institution has not acted in accordance with its legal powers.