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    Bankruptcy information City Insurance SA
Bankruptcy information City Insurance SA

 

The Bucharest Court accepted the request of the The Financial Supervisory Authority (A.S.F.) and ordered the opening of bankruptcy proceedings against the insurance company Reasigurare City Insurance S.A.

 
The Financial Supervisory Authority  ordered by Decision no. 1148 / 17.09.2021 withdrawal of the operating license of the Insurance-Reinsurance Company City Insurance S.A. (City Insurance S.A.) and the promotion of the application for the opening of bankruptcy proceedings, pursuant to the applicable legal provisions. The Insurance - Reinsurance Company City Insurance S.A. is forbidden to conclude new contracts. In case of renewal of contracts or insurance policies, the holders will choose another insurance company.
On 9.02.2022, the Bucharest Tribunal admitted the request of the A.S.F. and ordered the opening of bankruptcy proceedings against the Insurance - Reinsurance Company City Insurance S.A.
 
What protection measures are in place for consumers in this situation?
The main responsibility of the Insured Guarantee Fund (FGA) is to protect insurance creditors from the consequences of the insolvency of a Romanian legal entity insurer.
The insurance creditors in relation to City Insurance SA are:
• insured person - the person who has an insurance contract with City Insurance S.A .;
• an insurance beneficiary - a third party to whom City Insurance S.A. he would have paid the amounts due under the terms of the insurance contract as a result of the insured risk;
• the injured person - the person entitled to receive compensation for the damage suffered as a result of a risk covered by a liability insurance contract, including MTPL, covered by City Insurance SA. to recover from City Insurance SA amounts paid to the insured when he covered the damages caused to him by an insured of City Insurance S.A.
 
More details on the procedures to be followed by City Insurance policyholders and insurers can be found HERE 

 

 

 

 

 

 

 

More details on the procedures to be followed by damages and City Insurance can be found HERE

 

 

 

 

 

 

 

The Consumer Guide on the situation of City Insurance SA is available HERE