Press Release

Bucharest, 9 February 2022 - The Financial Supervisory Authority (ASF) has taken note of the decision ruled today by the Court of Bucharest, which admits ASF's request and orders the opening of bankruptcy proceedings against the insurance and reinsurance company City Insurance S.A.

The court ruling confirms the correctness of the decision to withdraw the operating licence for City Insurance taken by the Financial Supervisory Authority at the end of the specific control activity.

By withdrawing the operating licence of this insurer, the Authority acted to rebalance the RCA market, which had been affected by unlawful practices causing significant imbalances.

As a reminder, the mission of ASF is to oversee the stability of the non-bank financial markets and to ensure compliance with the law by all companies in all the markets it supervises.