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January 31, 2023

Parliament revokes the chief of Insurance Supervisory Commission

Constantin Buzoianu appointed by PDL to the office he held until yesterday, says that the report of the abuse investigation Committee relies on “unfounded complaints.” Tudor Balta becomes the interim chief of the institution.The president of the Insurance Supervisory Commission (CSA), Constantin Buzoianu was revoked from office by the joint plenum of the Parliament, and the institution will be led, ad interim, by Vice-president Tudor Balta. The proposal, made by the joint committees for budget and finance was adopted with 222 votes to 3. The respective committees also proposed the Legislative to appoint Tudor Balta as interim president and voted to revoke Buzoianu from the position of CSA member. Buzoianu was appointed to this office at the proposal of PDL, in September 2011, for a 5-year mandate. The PDL group left the Parliament during the vote, in a move meant to boycott the proceedings of the joint plenum.The two committees found out that the Romanian insurance market has problems regarding the prudential supervision and regulation, with negative consequences for the clients of insurance firms.“(The CSA) did not efficiently fulfill its competencies for protecting the interests of consumers in the insurance sector. Certain insurance companies do not fulfill their legal and contract obligations towards their customers. It did not identify the solutions for a normal functioning of the insurance market with respect to the attributions set by law for this authority,” PNL senator Eugen Nicolaescu mentioned.According to the conclusions of the Committee for the Investigation of Abuse, Corruption and for Complaints of the Chamber of Deputies, enforcing the Norms on the compulsory insurance of homes against earthquakes, landslides and floods was achieved by infringing Law 260/2008; also there was a poor exerting of the attributions regarding the prudential surveillance in the case of PAID and no viable solutions were identified in order to protect consumers. In the conclusions they submitted to the Permanent Bureau of the Chamber of Deputies, the members of the Committee consider that a differentiated treatment was granted to operators with respect to exerting the control and monitoring attributions.The document also mentions that the deputies decided to report the case to the National Integrity Agency (ANI), which should probe the supposed state of incompatibility of Constantin Buzoianu – the president of the CSA – determined by his son’s quality of shareholder in several insurance companies. Buzoianu told HotNews.ro that he was shareholder in an advertising firm, Heep Media, together with his son, but in 2006, when he became a member of the CSA, he ceded his stake. Sorin Buzoianu, the son of Constantin Buzoianu, explained that he is shareholder in no insurance firm.The president of the Insurance Supervisory Commission, an authority that monitors a market with an annual turnover exceeding EUR 2 bln, Constantin Buzoianu announced Monday evening on Mediafax that he will be revoked from office, saying that the insurance market is confronted by serious problems which, in case of a strong earthquake, would make the FNI row seem like a petty accident. Constantin Buzoianu claims that the report of the Committee for the Investigation of Abuse, Corruption and for Complaints relies on “unfounded complaints.” “One could not go on electoral campaign without revoking me,” Buzoianu added.

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