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Court orders opening of Euroins Romania bankruptcy proceedings.
The Bucharest Tribunal has affirmed the merits of a request made by the Financial Oversight Authority (ASF) ordering the opening of the bankruptcy procedure of Euroins Romania Asigurare Reasigurare, ASF announced on Friday, told Agerpres.
According to ASF, the policies issued by the company, with the exception of the guarantees, are still valid until September 8, 2023.
"The Bucharest Court today affirmed the state of insolvency found by the Financial Oversight Authority under Decision 262 of March 17, 2023. After the Bucharest Court of Appeal on two occasions denied the request of Euroins Romania Asigurare Reasigurare SA to suspend the application of the ASF decision , the Bucharest Tribunal decided to open the bankruptcy procedure of the insurance company. Consequently, under the legislation in force, ASF announces that the insurance policies issued by Euroins Romania are still valid for 90 days from today, throughout August 9, 2023 (except for the guarantee policies, for which the validity is 150 days and expires on November 7,2023)."
ASF also says that after the expiration of the deadlines, the policies issued by Euroins Romania cease by law and, therefore new policies have to be taken out.
ASF reminds that the persons covered by insurance policies issued by Euroins Romania - both RCA third party liability and other types of insurance - as well as the company's clients who request the partial return of the insurance premium will have to report to the Insurance Guarantee Fund (FGA).
Under Decision 262 of March 17, 2023, published in the Official Journal of Romania, Part I, the ASF Council decided to withdraw the business licence of Euroins Romania and declare the state of insolvency of the company, given the existence of a solvency capital deficit of RON 2.2 billion and a minimum capital deficit of RON 1.75 billion.
