EUROASIG in bankruptcy
The Insurance Supervisory Commission's (ISC's) Council considered that the insurance company EUROASIG is insolvent, after being put under special administration since August 2008 and decided to launch the bankruptcy procedure against it.
EUROASIG had, at the end of September, 1,977 unresolved claims files, from which 1,731 on the CASCO segment, the supervisory authority has informed.
On the 19th of August the ISC Council analyzed EUROASIG's situation and decided to open the financial recovery procedure through special administration, as the company did not grow its capital until the assumed term and did not fulfill the solvability demands.
ISC has decided to close the financial recovery procedure through special administration, to revoke the special administrator, Nicolae Eugen CRISAN, and also to remove EUROASIG functioning authorization.
According to the law, the amount which belong to the insured people, to the insurance contracts' beneficiaries and also to the thirds, all injured through the contracts' insurance conditions inobservance and whose claims were not honored by the insurance company, will be paid by the Guarantee Fund.
After the first nine months of 2008, EUROASIG had a 16,813 active insurance contracts portfolio and a 0.18% market share, according to ISC's handout.
EUROASIG's recovery would have needed a EUR 2.85 million capital rise, which could not be brought by the shareholders, two companies from the BALKAN Petroleum Group, controlled by the businessman Marian IANCU.
Author: Andreea IONETE
on 02.12.2008
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