The Policyholders Guarantee Fund – Fondul de garantare a asiguratilor (FGA) took notice of the Decision of the Tribunal of Bucharest regarding the commencement of insolvency proceedings against CertAsig – Societate de Asigurare și Reasigurare S.A.

Bucharest – 01.07.2020 – By way of Decision no. 209/20.02.2020, published in the Official Journal of Romania no. 156/26.02.2020, the Financial Supervisory Authority decided on withdrawal of the functioning authorization of insurer CertAsig – Societate de Asigurare și Reasigurare S.A. and ascertained the insolvency of the company.

Following the request to commence the insolvency proceedings, submitted by the Financial Supervisory Authority as well as the one submitted by CertAsig – Societate de Asigurare și Reasigurare S.A., the Tribunal of Bucharest ruled on the commencement of insolvency proceedings against CertAsig – Societate de Asigurare și Reasigurare S.A.

At this moment, the Decision of the Tribunal of Bucharest regarding the commencement of insolvency proceedings against CertAsig – Societate de Asigurare și Reasigurare S.A. is not yet final.

Pursuant of provisions included in the abovementioned Decision of the Financial Supervisory Authority, any person claiming a right of claim against the insurer, following the occurrence of risks covered by a valid policy in the timeframe between the withdrawal of the functioning authorization and denouncement of the insurance contracts, may request the opening of the claim file with the insurer.

The Policyholders Guarantee Fund will take over the complete evidences of claim files as well as technical and operational evidences relating to claim files within 30 days from the date the Decision of the Tribunal of Bucharest regarding the commencement of insolvency proceedings against CertAsig – Societate de Asigurare și Reasigurare S.A remains final. Following the take over of complete evidences, the Policyholders Guarantee Fund will proceed to publish the lists of potential insurance creditors.

For the purpose of obtaining indemnities/compensation, any person claiming a right of insurance claim against the insurer under insolvency may submit a payment request, addressed to the Policyholders Guarantee Fund, within 90 days from the date the Decision of the Tribunal of Bucharest regarding the commencement of insolvency proceedings against CertAsig – Societate de Asigurare și Reasigurare S.A remains final or from the date the right of claim was born, when said right was born after the commencement of the insolvency proceedings. The Policyholders Guarantee Fund is entitled to make payments from its available assets to insurance creditors only after the Decision regarding the commencement of insolvency proceedings remains final, pursuant to provisions of Law no. 213/2015 on Policyholders Guarantee Fund and of Law no. 85/2014 on insolvency prevention procedures and insolvency.

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