Bucharest – 21 March 2023 The Policyholders Guarantee Fund (PGF/FGA) took notice of the Decision of the Financial Supervisory Authority (ASF), by which the functioning authorization of the company Euroins S.A. was withdrawn and the insolvency was ascertained. The Financial Supervisory Authority will submit to the Courts of Law the request for commencing the winding – up proceedings against the insurer.
Thus, starting from the date of communication of the Decision of the ASF, FGA can proceed to open claim files, on request from the potential insurance creditors of Euroins S.A. The request for opening a claim file ( Annex 7) may be filled in the situation where an event covered by a valid insurance policy has occurred and a claim file has not been opened by the company Euroins S.A.
FGA can receive payment requests from potential creditors of the company Euroins S.A.
According to the law, insurance creditors of Euroins S.A. can submit to the FGA payment requests (Annex 10) or requests for return of premium (Annex 9). Payments requests can be submitted up to a maximum of 90 days after the final decision of the Court to open the bankruptcy procedure. For insurance claims that have been arisen after the Court decision for commencement of the winding – up proceeding remains final, payment requests can be submitted within 90 days from the date the right of claim of the insurance creditor has arisen.
The Policyholders Guarantee Fund will take over from the insurer the complete records of claim files, as well as all technical, operational and accounting records relating to said claim files, within 30 days from the date the functioning authorization has been withdrawn. Following the take-over, FGA will proceed to publish the lists of potential insurance creditors.
Handling of payment requests by the FGA shall be done only after the take- over of the complete records of claim files, as well as al technical, operational and accounting records relating to said claim files.
In accordance with art. 13. para 1 of Law no. 213/2015, FGA is entitled to make payments to insurance creditors from its funds within 60 days from the date of publication in the Romanian Official Journal of the ASF decision to withdraw the operating authorization. The payment of compensations will be done within the limit of 500.000 lei for an insurance claim due under an insurance contract concluded by the insolvent insurer, according the law.
As a guarantee scheme, FGA is fully aware of the special situation in which the insurance market finds itself at the moment, through the bankruptcies of the City Insurance S.A. and Euroins S.A. companies, especially by the expectations of the creditors of the two insurance companies. FGA has proposed to represent an element of stability and to help citizens by carrying out the instrumental activity of claim files, paying the due compensations in a professional way with quick results, within the limits of material and human resources.
In order to facilitate the activity, for the benefit of the insurance creditors, FGA recommendation potential insurance creditors to submit requests online, through the dedicated portals:
Opening claim file Annex 7 : Formular Daune – www.fgaromania.ro
Payment requests for Annex 10: Cerere de plată privind acordarea despăgubirilor/ indemnizațiilor – www.fgaromania.ro
Payment requests for return of premium : Cerere de plată privind acordarea restituirii de primă – www.fgaromania.ro
Petitions/Complaints: Petiții / Solicitări – www.fgaromania.ro
Any other requests/questions: office@fgaromania.ro
Mass-media communication: comunicare@fgaromania.ro
Postal address: Vasile Lascăr Street, no. 31, postal code 020492, District 2, Bucharest, Romania
Please be advised that all information pertaining to the process of submitting requests for opening claim files or payment requests are available on the FGA website www.fgaromania.ro/en/home, in the section dedicated to Policyholders.
