Misu Negritoiu loses ASF leadership following vote in Parliament

MPs voted on Thursday to dismiss Misu Negritoiu as president of the Financial Supervision Authority (ASF), following last month’s scandal that involved NN Pensii and the rumors regarding the nationalization of the second pension pillar, on top of the controversies around the RCA insurance market.

There were 238 votes for the removal of Negritoiu from the ASF.

“Not even today I didn’t receive the reasons for my dismissal and the procedure (…) does not comply with the law,” said Negritoiu, who was head of the ASF for 3 years. “I think that I have fulfilled my mandate and objectives. I came to the ASF with a clear mission and political support. (…) I rather want to be removed by politicians and not by the DNA. I am satisfied because I have done my job,” said Negritoiu.

The head of the Social Democratic Party (PSD), Liviu Dragnea, had accused Negritoiu of starting the rumors regarding the potential nationalization of the second pension pillar, which is privately managed at the moment. NN Pensii had notified its clients about this risk and got a fine of RON 750,000 from the ASF. In addition, the CEO of the company, Raluca Tintoiu, was fined and had her management authorization withdrawn.

The ASF also had to manage the spike of mandatory insurance prices for transport operators in the country. The regulator decided to limit RCA prices for six months.

Negritoiu was named president of ASF in April 2014, replacing Dan Radu Rusanu, who resigned after his prosecution in a case involving Carpatica – the insurer that went into bankruptcy.