The Insurance Surveillance Commission (CSA) sanctioned 101 insurance brokers last year and could impose harsher measures this year, an official with CSA said.
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The sanctions given consisted of both warnings and the withdrawal of the functioning authorization. The CSA official noted the measures taken this year against insurance brokers might refer to declaring their insolvency.
Many brokers register to the Commerce Registry without the approval of CSA or change the mail address or the headquarters without announcing the surveillance body, CSA member Aurelia Cristea said.
The official noted some brokers do not send financial reports in time because of the personnel fluctuations. Cristea said several brokers do not have a civil liability contract, which is one of the mandatory authorization conditions.
The value of the premiums mediated last year by insurance brokers amounted to 640 million euros. This holds a 29.8 percent share in the value of the gross premiums written seen last year and which amounted to 2.15 billion euros.
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