Romanian insurer Carpatica Asig moves on with bankruptcy

Romanian insurer Carpatica Asig remains bankrupt, as the decision to start the bankruptcy procedure hasn’t been appealed in court. The bankruptcy decision is now final. The Policyholders Guarantee Fund (FGA), which has been managing the insolvent insurer, can now start the payments to the company’s creditors and can sell the company’s assets to cover those payments. FGA can still receive damage claims from clients who have insurance policies signed with Carpatica until mid-May this year. The fund has received over 16,300 payment requests from the insurer’s potential creditors, as well as over 11,300 damage claims, until March 23. In total, FGA must cover some 27,270 damage cases from Carpatica Asig. The payments will be made within the limit of RON 450,000 (EUR 100,000) for each policyholder. Carpatica Asig, a company founded by local businessman Ilie Carabulea, went bankrupt in July 2016. editor@romania-insider.com