June 9 (SeeNews) - A Romanian court, the Bucharest Tribunal, said on Friday that it confirmed the insolvency of Euroins Romania, part of Bulgaria’s Euroins Insurance Group, and launched bankruptcy proceedings against the insurer.
Euroins Romania may appeal the ruling within seven days after it is published in the Insolvency Proceedings Bulletin, a document published on the Bucharest Tribunal’s website shows.
Prior to the Bucharest Tribunal’s decision, Euroins Romania's request to suspend the revocation of its operating licence by Romania's financial regulator, ASF, was denied twice by the Bucharest Court of Appeal, ASF said in a separate press release on Friday.
ASF added that the insurance policies issued by Euroins Romania are valid for another 90 days, until September 8 – except for guarantee policies, which are valid for 150 days and expire on November 7.
Individuals who have incurred damages covered by insurance policies issued by Euroins Romania along with clients of the insurer who wish to request a partial refund of their insurance premiums may contact the Policyholders Guarantee Fund (FGA).
On March 17, ASF withdrew the operating licence of Euroins Romania and decided to file a court request to start bankruptcy proceedings. The financial authority also appointed the FGA as an interim administrator of Euroins.