Insurance market watchdog temporarily bans activity of insurer Unita for unapproved management swapPublish date: 26-11-2008
The Romanian insurance market watchdog (CSA) announced today it decided to prohibit the sixth market player Unita Vienna Insurance Group to run its activities for a while after the new shareholders of the insurer did not ask for the CSA approval when they conducted changes at the management level.
Unita's new general manager starting with November 19, Radu Vasilescu, declared today that he did not receive any official notice from CSA and will make a statement after thoroughly analyzing the market watchdog decision.
The new owners from the Uniqa group named other members on the surveillance committee on November 3 without the CSA approval. The committee then appointed new board members on November 17.
Unita will have to temporarily halt its activity in all units and is forbidden to underwrite new risks until CSA gives the green light to the new management structure. However, the company will have to fulfill its duties specified in the already existent contracts.
The Austrian group Uniqa recently took over Unita from Vienna Insurance Group (VIG).
Unita was the sixth largest insurer in Romania after the first six months of the year, with a 6.12 percent market share and with gross premiums written of 270.5 million lei, according to data supplied by CSA.
However, Uniqa gave up the takeover of another insurer on the Romanian market, Astra Asigurari, after negotiations failed on the price for the remaining stake.
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