The Financial Supervision Commission (FSC) has received a notification of a decision adopted on 17.03.2023 by the national supervisory authority of the Republic of Romania (Autoritatea de Supraveghere Financiara – ASF) to withdraw the license of the Romanian insurer Euroins Romania Asigurare-Reasigurare S.A., to open bankruptcy proceedings against this company, as well as to impose a ban on free disposal of the company’s assets.

Euroins Romania Asigurare-Reasigurare S.A. is a subsidiary, part of the group of “Euroins Insurance Group” AD, in respect of which the FSC is a group supervisory authority.

In this regard, the FSC informs that Euroins Romania Asigurare-Reasigurare S.A. does not carry out insurance activity in the Republic of Bulgaria. The decision of the Romanian supervisory authority does not affect the insured persons within the Bulgarian insurance companies of the Euroins Insurance Group AD group. The FSC has not identified solvency risks and compliance issues with the Individual companies of the Euroins Insurance Group AD and the group as a whole, resulting from the decision of ASF.

The Financial Supervision Commission will notify the Bulgarian public upon receiving additional information on this case in Romania.