Euroins Insurance Group AD (EIG) will file a lawsuit with the European Court of Human Rights (ECHR) due to the decision of the Bucharest Court of Appeal (CAB) of February 11 to reject the appeal filed by EIG against the bankruptcy procedure of Euroins Romania.
"EIG opens a lawsuit with the European Court due to the refusal of the Romanian court to suspend the bankruptcy procedure of Euroins Romania. The insurance group requested the suspension of the bankruptcy procedure until the court decides whether the Financial Supervisory Authority (ASF) decision to withdraw the Romanian company's license is in accordance with the law", a release from the group states.
According to the cited source, the rejection of the appeal is in contradiction with Romanian and European legislation and deprives the insurer of an effective judicial remedy.
EIG requested the Romanian court to suspend the insurer's bankruptcy until the court rules on the legality of the decision of the Romanian financial authority ASF of March 17, 2023, by which the supervisory body revoked the operating license of the Romanian company.
The Bucharest Court of Appeal rejected, on February 11, the appeal filed by Euroins Romania Insurance-Reinsurance against the Decision ordering the opening of the bankruptcy procedure of this company and the decision is final, the ASF announced at the time.
Eurohold Bulgaria AD is a leading energy and financial group operating in Central, Eastern and South-Eastern Europe, listed on the Bulgarian and Warsaw Stock Exchanges. Eurohold owns Electrohold, a leading energy group in Bulgaria and the owner of the largest electricity distributor, supplier and trader in the country, which has 3,000 employees and serves over 3 million consumers. Eurohold also owns Euroins Insurance Group AD (EIG), one of the largest insurance groups in the region. EIG offers a full range of insurance products, operates in 12 countries and has over 2,000 employees.
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