At the end of 2010, CSA had 163 employees, the institution revealed in its annual report.
CSA decided to adopt a new organizational chart starting December 1 to bring the institution’s strategic objectives in line with the European system supervising financial markets and implement the European set of directives Solvency II, reads the press release.
The new organizational chart was adopted Tuesday by the CSA Council and will soon be available on the institution’s website, www.csa-isc.ro, said the insurance regulator.
The council decided to cut spending due to the decrease registered on the insurance market in the first nine months of the year, when underwritten premiums dropped by over 7%.
In 2010, CSA’s revenues stood at 59.24 million lei (EUR13.6 million) and its expenses reached RON54.1 million.
CSA will revise its budget for the fourth quarter of 2011 to apply the new measures.
(EUR1=RON4.3534)