Press Release – www.fgaromania.ro

06 May 22

The bankruptcy of Insurance – Reinsurance City Insurance S.A. company, final through Court decision. The deadline for submission of payment requests to the Policyholders Guarantee Fund, 20th of July 2022.

Bucharest 6th of May 2022. The Policyholders Guarantee Fund (FGA) took note of the Court decision by which the decision for commencement of the winding-up procedure against Insurance – Reinsurance City Insurance S.A. company has remained final on 20th of April 2022. As such, the timeframe for the deadline up until which insurance creditors of […]

04 Mar 22

Bankruptcy proceedings against City Insurance SA, opened in Court

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 […]

28 Sep 21

FGA receives payment requests from insurance creditors of City Insurance

Bucharest – September 28 2021 The Policyholders Guarantee Fund took notice of the publication of Financial Supervisory Authority’s Decision no. 1148/17.09.2021 in the Official Journal of Romania, by which the functioning authorization of City Insurance S.A. was withdrawn and the insolvency ascertained. The Financial Supervisory Authority will take steps to request to Courts of law […]

24 Sep 21

Clarification regarding the denouncement procedure for insurance contracts concluded with City Insurance SA

Bucharest – 24 September 2021 Insurance contracts concluded with City Insurance SA remain valid until their expiry, unless one of the following situations: Holder of insurance policy denounces the insurance contract The legal term of 90 days from the date the pronouncement of the Court decision for commencement of winding-up procedures is fulfilled, from which […]

20 Sep 21

FGA can receive requests for opening claim files from potential insurance creditors of City Insurance S.A

Bucharest – September 20 2021 The Policyholders Guarantee Fund (FGA) took notice of the Decision of the Financial Supervisory Authority (ASF), by which the functioning authorization of City Insurance S.A. was withdrawn and the insolvency was ascertained. The Financial Supervisory Authority will submit to the Courts of law the request for commencing the winding-up proceedings […]

07 Jun 21

Clarifications regarding the mandate of the Policyholders Guarantee Fund (PGF/FGA) for the administration of City Insurance S.A

Bucharest – 07 June 2021 By FSA Decision no. 724/2021, FGA was appointed as temporary administrator to City Insurance S.A., for a mandate of 4 months. The role of the FGA is to re-establish the financial situation of the insurer and to ensure a sound and prudent management of the business activity. Any request regarding […]

24 Feb 21

The list of potential insurance creditors of Certasig S.A. – in winding-up, has been published

Bucharest – 24th of February 2021 The Policyholders Guarantee Fund (FGA) has published, pursuant of legal obligations, the List of insurance creditors whose claims resulted from the records submitted by insurer/reinsurer Certasig S.A. – in winding-up. The List was published on website of FGA, at https://www.fgaromania.ro/en/insurance-creditor-list-certasig-sa/ The publishing of the List was done prusuant to […]

21 Jan 21

FGA, payments in excess of 913 million Lei, until December 31 2020

Bucharest – January 21 2021, Policyholders Guarantee Fund (FGA) has effected, last year, payments in excess of 123.000 thousands lei. With this, the total payments effected by the Fund in the last 5 years amounts to 913.000 thousands lei. Payments were effected for 104.681 payment requests endorsed by the Special Commission of the Fund, for […]

18 Jan 21

FGA can initiate payments to insurance creditors of Certasig S.A. – in winding-up

Bucharest – 18 January 2021 The Policyholders Guarantee Fund (FGA) took note that the Court Decision no. 1679/29.06.2020, issued by VII Civil Court of the Tribunal of Bucharest, on the commencement of the winding-up procedure against Certasig – Insurance and Reinsurance Company – S.A has remained final, following the dismissal of the appeal submitted against […]

08 Jan 21

Asimed SA Insolvency, attributions of the Policyholders Guarantee Fund

The Policyholders Guarantee Fund took notice of the Decision of the Financial Supervisory Authority no. 1493/2020, published in the Official Journal of Romania no. 14/07.01.2021. The Decision provides for the sanctioning with fine and withdrawal of functioning authorization of Asimed S.A. insurance company, as well as ascertainment of insolvency. The Financial Supervisory Authority will submit […]