Romania’s financial regulator begins bankruptcy proceedings against insurer Euroins

Romanian financial sector authority ASF has formally filed in court a bankruptcy request for the insurance company Euroins.

The leading player on the local market until March this year when it lost its licence, Euroins is the subsidiary of the Bulgarian insurer part of the Eurohold group that has the European Bank for Reconstruction and Development (EBRD) as a minority shareholder.

ASF has joined the bankruptcy request previously filed by several car repair shops against the insurer, Economica.net reported.

On March 17, ASF said it found elements of insolvency at Euroins. It withdrew the insurer’s license and announced bankruptcy proceedings would be initiated in the future.

Eurohold filed in April a request with the Bucharest Court of Appeal to recover the operating licence of its local subsidiary Euroins Romania and, at the same time, come up with a proposal that would allow it to operate on the Romanian market.

(Photo source: Inquam Photos/Octav Ganea)