Press Release – www.fgaromania.ro

21 Mar 23

FGA receives requests to open claim files/ payment requests from potential insurance creditors of Euroins S.A.

Bucharest – 21 March 2023 The Policyholders Guarantee Fund (PGF/FGA) took notice of the Decision of the Financial Supervisory Authority (ASF), by which the functioning authorization of the company Euroins S.A. was withdrawn and the insolvency was ascertained.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 […]

20 Jan 23

FGA payments of 665.6 million LEI, during 2022

Bucharest January 20 2023. During the year 2022, the Policyholder Guarantee Fund (PGF/FGA) approved, within the Special Commission, a number of 68,791 payment requests, for all bankrupt insurance companies. The total amount of payments made in 2022 is of 665.6 million LEI. Of the total number of requests analyzed in 2022, 60,686 requests are related […]

25 Jul 22

July 20 2022, last day during which the insurance creditors of Societatea de Asigurare Reasigurare City Insurance S.A. can still submit payment requests to the Policyholders Guarantee Fund (FGA)

Bucharest July 20 2022 – The deadline for submission of payment requests by potential insurance creditors of Societatea de Asigurare Reasigurare City Insurance S.A – in bankruptcy, whose right of claim has arisen prior to the date the Court decision for commencement of winding-up procedure has remained final, respectively prior to April 20 2022, is […]

05 Jul 22

July 20 2022 – The last day for submitting payment applications for City Insurance Creditors

Bucharest , July 07 2022 – potential insurance creditors of City Insurance S.A. – may file payment requests until July 20 2022, in order to benefit from the compensation due from the Policyholders Guarantee Fund (PGF), if the right of claim arose prior to the finality of the decision to open bankruptcy proceedings, respectively until […]

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 […]