• Home Press Releases
    Press release on the decision of the Bucharest Court of Appeal regarding Euroins Romania Asigurare-Reasigurare S.A.

Press release on the decision of the Bucharest Court of Appeal regarding Euroins Romania Asigurare-Reasigurare S.A.

Bucharest, 27 April 2023 - The Financial Supervisory Authority (A.S.F.) takes note of the decision rendered today, 27.04.2023, by the Bucharest Court of Appeal, in case no. 2441/2/2023, by which the court rejected, as unfounded, the application of Euroins Romania Asigurare-Reasigurare S. A. for suspension of A.S.F. Decision No 262/17.03.2023, by which the Authority ordered the withdrawal of the company's operating authorisation, the declaration of insolvency and the promotion of the application for the opening of bankruptcy proceedings against it. By the judgment delivered at this stage, the court confirms the legality and the merits of the measures taken by the A.S.F. by the contested decision.

On 17 March 2023, the Council of the Financial Supervisory Authority decided to withdraw the operating authorisation of Euroins Romania Asigurare-Reasigurare S.A., noting the indications of the company's state of insolvency. In accordance with Article 7(7) of the Directive, the Commission (2) of GEO no. 93/2012, the A.S.F. is the only authority in a position to pronounce on the considerations of expediency, assessments and qualitative analyses underlying the issuance of its acts.

The court's ruling can be found HERE (in Romanian)