Negritoiu, ASF: Insurance industry has improvised, poor and abusive players


Romania’s insurance industry has improvised, poor and abusive players and all kinds of problems of this type, Financial Supervisory Authority (ASF), President Misu Negritoiu told Friday’s Conference of Insurers in Romania. ‘Perhaps we should make professional market standards, accepted by everyone, not imposed. Why don’t you set inflow and outflow standards for auto insurance? Why should we intervene because there are some players who sell premiums half of the market average? There are unexplainable things,’ said Negritoiu. The ASF official pointed out that the insurance industry must generate ‘a sort of self-regulation,’ because there are professional ethics and standards, there is governance that applies to all, ‘and each one must not do whatever they want.’ According to the head of the insurance watchdog, the 23,000-plus complains in 2013 are a sign that the market does not work too well and he invited the companies to dialogue to avoid such situations. ASF chief said he wants to develop an automatic system at the authority to solve the many complaints received by the authority in a short period of 24 to 48 hours. According to Negritoiu, the image crisis in the insurance system cannot be solved only through image actions, because the bases are structural and no trust can be rebuilt without an actual reform.