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1148/17.09.2021 in the Official Journal of Romania, by which the functioning authorization of City Insurance S.A. was withdrawn and the insolvency ascertained.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 the commencement of the winding-up procedures.
From this date, any person claiming an insurance right of claim against the insurer may fill and submit a payment request for granting of indemnity/compensation or a payment request for return of premium, after denouncement of the insurance policy with the insurer.
In compliance with the Financial Supervisory Authority’s Decision, within a 30 days timeframe, the Policyholders Guarantee Fund will take over the complete records of claim files from the insurer, as well as all technical and operational records relating to abovementioned claim files. Following the take-over, FGA will proceed to publish the lists of potential insurance creditors.
Handling of claim files by the FGA shall be done after take over of records of claim files, as well as technical and operational records relating to said claim files.
Pursuant to en-force legislation, FGA may initiate payment of indemnity/compensation to insurance creditors of City Insurance S.A. in 60 days, calculated from the date the FSA Decision was published in the Official Journal of Romania. Payment requests can be submitted at latest within 90 days from the date the Court decision for commencement of winding-up procedures remains final, or from the date the right of claim has arisen, when it has arisen subsequently.
In accordance with the law, FGA is entitled to make payments from its available assets only to insurance creditors that have submitted payment requests and whose claim files are complete. Payment of compensation shall be done within the guarantee threshold of 500.000 lei per insurance contract.
Considering the pandemic context, FGA kindly requests all potential insurance creditors to submit their requests online, or through postal services.
For e-mail services, please use: email@example.com
Please be advised that all necessary details regarding the process of submission of payment requests can be found on the FGA website: https://www.fgaromania.ro/en/home/ , in the section dedicated to Policyholders.