Competition Council eyes mandatory private pension funds

Headquarters of the main companies on this segment - ING, Allianz-Tiriac, and Generali - were visited on Monday by Council inspectors, who checked documents and computers. According to sources on the insurance market, a team also verified the headquarters of the National Union of Insurance and Reinsurance Companies (UNSAR). The General Manager of UNSAR, Florentina Almajanu, declined to provide further details.

The Competition Council President, Alexe Gavrila, told Business Standard, that "an investigation is ongoing on the mandatory private pension market as we received signals related to certain anti-competition practices. This operation will determine whether our information can be backed by evidence." Gavrila added that he hopes the information is unfounded. "It would be a shame, because the start of this financial market would be marred by certain anti-competition practices," the specifics of which he did not provide.