April 2 (SeeNews) - Romania's financial regulator ASF said it has terminated the mandate of the Insurance Guarantee Fund (FGA) to temporarily administrate insurance company Euroins Romania Asigurare Reasigurare.
ASF communicated its decision in a press release on Wednesday.
In February, ASF appointed FGA as temporary administrator at Euroins Romania, to serve until the appointment of a new board of directors in March. Back then, ASF also fined the company with 500,000 lei ($115,000/105,000 euro) for violating some provisions of Law 132/2017 regulating the payment of compensations.
Euroins said in February it will hold a general shareholders meeting on March 16 to elect new board members in order to end its temporary administration by the FGA.
At the end of September 2019, Euroins Romania was the fourth largest insurer in the country with a 11.54% market share after City Insurance, Allianz Tiriac Asigurari and Omniasig VIG, according to the latest data available from ASF.
Euroins Romania is part of Bulgaria's Euroins Insurance Group (EIG).
(1 euro=4.8288 lei)