The bankruptcy procedure against City Insurance SA was opened in Court, on February 9, 2022. The Decision of the Court from the date 09.02.2022 is not final.
The opening of the Bankruptcy proceedings has its effects both within the Bankruptcy procedure of the insurance company and regarding the development of the activity of the Policyholders Guarantee Fund.
Thus, within 90 days days from the date of pronouncing the decision of the court to open the bankruptcy procedure, the insurance policies concluded by City Insurance S.A. cease by right, according to the provisions of Law no. 85/2014 on insolvency prevention and insolvency proceedings.
Also, from the date of opening the bankruptcy procedure, in the case of City Insurance SA. provision mentioned in art. 12 paragraph (1) of the updated Law no. 213/2015, begins to calculate/ the count down for the deadline of 90 days, for the submission of applications for the opening of claim file – annex no 7.
The decision of the court from the date 09.02.2022 does not change the activity of receiving and processing Payment Requests (Annexes 9/10).
Potential insurance creditors of the City Insurance S.A. can submit, both electronically and by mail, requests for payment (Annex 9/10) or requests for opening claims files (Annex no. 7).
The forms are available online at https://www.fgaromania.ro/en/home/:
- https://www.fgaromania.ro/en/steps-to-obtain-compensation-2/ – Annex no. 9/10
The insurance creditor can follow separately, in addition to the non-contentious administrative procedure provided by Law no. 213/2015 for the collection of the compensation from FGA and the insolvency procedure of the insurer provided by Law no. 85/2014, in order to recover his claim from the assets of the insurer in bankruptcy, including for the amount due that exceeds the guarantee ceiling provided in art. 15 para. (2) of Law no. 213/2015.
We also inform the insurance creditors at City Insurance SA, that the Court has established CITR Company as the judicial liquidator of City Insurance SA.