The Court of Appeal in Bucharest dismissed the appeal of Euroins Romania and thus the decision to declare the insurance company bankrupt became final. Liquidation is forthcoming, local media reported, quoted by BTA.
More than half a billion euro is the amount paid so far by the Customer Insurance Fund to the bankrupts City Insurance insurance companies and Euroins Romania, who have been leaders in the sale of civil liability insurance in recent years, informs Digi24.
There are currently over 200,000 hanging requests for payment. Approximately 80% of these individuals or legal entities may receive their money due this fall, and the remaining 20% - next year, according to the Romanian Financial Supervision Authority (ASF).
According to authorities, the number of payment requests may be increased by the final decision of the Court of Appeal on Euroins Romania. It was given a period of 90 days, in which the victims of the insurance company will be able to submit requests for payment. Deadlineto which this can be done, is May 11, 2025
Between February 2020 and January 2023, the Romanian Financial Supervision Body fines Euroins Romania with a total of over 16 million lei – sanctions as a result of 17 control actions, Mediafax recalls.
On March 17, 2023, the Council of the Financial Supervision Authority decided to withdraw the license for the activity of the Insurance Company Euroins Romania, motivated by signs of insolvency of the company. Three months later, on June 9, 2023, the Bucharest court upheld the insolvency of the company.
In the fall of 2023, Eurohold Bulgaria and Euroins Insurance Group vowed to bring an international arbitration case for at least 500 million euros to defend the investment of the holding in Romania if the case of the case with Euroins Romania was not resolved quickly. The amount of the amount mentioned was filed in May 2024 at the International Center for Investment Disputes (ICSID) in
Washington.
Meanwhile, at the beginning of 2025, the European Insurance and Pension Insurance Authority (EIOPA) denied the Bulgarian regulator – the Financial Supervision Commission, in the “conspicuous” check on the Romanian case with Euroins.
“Euroins” also filed a case to the European Court of Human Rights
Euroins Insurance Group AD (EIG), part of Eurohold, will bring a case in The European Court of Human Rights (ECtHR) Because of the Bucharest appeal dismissed by the Court of Appeal, the company demanded a suspension of the bankruptcy case of Euroins Romania, the Bulgarian company said.
According to the insurer contrary to Romanian and European law And it deprives the company of effective judicial protection.
The EIG asked the Romanian court to suspend the announcement of the Romanian insurer in bankruptcy, until the court ruled in the other case, which the insurance group leads – how lawful the decision of the Romanian financial authority ASF of March 17, 2023 was lawful, by which the supervision took the license of the Romanian company.
As of February 2025. The case of the lawfulness of the ASF decision is still in the initial phase The pleadings are yet to come, but by a decision of June 9, 2023, the Romanian court announced (at first instance) “Euroins Romania” bankrupt only on the basis of the ASF act of March 17, 2023.
“The act of the Romanian Court de facto condemns the Euroins Romania to the court before the court ruled whether its license was revived,” the Bulgarian insurer said. Because of him, the EIG even asked the Romanian court to refer from the first instance of the Romanian court Constitutional Court for the so -called “exception to unconstitutionality”. This application was admitted, which is why the Constitutional Court is expected, which has also not been reported by the Bucharest Court of Appeal.
Regardless of the ongoing litigation, the insurer made a public proposal to all responsible Romanian institutions to bear all current and future expenses of Euroins Romania, by damage, claims and claims to the Romanian insurer, committed to protecting and guaranteeing the rights of the injured persons and clients. The proposal included the assumption of these obligations from the Bulgarian division of the group and the fulfillment of the contracting contract concluded by Euroins Romania and the EIG REA. This contract covers between 87 and 97% of any claim of the injured persons, the company said.
“To this day, no Romanian responsible institution has not taken an attitude
on this suggestion and has not defended the rights of injured persons and Romanian
Citizens, EIG claims. Moreover, with the withdrawal of the Euroins Romania license
The Romanian ASF body actually attempts to end the action of
The reinsurance contract between Euroins Romania and the reinsurer EIG
Re “, which damages the interests of insured persons and Romanian citizens.
In all these actions, ASF is assisted by the company’s liquidator
– Citr, “Euroins commented.
From there, they claim that for a long period of time the Romanian financial body ASF, the Romanian insurance guarantee fund and the liquidator of Euroins Romania – CITR, refuse to publish up -to -date data For the real volume of insurance claims to Euroins Romania. Instead, it is also unclear for what purpose they provide summary data on City Insurance and Euroins Romania – combined. The EIG and the EIG Re repeatedly asked to understand the value and in what physical volume the acts have been brought so far only to Euroins Romania, but such information has not been provided so far. To the best of the knowledge of the group’s management, demands from Romanian and international media for providing data for Euroins Romania only are also not satisfied, the company added.
*The article was renovated at 2:33 pm on February 13 with the widespread public position of Euroins Insurance Group.
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