Buzoianu said Romania’s insurance industry is faced with “serious problems,” which, in case of a “powerful earthquake” on the insurance market, would turn into a huge scandal, he added.
He said he was asked to attend the meeting of the Parliament’s two budget-finance committees targeting to analyze a report drawn up by the committee for the investigation of abuse, corruption and for petitions, which, he added, was based on “ungrounded complaints” against him. According to Buzoianu, the two committees decided to forward to Parliament the proposition to dismiss the head of the insurance regulator CSA.
The report says both private individuals and legal entities filed a series of petitions indicating a series of problems in the way the regulator fulfils its law-regulated tasks and attributions.
Buzoianu, in turn, said a “system” favoring certain insurance companies has been developed on the local insurance market over the past years. He also said these companies constantly breach the basic rules in the sector, adding CSA’s former management failed to intervene in due time and take the necessary measures.
Buzoianu stressed the local insurance industry is faced with many problems, which he strove to solve, but, he went on, CSA was prevented from doing its job because its initiatives and measures bothered certain insurance companies.
The Parliament may decide on Buzoianu’s dismissal Tuesday, after most members of the joint standing offices decided the issue will be included on today’s agenda.
In 2011, Romania’s general and life insurance market fell 4.3% on the year to 7.95 billion lei (EUR1.7 billion), due to a 6.5% decrease in revenues from general insurance policies down to RON6.21 billion, while revenues from life insurance policies rose 4.6%, to RON1.74 billion. (EUR1=RON4.5687)