Начало / The Financial Supervisor of the Republic of Romania has revoked the license to conduct insurance business of SOCIETATEA DE ASIGURARE – REASIGURARE CITY INSURANCE S.A.

The Financial Supervisor of the Republic of Romania has revoked the license to conduct insurance business of SOCIETATEA DE ASIGURARE – REASIGURARE CITY INSURANCE S.A.

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On 05.10.2021 the Financial Supervision Commission was notified by the Financial Supervision Authority of the Republic of Romania (FINANCIAL SUPERVISORY AUTHORITY ROMANIA) of the revocation of the license of the Romanian insurer SOCIETATEA DE ASIGURARE – REASIGURARE CITY INSURANCE S.A. due to insolvency of the insurer. Action has been taken by the Romanian national competent authority before the competent Romanian court to open insolvency proceedings against the insurance company.

SOCIETATEA DE ASIGURARE – REASIGURARE CITY INSURANCE S.A. has the right to operate on the territory of the Republic of Bulgaria under the terms of freedom to provide services, but according to the Romanian Financial Supervision Authority the insurer has not issued insurance to cover risks located in the territory of the Republic of Bulgaria.

The notice of license revocation is published on the website of the Financial Supervision Authority of the Republic of Romania at: https://asfromania.ro/en/a/2191/press-release.

The Financial Supervision Commission will promptly publish on its website: www.fsc.bg any information in connection with the open insolvency proceedings of SOCIETATEA DE ASIGURARE – REASIGURARE CITY INSURANCE S.A.

Up-to-date information can also be obtained through the Commission Information Centre: 0800 40 444 (toll-free number).