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    Report violations of insurance distribution conduct

Report violations of insurance distribution conduct

REPORT CASES OF POTENTIAL OR ACTUAL NON-COMPLIANCE BY INSURANCE DISTRIBUTORS WITH INSURANCE DISTRIBUTION LEGISLATION

 

This section is dedicated to the reporting of violations of the provisions of the Insurance Distribution Act No 236/2018, as amended, its implementing rules and/or the Delegated Regulation (EU) 2017/2359, the Delegated Regulation (EU) 2017/2358 and Regulation (EU) 2017/1469

Instances of non-compliance means information, including reasonable suspicion, about potential or actual breaches that have occurred or are highly likely to occur in the organisation where the reporting person works/collaborates or has worked/collaborated, or in another organisation with which the reporting person is or has been in contact through his/her work, or about attempts to conceal such breaches.

Any person employed within the following entities:

  • Insurance and/or reinsurance companies;
  • Insurance and/or reinsurance intermediaries;

and which is aware of potential or actual non-compliance by them and/or their employees with the provisions of Law No 236/2018 on insurance distribution, as amended and supplemented, its implementing rules and/or Delegated Regulation (EU) 2017/2359, Delegated Regulation (EU) 2017/2358 and Regulation (EU) 2017/1469 may submit a report of such cases to the ASF.

By providing such information, you can contribute to identifying inappropriate behaviours/practices of persons or entities and to correcting the negative consequences they may have on the insurance market.

To this end, the ASF provides you with a mechanism for reporting cases of potential or actual non-compliance with applicable insurance distribution legislation.

WARNING! The ASF does not deal with complaints that fall within the competence of other authorities, as this section is exclusively aimed at reporting cases of potential or actual non-compliance with the legislation applicable to insurance distribution.

If your report does not concern cases of non-compliance with insurance distribution legislation, but concerns other matters within the competence of the ASF, you will be redirected to the Public Relations Service.

Reports of violations of the legal provisions on insurance distribution can be made to the ASF in the following ways:

  • electronically, by email to raportari.incalcariconduita@asfromania.ro.
  • on paper, by post, to the address specified on the Authority's website, to the attention of the Financial Supervisory Authority( ASF), Directorate General, Insurance and Reinsurance Sector, for the attention of the Service for Supervision, Control of Intermediaries and Alternative Distribution Channels, if the person/entity concerned is an insurance and/or reinsurance intermediary, or for the attention of the Service for Supervision and Control of Conduct and Guarantee Schemes, if the person/entity concerned is an insurance and/or reinsurance company, with the mention: "report of violation of legal provisions on insurance distribution", in a sealed and non-transparent envelope.
  • by meeting at the head office of the ASF, at the prior request of the person making a report, which request may be made by telephone, in writing or by e-mail to raportari.incalcariconduita@asfromania.ro.

 

THE PRIVILEGE OF ANONYMITY 

Accurate and truthful information is important to identify cases of non-compliance with the legal provisions on insurance distribution and to avoid negative consequences of such behaviour on the insurance market. If the reporting person discloses his/her identity and professional or personal relationship with the supervised entity, the FSA may subsequently communicate with the supervised entity to request clarification of the reported situation or additional information.

By using the communication channels provided by the ASF in this section, you can communicate with the specialised staff with anonymity protected throughout the correspondence.

The person making the report must ensure themselves that they do not reveal information about their identity, otherwise the ASF will not be able to guarantee anonymity.

 

CONFIDENTIALITY REGIME

The ASF has specialised staff assigned to handle reports of potential or actual non-compliance with the legal provisions on insurance distribution. Only specialised employees will have access to the identity of the person making the report and the person who is the subject of the report, unless the report is made anonymously.

The ASF shall ensure the protection of personal data both in relation to the person reporting potential or actual non-compliance with the legal provisions on insurance distribution and in relation to the individual suspected of having committed a violation, in accordance with the relevant legal provisions applicable to the Authority.

The person making the report, the person(s) subject to the report and the information received through this reporting mechanism shall benefit from a strict confidentiality regime, the identity of the persons and the information communicated may be disclosed only in the cases and under the conditions expressly provided for by national law.

In the context of cooperation with similar authorities in Member States or third countries, personal data of the reporting person(s) may be made available to these authorities only with the consent of the reporting person.

Persons who report to the ASF cases of potential or actual non-compliance with the legal provisions on insurance distribution shall not be considered guilty of violating any restriction on disclosure of information imposed by contract or law, regulation or administrative act and shall not be liable in any way for such disclosure.  

 

MEASURES ADOPTED 

Following receipt and analysis of the report, the ASF will decide whether to initiate an investigation into potential non-compliance with the legal provisions on insurance distribution.

Please note that the specialised staff of the ASF is obliged to maintain the confidentiality of the investigations carried out, therefore you will not be informed of the status of the investigation or the results until the investigation is completed and the information becomes public.

In the event that, as a result of the reporting and investigation, matters falling under criminal law are identified, the ASF will ensure the confidentiality of the investigation and any related information and the reporting person will be informed once the information becomes public.