Romania's Supervising Committee of the Private Pensions System sanctioned ING life insurances and ING pension fund with fines of 0.5% of their social capitals for breaching the legislation in the mandatory and optional private pensions, an institution's press release informs.

Authorities told that the fines exceed 1.38 million Ron and are the first on the market. The two companies outsourced their administrative and investments activities towards a Dutch company even if the Romanian law forbids this.

The institution's communication director Dan Zavoianu declared for that ING misapplied the law and was sanctioned accordingly.