Steps to be followed for obtaining indemnity/compensation due to be paid by the Policyholders Guarantee Fund
Claimant forms that must be filled by individuals with a right of claim against an insolvent insurer, in order to obtain indemnity/compensation from the Policyholders Guarantee Fund:
1. Annex no. 9 – Payment request regarding the granting of the premium refund (as provided by Norm 24/2019);
2. Annex no. 10 – Payment request regarding compensation/ benefits (as provided by Norm 24/2019).
The filled forms shall be submitted to the e-mail address office@fgaromania.ro
The Policyholders Guarantee Fund is entitled to make payments from its available assets for sums due to insurance creditors that have submitted payment requests (Annex 9 – for granting of premium refund, Annex 10 – for compensation, to email address: cerere.plata@fgaromania.ro or through postal services), pursuant to legal provisions, within 60 days from the publishing date of the Financial Supervisory Authority’s decision regarding the withdrawal of authorization of the insolvent insurer, in the Official Journal of Romania.
Insurance creditors, holders of one or more insurance claim are, as applicable:
• insured person – any natural or legal person having legal relationship with the debtor insurer through the conclusion of the insurance contract;
• insurance beneficiary – natural or legal person, as well as the person designated by the contractor of the insurance policy, that is to receive the indemnity or benefits provided by the insurance contract;
• injured party – person entitled to receive compensation for losses following occurrence of a risk covered by a third liability insurance contract, including the insurer entitled pursuant to the law to recover from the insolvent insurer the amounts paid to the injured party, by subrogation, recourse or direct claim;
• insured person – any natural or legal person having legal relationship with the debtor insurer through the conclusion of the insurance contract;
• insurance beneficiary – natural or legal person, as well as the person designated by the contractor of the insurance policy, that is to receive the indemnity or benefits provided by the insurance contract;
• injured party – person entitled to receive compensation for losses following occurrence of a risk covered by a third liability insurance contract, including the insurer entitled pursuant to the law to recover from the insolvent insurer the amounts paid to the injured party, by subrogation, recourse or direct claim;
The right of insurance creditors to request due amounts from the Fund arises on the publishing date in the Official Journal of Romania of the Financial Supervisory Authority’s Decision regarding the withdrawal of authorization of the insolvent insurer, but no later than 90 days from the date the Court decision for commencement of the winding-up procedure remains final, or from the date the right of claim has arisen, when it has arisen subsequently.
For obtaining indemnities/compensation from the Fund, any person having a right of insurance claim against the insolvent insurer must fill and submit a reasoned request in this regard, pursuant to the standardized form provided by Annex 9 for premium refund, or by the standardized form provided by Annex 10 for compensation. The previously mentioned Annexes can be submitted to the Fund via email address: cerere.plata@fgaromania.ro or through postal services.
Please be advised that the payment request must also be submitted for claim files opened/endorsed for payment by the insolvent/wound-up insurer but for which no payment has been made.
Please be advised that the payment request must also be submitted for claim files opened/endorsed for payment by the insolvent/wound-up insurer but for which no payment has been made.
The payment request (Annex 9 – for premium refund or Annex 10 - compensation) can be submitted to the Fund via email address cerere.plata@fgaromania.ro, in person at the headquarter of the Fund, through postal services with registered letter with acknowledgement of receipt or other means than ensure transmission of the document and acknowledgement of receipt. The payment request can also be submitted to agents of the Fund appointed for this purpose.
The payment request, as well as supporting documents, are to be submitted in Romanian language. If they are drafted in an international language, they shall be submitted together with their authorized translation, pursuant to the law (Art. 14 para. (2) and (5) of Law no. 213/2015)
The payment request, as well as supporting documents, are to be submitted in Romanian language. If they are drafted in an international language, they shall be submitted together with their authorized translation, pursuant to the law (Art. 14 para. (2) and (5) of Law no. 213/2015)
The payment request must be accompanied by supporting documents attesting to the occurrence of the insured event and to the claimed amounts. If the payment request is submitted in connection with several claim files or insurance contracts, the payment request must be accompanied by a record including identification information and amounts for each claim file/insurance contract, as well as any other supporting documents, as applicable.
Please be advised that, for return of premium following the denouncement of the insurance policies, insurance creditors must submit to the FGA both the payment request for premium refund, Annex 9, and proof of denouncement of the policy submitted to the insurer. The documents can be submitted to the FGA via email address cerere.plata@fgaromania.ro or through postal services.
Please be advised that, for return of premium following the denouncement of the insurance policies, insurance creditors must submit to the FGA both the payment request for premium refund, Annex 9, and proof of denouncement of the policy submitted to the insurer. The documents can be submitted to the FGA via email address cerere.plata@fgaromania.ro or through postal services.
The list of insurance creditors whose certain, fixed and due claims are payable from the Fund’s available resources are drafted as payment requests and supporting documents are registered and analyzed, following the endorsement of claim files by the specialized departments of the Fund.
Approval or, as applicable, rejections of amounts requested by claimants is under the competency of the Special Commission.
In case of rejection of amounts, the Fund shall issue a rejection decision. The rejection decision may be challenged with Civil courts of law competent in the jurisdiction of the Fund’s headquarter, within 30 days from the date it was communicated to the claimant, under sanction of limitation.
Approval or, as applicable, rejections of amounts requested by claimants is under the competency of the Special Commission.
In case of rejection of amounts, the Fund shall issue a rejection decision. The rejection decision may be challenged with Civil courts of law competent in the jurisdiction of the Fund’s headquarter, within 30 days from the date it was communicated to the claimant, under sanction of limitation.
Payment by the Fund of insurance claims established as certain, fixed and due is made within a guarantee threshold of 500.000 lei per insurance claim due under an insurance contract concluded with the insolvent insurer.
The payment is made in national currency – leu, and in the case of foreign currency, payment can be made in the currency of the claim.
Indemnities/compensation due to insurance creditors can be paid by the Fund through postal services up to the amount of 5.000 lei and/or through credit institutions authorized by the National Bank of Romania, or through online means. (Art. 15 para. (4) of Law no. 213/2015 corroborated with art. 23 para. (2) of FSA Norm no. 24/2019).
The payment is made in national currency – leu, and in the case of foreign currency, payment can be made in the currency of the claim.
Indemnities/compensation due to insurance creditors can be paid by the Fund through postal services up to the amount of 5.000 lei and/or through credit institutions authorized by the National Bank of Romania, or through online means. (Art. 15 para. (4) of Law no. 213/2015 corroborated with art. 23 para. (2) of FSA Norm no. 24/2019).
Payments to a person other than the insurance creditor can be made on request of the insurance creditor, pursuant to the applicable legal provisions.
10. What can the insurance creditor do if the claim exceeds the guarantee threshold provided by law?
If the amount of compensation due to an insurance creditor exceeds the guarantee threshold provided by law that can be paid by the FGA, the amount exceeding the guarantee threshold can be recovered by the insurance creditor during the winding-up procedure of the insurer, by registering to the statement of affairs of the insurer.
