The Government of Romania seeks to establish a new insurance company controlled by state bank CEC (99%) and Imprimeria Națională (1%), according to sources familiar with the preparations contacted by HotNews.ro.

CEC Bank officials confirmed that they had started the procedures for setting up an insurance company, which is expected to become operational by the end of the year.

The insurance company will at least initially sell general insurance, such as home insurance or guarantees. It remains to be decided whether the future insurance company indirectly controlled by the state will also enter the car insurance segment.

iulian@romania-insider.com

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