The Bucharest Court admitted on Thursday the Financial Supervisory Authority’s (ASF) request concerning Astra Asigurari’s filing for bankruptcy. The ASF Council decided at the end of August to accept Astra Asigurari’s bankruptcy and to rescind its operating permit, the company being under special administration at the time.
In accordance with the law, an insurance company’s bankruptcy is decided by court. The Insurance Guarantee Fund (IGF) will carry out the payments toward insurance creditors from the date on which the decision concerning the opening of the bankruptcy procedure remains final. The payments will be made within the limit of the legal cap (RON 450,000 per insurance creditor). The IGF has finalized the transfer of damage files, of insurance contracts and of the data base from Astra Asigurare-Reasigurare, by taking over, on October 1, 57,210 damage files and 2,046,604 insurance contracts.
Thus, 1,826,483 insurance policies and 51,566 damage files were taken over in Romania, 6,128 policies and 193 damage files in Germany, 22,752 policies and 642 damage files in Slovakia, 191,241 policies and 4,809 damage files in Hungary.
Astra Asigurari is owned by The Nova Group Investments Romania and Epsilon Estate Provider (99 per cent of the shares), companies controlled by businessman Dan Adamescu (photo).