Bucharest Court postpones ruling in Astra Asigurari bankruptcy file

The Bucharest Court has decided on Monday to postpone the decision in the file in which the Financial Supervisory Authority (ASF) calls for the bankruptcy of Astra Asigurari, according to data published by the Court.
The ASF Council 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.
Under the law, the bankruptcy of an insurance company is determined by a court. Policyholders Guarantee Fund (FGA) will make payments to the company’s creditors from the date of the final verdict on the opening of insolvency proceedings within the legal ceiling (RON 450,000/creditor insurance).
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.

ASFAstra Asiguraribankruptcybucharest courtGuarantee Fundinsurance contracts
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