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Euroins Insurance's Romanian unit to elect new board in March

Euroins Insurance Group AD's Romanian subsidiary, Euroins Romania Asigurare Reasigurare, intends to elect a new board of directors at a general shareholders meeting March 16 to end its temporary administration, SeeNews reported, citing a statement from the unit.

Earlier, the Romanian Financial Supervisory Authority, or Autoritatea de Supraveghere Financiară fined, Euroins Romania 500,000 lei for breaching regulations related to compensation payments. The regulator also appointed the Insurance Guarantee Fund as temporary administrator of the company to supervise its operations, until a new board was appointed.

Euroins Romania said it was "confident" that the appointment of new board members will end the temporary administration and enable the insurer to resume its usual operations.

The regulator noted that the appointment of a temporary administrator does not reflect the launch of a special administration procedure at Euroins Romania, while adding that the company is meeting its prudential minimum capital requirements and solvency capital requirements.

As of Feb. 13, US$1 was equivalent to 4.39 Romanian lei.