CORNELIU MOLDOVEANU WHO IS BEING INDICTED, HAS BEEN KEPT AS VICE-PRESIDENT FOR ALMOST A YEAR NOW Adrian Gurzău: "The ASF defies us every day"

The criteria for the evaluation of the insurance companies in Romania have been agreed by the Financial Oversight Authority (ASF) in cooperation with the European Insurance and Occupational Pensions Authority (EIOPA) and the European Commission, as announced by the ASF yesterday.

After the flurry of scandals in the insurance market, which have even resulted in a number of high-profile arrests, such as that of Dan Adamescu, the owner of market-leader - "Astra", or Dan Radu Ruşanu, the former president of the ASF, the European institutions seem to have intervened heavily, especially as the vice-president of the ASF in charge of insurance, Corneliu Moldoveanu, is being indicted for influence peddling.

in fact, even the representatives of the ASF admit that they have perception and credibility problems: "This evaluation, which will include a balance sheet analysis and an individual stress test, represent a major step towards strengthening the viability and confidence in the sector".

PMP (People's Party Movement) deputy Adrian Gurzău, who is familiar with the insurance market, suspects, however, that this audit would leave room for pressures on the companies in the sector, as the Authority has not been restructured, and an individual who is indicted is in charge of the insurance division.

He told us: "The audit of the market represents a natural approach, but on one condition: for those who conduct it not to be politically appointed. There is no worse mockery than keeping in office a president of the insurance division who is being criminally prosecuted. The ASF must first resolve this matter of perception.

They definitely want to put pressure on some of the players (ed. note: through the stress tests), under the cover of the European discourse".

In the opinion of Mr. Gurzău, if European principles were abided by, then the employees that have been appointed politically should be laid off and replaced with others, hired using competence criteria. "Otherwise, no approach will have any support from the insurance market and from the insured", he added.

Adrian Gurzău says he will intercede in the parliamentary commission for abuse in order to have those who have allowed the vice-president of the insurance division of the ASF to remain in office be held accountable.

"I will also notify the National Anti-Corruption Department", the deputy also said and he added: "The vice-president, who gets paid thousands of Euros out of public money should hand in his resignation! It is contempt of the public funds. The ASF defies us every day!

Corneliu Moldoveanu relies on the assumption of innocence, but doesn't anybody in Europe, which they praise so much, shame them? Over there, people resign the very moment suspicions arise. I will definitely make a stand".

The representatives of the ASF have said that since they have been appointed by the Parliament, the latter is the only entity that can decide the dismissal of Corneliu Moldoveanu.

"Every one is shirking away from responsibility", Adrian Gurzău commented, who added: "The Parliament carries its share of the blame. But it's not the Parliament that made him commit offenses. It's about common sense. We can always blame somebody.

Corneliu Moldoveanu, together with Fănel Plopeanu, represent a group of interests and they want to put pressure on certain insurance companies, especially since the electoral campaign is coming.

This market must rid itself of its old habits. Plopeanu and Moldoveanu are the ones who brought about the current state of the market. And they are not doing it out of ignorance. They do it with a lot of skill and with a lot of interests".

Early this summer, ASF chairman Mişu Negriţoiu reported that he found an insurance market rife with abuse, with weak players, where the licensing rules must be changed and he urged companies to stop pressuring and to start a real dialogue.

According to the ASF, insurers that participate in the independent assessment will represent at least 80% of the Romanian market.

The audit will be conducted by independent consultants, who will be coordinated and overseen by a Steering Committee (a committee in charge of setting and implementing the agenda of the exercise). The committee will consist of 9 members (5 representatives of the ASF, 2 of the European Commission and 2 from the EIOPA). The independent assessment is scheduled to be completed by June 30th, 2015.

The criteria for the evaluation of the insurance companies in Romania have been agreed by the Financial Oversight Authority (ASF) in cooperation with the European Insurance and Occupational Pensions Authority (EIOPA) and the European Commission, as announced by the ASF yesterday.

After the flurry of scandals in the insurance market, which have even resulted in a number of high-profile arrests, such as that of Dan Adamescu, the owner of market-leader - "Astra", or Dan Radu Ruşanu, the former president of the ASF, the European institutions seem to have intervened heavily, especially as the vice-president of the ASF in charge of insurance, Corneliu Moldoveanu, is being indicted for influence peddling.

in fact, even the representatives of the ASF admit that they have perception and credibility problems: "This evaluation, which will include a balance sheet analysis and an individual stress test, represent a major step towards strengthening the viability and confidence in the sector".

PMP (People's Party Movement) deputy Adrian Gurzău, who is familiar with the insurance market, suspects, however, that this audit would leave room for pressures on the companies in the sector, as the Authority has not been restructured, and an individual who is indicted is in charge of the insurance division.

He told us: "The audit of the market represents a natural approach, but on one condition: for those who conduct it not to be politically appointed. There is no worse mockery than keeping in office a president of the insurance division who is being criminally prosecuted. The ASF must first resolve this matter of perception.

They definitely want to put pressure on some of the players (ed. note: through the stress tests), under the cover of the European discourse".

In the opinion of Mr. Gurzău, if European principles were abided by, then the employees that have been appointed politically should be laid off and replaced with others, hired using competence criteria. "Otherwise, no approach will have any support from the insurance market and from the insured", he added.

Adrian Gurzău says he will intercede in the parliamentary commission for abuse in order to have those who have allowed the vice-president of the insurance division of the ASF to remain in office be held accountable.

"I will also notify the National Anti-Corruption Department", the deputy also said and he added: "The vice-president, who gets paid thousands of Euros out of public money should hand in his resignation! It is contempt of the public funds. The ASF defies us every day!

Corneliu Moldoveanu relies on the assumption of innocence, but doesn't anybody in Europe, which they praise so much, shame them? Over there, people resign the very moment suspicions arise. I will definitely make a stand".

The representatives of the ASF have said that since they have been appointed by the Parliament, the latter is the only entity that can decide the dismissal of Corneliu Moldoveanu.

"Every one is shirking away from responsibility", Adrian Gurzău commented, who added: "The Parliament carries its share of the blame. But it's not the Parliament that made him commit offenses. It's about common sense. We can always blame somebody.

Corneliu Moldoveanu, together with Fănel Plopeanu, represent a group of interests and they want to put pressure on certain insurance companies, especially since the electoral campaign is coming.

This market must rid itself of its old habits. Plopeanu and Moldoveanu are the ones who brought about the current state of the market. And they are not doing it out of ignorance. They do it with a lot of skill and with a lot of interests".

Early this summer, ASF chairman Mişu Negriţoiu reported that he found an insurance market rife with abuse, with weak players, where the licensing rules must be changed and he urged companies to stop pressuring and to start a real dialogue.

According to the ASF, insurers that participate in the independent assessment will represent at least 80% of the Romanian market.

The audit will be conducted by independent consultants, who will be coordinated and overseen by a Steering Committee (a committee in charge of setting and implementing the agenda of the exercise). The committee will consist of 9 members (5 representatives of the ASF, 2 of the European Commission and 2 from the EIOPA). The independent assessment is scheduled to be completed by June 30th, 2015.