• Financial Supervisory Authority’s Decision no. 1148/2021 regarding withdrawal of functioning authorization of City Insurance S.A., ascertainment of insolvency and promotion of request for commencement of winding-up procedure
• Financial Supervisory Authority lodges a request for commencement of winding-up procedure against the insurer, with the competent court of law, pursuant of art. 249 of Law no. 85/2014 on insolvency prevention and insolvency.
• By decision no. 507 pronounced on 9.02.2022, ruled in file 27011/3/2021, VII Civil Court of Tribunal of Bucharest admited the creditor’s request, the Financial Supervisory Authority and ordered the opening of the bankruptcy procedure against City Insurance S.A.
Consumer Guide - City Insurance SA
Insurance Creditor List - City Insurance SA
• Financial Supervisory Authority lodges a request for commencement of winding-up procedure against the insurer, with the competent court of law, pursuant of art. 249 of Law no. 85/2014 on insolvency prevention and insolvency.
• By decision no. 507 pronounced on 9.02.2022, ruled in file 27011/3/2021, VII Civil Court of Tribunal of Bucharest admited the creditor’s request, the Financial Supervisory Authority and ordered the opening of the bankruptcy procedure against City Insurance S.A.
Consumer Guide - City Insurance SAInsurance Creditor List - City Insurance SA• Decision of Financial Supervisory Authority no. 209/20.02.2020, published in the Official Journal of Romania no. 156/26.02.2020 on the ascertainment of insolvency, triggering the winding-up procedure and withdrawal of functioning authorization
• Commencement of the winding-up procedure – civil sentence no. 1679/29.06.2020 (file 8080/3/2020 – Tribunal of Bucharest)
• Civil sentence for commencement of the winding-up procedure remains final and binding: 14.01.2021
• Status of winding-up procedure – continuation of winding-up procedure and settlement of litigation cases
Certasig Consumer Guide
Insurance creditor list - Certasig SA
• Commencement of the winding-up procedure – civil sentence no. 1679/29.06.2020 (file 8080/3/2020 – Tribunal of Bucharest)
• Civil sentence for commencement of the winding-up procedure remains final and binding: 14.01.2021
• Status of winding-up procedure – continuation of winding-up procedure and settlement of litigation cases
Certasig Consumer GuideInsurance creditor list - Certasig SA• Decision of Financial Supervisory Authority no. 2347/2016 on ascertainment of insolvency, triggering of winding-up procedure and withdrawal of functioning authorization
• By civil sentence no. 1382/15.03.2019 ruled in file 9603/3/2017, VII Civil Court of Tribunal of Bucharest dismissed the request submitted by the Financial Supervisory Authority for commencement of the winding-up procedure against LIG Insurance SA. Civil sentence became final and binding following the dismissal of the recourse submitted by the Financial Supervisory Authority, through civil decision 1400A/2019, ruled by the Bucharest Court of Appeal in file 9603/3/2017/a2.
• By civil sentence no. 1382/15.03.2019 ruled in file 9603/3/2017, VII Civil Court of Tribunal of Bucharest dismissed the request submitted by the Financial Supervisory Authority for commencement of the winding-up procedure against LIG Insurance SA. Civil sentence became final and binding following the dismissal of the recourse submitted by the Financial Supervisory Authority, through civil decision 1400A/2019, ruled by the Bucharest Court of Appeal in file 9603/3/2017/a2.
• Decision of Financial Supervisory Authority no. 1332/05.07.2016 on ascertainment of insolvency, triggering of winding-up procedure and withdrawal of functioning authorization
• Commencement of the winding-up procedure for Forte SA – civil sentence no. 6956/07.11.2016 (file 27288/3/2016 – Tribunal of Bucharest)
• civil sentence for commencement of the winding-up procedure for Forte SA remains final and binding: 23.01.2017
• status of winding-up procedure – liquidation of debtor’s assets
Forte Consumer Guide
• Commencement of the winding-up procedure for Forte SA – civil sentence no. 6956/07.11.2016 (file 27288/3/2016 – Tribunal of Bucharest)
• civil sentence for commencement of the winding-up procedure for Forte SA remains final and binding: 23.01.2017
• status of winding-up procedure – liquidation of debtor’s assets
Forte Consumer Guide• Decision of Financial Supervisory Authority no. 1498/27.07.2016 on closing the financial recovery procedure through recovering plan, ascertainment of insolvency, triggering of winding-up procedure and withdrawal of functioning authorization
• Commencement of the winding-up procedure for Carpatica Asig SA – civil sentence no. 132/16.02.2017 (file 3978/85/2016 – Tribunal of Sibiu)
• civil sentence for commencement of the winding-up procedure for Carpatica Asig SA remains final and binding: 17.03.2017
• status of winding-up procedure – liquidation of debtor’s assets
• Commencement of the winding-up procedure for Carpatica Asig SA – civil sentence no. 132/16.02.2017 (file 3978/85/2016 – Tribunal of Sibiu)
• civil sentence for commencement of the winding-up procedure for Carpatica Asig SA remains final and binding: 17.03.2017
• status of winding-up procedure – liquidation of debtor’s assets
• Decision of Financial Supervisory Authority no. 2034/27.08.2015 on closing the financial recovery procedure through special administration, revocation of special administrator, ascertainment of insolvency, triggering of winding-up procedure and withdrawal of functioning authorization
• Commencement of the winding-up procedure for Astra SA – civil sentence no. 9661/03.12.2015 (file 32802/3/2015 – Tribunal of Bucharest)
• civil sentence for commencement of the winding-up procedure for Astra SA remains final and binding: 28.04.2016
• status of winding-up procedure – liquidation of debtor’s assets
• Decision of Financial Supervisory Authority no. 1332/05.07.2016 on ascertainment of insolvency, triggering of winding-up procedure and withdrawal of functioning authorization
• Commencement of the winding-up procedure for Forte SA – civil sentence no. 6956/07.11.2016 (file 27288/3/2016 – Tribunal of Bucharest)
• civil sentence for commencement of the winding-up procedure for Forte SA remains final and binding: 23.01.2017
• status of winding-up procedure – liquidation of debtor’s assets
Astra Consumer Guide
• Commencement of the winding-up procedure for Astra SA – civil sentence no. 9661/03.12.2015 (file 32802/3/2015 – Tribunal of Bucharest)
• civil sentence for commencement of the winding-up procedure for Astra SA remains final and binding: 28.04.2016
• status of winding-up procedure – liquidation of debtor’s assets
• Decision of Financial Supervisory Authority no. 1332/05.07.2016 on ascertainment of insolvency, triggering of winding-up procedure and withdrawal of functioning authorization
• Commencement of the winding-up procedure for Forte SA – civil sentence no. 6956/07.11.2016 (file 27288/3/2016 – Tribunal of Bucharest)
• civil sentence for commencement of the winding-up procedure for Forte SA remains final and binding: 23.01.2017
• status of winding-up procedure – liquidation of debtor’s assets
Astra Consumer Guide• By decision no. 1248/07.10.2015 of Bucharest Court of Appeal, it was ruled on the application of provisions of Law no. 503/2004, thus settling as final and binding the sentence no. 198/03.02.2005 of VII Commercial Court of the Tribunal of Bucharest ruling on the commencement of the winding-up procedure against Croma (file 5733/3/2004)
• status of winding-up procedure – liquidation of the debtor’s assets
• status of winding-up procedure – liquidation of the debtor’s assets
• Commercial sentence no. 5176/30.06.2011 ruled on by the VII Court of the Tribunal of Bucharest in file 26578/3/2009; as it was not appealed against, the commercial sentence became final and binding.
• status of winding-up procedure – liquidation of the debtor’s assets
• status of winding-up procedure – liquidation of the debtor’s assets
• By civil sentence no. 752/08.04.2003 ruled on by VII Commercial Court of Tribunal of Bucharest in file 26/2003, it was ruled on admission of the request of the creditor; pursuant of art. 31 para. (7) of Law no. 64/1995, republished, the procedure provided by law was commenced against the debtor, with a judicial administrator being appointed. By memorandum of session dated 13.05.2003, pronounced by VII Commercial Court of Tribunal of Bucharest in file 41/3/2003 (previous format 26/2003), it was ruled on commencement of winding-up procedure regulated by Law no. 64/1995
• following entry into force of Law no. 503/2004, normative act applicable to insurers and/or reinsurers, as defined by art. 2 of Law no. 32/2000 on insurance companies and supervision of insurance, pursuant to art. 72, starting with 14.01.2005, winding-up procedures are to be continued and closed in accordance to said law.
• by commercial sentence no. 371/01.03.2005 of VII Commercial Court of Tribunal of Bucharest, it was ruled on the application of provisions of Law no. 503/2004.
• winding-up procedure was closed in 2011
• following entry into force of Law no. 503/2004, normative act applicable to insurers and/or reinsurers, as defined by art. 2 of Law no. 32/2000 on insurance companies and supervision of insurance, pursuant to art. 72, starting with 14.01.2005, winding-up procedures are to be continued and closed in accordance to said law.
• by commercial sentence no. 371/01.03.2005 of VII Commercial Court of Tribunal of Bucharest, it was ruled on the application of provisions of Law no. 503/2004.
• winding-up procedure was closed in 2011
• by sentence no. 297/13.02.2003, in file 850/2002, VII Commercial Court of Tribunal of Bucharest ruled on the commencement of judicial reorganizing and winding-up procedure of debtor
• on 14th December 2004, special insurance Law no. 503/2004 was published in the Official Journal of Romania no. 1193, waiting entry into force 30 days after date of publishing. Pursuant of art. 72 of Law no. 503/2004: “Winding up procedure commenced for insurance companies and ongoing with Courts of law at the time of entry into force of the present law will carry out and be closed in accordance with provisions of present law”.
• by commercial sentence no. 370/01.03.2005, the court of law ruled on the applicability of provisions of Law no. 503/2004, legal effects pursuant to Law no. 64/1995 remaining gained to the case.
• winding-up procedure was closed in 2007
• on 14th December 2004, special insurance Law no. 503/2004 was published in the Official Journal of Romania no. 1193, waiting entry into force 30 days after date of publishing. Pursuant of art. 72 of Law no. 503/2004: “Winding up procedure commenced for insurance companies and ongoing with Courts of law at the time of entry into force of the present law will carry out and be closed in accordance with provisions of present law”.
• by commercial sentence no. 370/01.03.2005, the court of law ruled on the applicability of provisions of Law no. 503/2004, legal effects pursuant to Law no. 64/1995 remaining gained to the case.
• winding-up procedure was closed in 2007
• by commercial sentence no. 816/16.04.2003, Tribunal of Bucharest ruled on the commencement of winding-up procedure against debtor, pursuant of provisions of Law no. 64/1995, republished and subsequently amended
• by commercial sentence no. 991/19.04.2006, Tribunal of Bucharest ruled on the applicability of provisions of Law no. 503/2004 and closed the winding-up procedure.
• by commercial sentence no. 991/19.04.2006, Tribunal of Bucharest ruled on the applicability of provisions of Law no. 503/2004 and closed the winding-up procedure.
• by commercial sentence no. 516/29.01.2009 by VII Civil Court of Tribunal of Bucharest in file 46745/3/2008, it was ruled on the commencement of winding-up procedure against the debtor. Sentence was not appealed, becoming final and binding.
• by civil sentence no. 9570/14.11.2013, Tribunal of Bucharest ruled on the closing of the winding-up procedure
• by civil sentence no. 9570/14.11.2013, Tribunal of Bucharest ruled on the closing of the winding-up procedure
