Press statement of the President of the A.S.F., Mr. Nicu Marcu

Bucharest, 17 September 2021

On Thursday, 16 September 2021, the Board of the Financial Supervisory Authority decided to reject the short-term financing plan and the recovery plan, withdraw the operating license, establish the insolvency and promote the application for bankruptcy proceedings against the Insurance-Reinsurance Company City Insurance S.A.

Regarding the decision to withdraw the operating license of the Insurance-Reinsurance Company City Insurance S.A., the President of the Financial Supervisory Authority, Mr. Nicu Marcu, declares:

"From the first day of my mandate as President of the Authority, I set out to enforce the law and stop irregularities in the insurance market and I assure you that my effort will continue. All decisions are based on extensive specialized investigations, concrete evidence and the support of law enforcement institutions in Romania, as well as in other states," declared Nicu Marcu, President of the Financial Supervisory Authority.

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