Bucharest Court of Appeal gave a final ruling on the Astra Asigurari’s bankruptcy on Friday after almost eight months since the Romanian Financial Supervisory Authority (ASF) decision. This means that injured of this insurance company will start to get their payments for their damages.
“According to the law, the conditions for the Policyholders Guarantee Fund (FGA) to be able to start pay damages to the Astra creditors are met,” the FGA informed.
In December last year, the Bucharest Court accepted the request of Romanian Financial Supervisory Authority (ASF) for the bankruptcy of the insurance company Astra Asigurari.
The ASF Board requested at the end of August this year for the bankruptcy of Astra Asigurari and decided to withdraw the company’s operating license, the company being under special administration.
ASF Board decided on September 8 the bankruptcy of Astra Asigurari, after the insurer failed to increase the capital by RON 425 million.
Policyholders Guarantee Fund (FGA) has completed the transfer of the claim files, of insurance contracts and of databases from Societatea de Asigurare-Reasigurare Astra SA, taking over on October 1, 2015, a total of 57,210 claim files, including the redemption files and 2,046,604 of insurance contracts in force.
Asta Asigurari is controlled by businessman Dan Adamescu, being among the largest local insurers, with a 10 percent market share and underwriting of about RON 800 million per year.