The Financial Supervisory Authority (ASF) sanctioned Euroins Romania Insurance - Reinsurance, after a verification that took place during the period of May-October 2021, with a total fine of 5.86 million RON and imposed the company measures to remedy the identified deficiencies.According to the legal provisions, within two months since the decision was received, the Euroins Romania Insurance - Reinsurance will send to ASF for approval a plan for recovery, with measures for reestablishing the level of own eligible funds that cover the required solvency capital (SCR) or for modifying the risk profile so that within 6 months the SCR will be respected again.ASF is the national authority, established in 2013 through Emergency Ordinance 93/2012, approved through Law 113/2013, for regulating and monitoring the insurance markets, private pensions, as well as the capital market. ASF contributes to the strengthening of the integrated framework of functioning of the three sectors, that sum up over 10 million participants.
The fund Cultura Face Bine, a national funding mechanism for cultural projects backed by private-sector financing, will begin supporting local cultural organizations in 2026. The fund aims to support grassroots cultural initiatives with a proven impact in their communities and which need resources to continue, develop, or transform their activities. The funding mechanism has been […]
The European Commission (EC) announced on Thursday, December 11, that it is referring Romania to the Court of Justice of the European Union (CJEU) for failing to meet obligations under Ambient Air Quality Directives. According to the Commission, Romania has not ensured that its national air quality monitoring network complies with legally required standards on […]
The Bucharest Court of Appeal (CAB) held an unprecedented press conference on Thursday, December 11, in response to allegations raised in a recent media investigation published by Recorder, with court president Liana Arsenie firmly rejecting the claims. However, at the start of the press event, a judge from within the institution publicly stated that the […]
Romania’s Superior Council of Magistracy (CSM) issued its first response to the Recorder documentary alleging systemic manipulation within the justice system, calling the investigation an amplification of a “campaign to destabilize judicial authority.” The council said on Thursday, December 11, that it will evaluate what measures need to be taken following the report. In a […]
MedLife, Romania’s largest private medical services network, announced on Wednesday, December 10, that it reached a market capitalization of EUR 1 billion on the Bucharest Stock Exchange (BVB). The milestone secures its position as “the most valuable healthcare company” in the country. The achievement came nine years after MedLife’s listing on BVB in December 2016, […]