ROMANIA: The small-sized corporate non-life insurer CertAsig went bankrupt

30 June 2020 — Andrei Victor
The Bucharest Tribunal admitted, on Monday - June 29th 2020, the bankruptcy request of the Financial Supervisory Authority (ASF) in the case of small-sized corporate non-life insurer CertAsig - Societate de Asigurare si Reasigurare SA, informed www.1asig.ro.

The Board of the Financial Supervisory Authority (ASF) decided, in the meeting of February 19, 2020, to withdraw the operating liense of CertAsig - Societate de Asigurare si Reasigurare SA, due to the fact that the company did not restored the level of eligible own funds covering the minimum capital requirement (MCR) within the term provided by law. Click here for more details.

The bankruptcy application has been registered on March 27th, 2020, but, due to the situation created by the COVID-19 pandemic, it has only now been admitted by the Bucharest Tribunal.

Other bankruptcies on the Romanian insurance market were ASTRA Asigurari and CARPATICA Asig in 2016.

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