The Bucharest Court confirms the merits of ASF’s application and orders the opening of bankruptcy proceedings against Euroins Romania Asigurare Reasigurare S.A.
Policies issued by the company, with the exception of guarantee policies, are still valid until 8 September 2023
Bucharest, 9 June 2023 – The Bucharest Court confirmed today the state of insolvency as established by the Financial Supervisory Authority by Decision no. 262/17.03.2023. After the Bucharest Court of Appeal rejected twice Euroins Romania's request to suspend the application of the ASF's decision, the Bucharest Court decided to open bankruptcy proceedings against the insurance company.
In this context, according to the legislation in force, ASF announces that the insurance policies issued by Euroins Romania are still valid for 90 days from today, i.e. until 8.09.2023 (except for guarantee policies, for which the validity period is 150 days and expires on 7.11.2023).
After the expiry of the above deadlines, the policies issued by Euroins Romania cease automatically and new policies must be taken out.
We would like to remind you that both persons who have suffered damage covered by insurance policies issued by Euroins Romania (both damage caused by third parties insured with the company and damage covered by other types of insurance) and the company's clients, who request a partial refund of the insurance premium, will apply to the Policyholders Guarantee Fund (FGA).
In order to ensure fairness in dealing with all complainants, FGA registers and examines applications in the order in which they are received. The status of claims can be tracked online on the FGA website. HERE.
The ASF Council decided, by Decision no. 262/17.03.2023, published in the Official Journal of Romania, Part I, to withdraw Euroins Romania's operating licence, while declaring the company insolvent, given the existence of a solvency capital requirement (SCR) of RON 2.2 billion and a minimum capital requirement (MCR) of RON 1.75 billion.
It should be recalled that between 2020 and 2023, the Authority carried out several extensive inspection actions, which resulted in sanctions confirmed by the competent courts. You can consult HERE the summary of ASF decisions, as well as the history of sanctions imposed by the Authority.