The Insurance Supervisory Commission (CSA) decided in August towithdraw the authorisations given to Bartos Janos, president of theBoard of Directors of Aviva Asigurări de Viaţă (Aviva LifeInsurance) and to Shah Rouf, former CEO and member of the Board ofDirectors, after detecting a series of irregularities that went asfar as inaccurate accounting figures reported for 2008 and2009.
The decisions, which came into force in August, were publishedin the Official Gazette. This is one of the toughest penaltiesimposed by the regulating insurance authority over the last fewyears. Such penalties were in the past imposed on managers ofcompanies placed under special administration, as was the case ofArdaf (in 2006), Euroasig (2009), and KD Life, this year. Placementunder special administration is the toughest penalty that the CSAcan impose against a company, with the next step, if the situationfails to improve, being to declare bankruptcy.
Neither of the two managers penalised are in Romania any more,although they still feature in the Trade Register with theirrespective positions in the Board of Directors.
The decisions to cancel the authorisations have been adopted bythe Council of the Insurance Supervisory Commission (CSA) afteranalysing a report put together by the institution's control team,which detected no less than 34 breaches of insurance legislation inthe case of each manager, according to information published in theOfficial Gazette.
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