CSA starts examination of insurance bosses

The Insurance Supervisory Commission (CSA) has started examining the heads of insurance companies, pursuant to regulations published this summer, to the end of verifying their level of technical knowledge, just like the NBR has done with bankers since last year.
Several insurance company managers have already stood before a CSA expert commission to answer questions linked to legislation and other technical insurance issues.
“For the time being, the recently appointed managers have been examined, but the other managers will come, too. While until now managers were only present for a formal interview when being appointed, now we can speak about an examination,” Albin Biro, a member in CSA board, told ZF.
According to market information, CSA started these tests after having discovered in the wake of unannounced controls that some foreign managers of insurance companies did not know the domestic legislation very well.
The managers tested so far have got positive marks. Given that more than 40 insurers operate on the domestic market, CSA will have to examine several hundred managers.