The Policyholders Guarantee Fund took notice of the Decision of the Financial Supervisory Authority no. 1493/2020, published in the Official Journal of Romania no. 14/07.01.2021. The Decision provides for the sanctioning with fine and withdrawal of functioning authorization of Asimed S.A. insurance company, as well as ascertainment of insolvency. The Financial Supervisory Authority will submit to the courts of law the request for commencement of winding-up procedure against the insurer.
Taking into account the provisions of the FSA decision, any person claiming a right of claim against the insurer, following the occurrence of risks covered by a valid insurance policy, having taken place between the date of withdrawal of the functioning authorization and the date for denouncement of the insurance contract, may request the opening of the claim file with the insurer.
Any person claiming a right of insurance claim against the insurer may submit to the Policyholders Guarantee Fund a payment request for compensation or a payment request for return of premiums, as appropriate. The payment request may be submitted to the Fund starting with the date the abovementioned FSA Decision was published in the Official Journal of Romania.
In cases of premium returns resulting from denouncement of valid insurance policies, insurance creditors are required to submit to FGA both the payment request provided by Annex 9 , and proof of denouncement of the insurance contract, submitted/registered with the insurer.
According to the Decision of the Financial Supervisory Authority no. 1493/2020, published in the Official Journal of Romania no. 14/07.01.2021, the Policyholders Guarantee Fund will take over the complete evidences of claim files, as well as technical, operational and accounting evidences, within 30 days from the date the Court decision for commencement of the winding-up procedure remains final. Following the take-over of evidences, the FGA will publish the list of potential creditors.
Handling of payment requests by the FGA will be done only after the take-over of the complete evidences of claim files, as well as technical, operational and accounting evidences. After this moment, the FGA will be able to start making payments relating to the payment requests received, registered, analyzed and approved for payment. According to art. 266 para (2) of Law no. 85/2014, FGA is entitled to make payments from its available assets to insurance creditors only after the date the Court decision for commencement of the winding-up procedure remains final, only to claimants that have submitted payments requests and having complete claim files. Payment of compensation shall be done within a guarantee threshold of 450.000 lei per insurance creditor.
