EU Dismisses Romanian Insurer's Attempt To Thwart Review

Law360, London (May 4, 2021, 5:25 PM BST) -- Europe's financial regulators have thrown out a case brought by a Romanian insurer that claimed a review of the country's sector by the European Insurance and Occupational Pensions Authority is excessive and discriminatory.

The board of appeal of the European Supervisory Authorities said in a decision published Monday that it has dismissed the appeal brought by the insurer, Societatea de Asigurare-Reasigurare City Insurance SA, which had claimed that a balance sheet exercise looking at assets and liabilities at insurance groups is "excessive, disproportionate, inopportune and discriminatory."

The Romanian Financial Supervisory Authority announced in January 2020 that it planned to carry out...

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