At its meeting on 11.03.2021, the FSC adopted Decision No. 123 – ОЗ of 11.03.2021 on initiating proceedings for compulsory liquidation of IC EUROAMERICAN AD, UIC 124634117, and the Guarantee Fund was designated as liquidator of the insurer with revoked license. The decision is available on the FSC website in the section Administrative Documents, Decisions, 2021, March.

 By Decision No. 1309 – ОЗ of 17.12.2019 the FSC revoked the license for insurance of IC EUROAMERICAN AD, UIC 124634117, issued by Decision No. 238-03 of 27.02.2014 of the FSC, and appointed a conservator of the company. The same decision prohibits the free disposal of assets by IC EUROAMERICAN AD until the commencement of liquidation or insolvency proceedings, as well as the conclusion of new insurance contracts for all classes of insurance for a period of 6 months from the date of issuance of the decision. Decision No. 1309 – ОЗ of 17.12.2019 became effective on 17.02.2021, when Decision No. 2111 / 17.02.2021 under Administrative case No. 9509/2020 according to the inventory of the Supreme Administrative Court, Seventh Department maintained Decision No. 563/19.06.2020 under Administrative case No. 47/2020 according to the inventory of the Sofia District Administrative Court, which rejected the appeal of the insurer against Decision No. 1309 – ОЗ of 17.12.2019 of the FSC.

 Decision No. 1309 – ОЗ of 17.12.2019 of the FSC becoming effective is grounds to proceed to the compulsory termination of IC EUROAMERICAN AD under Art. 602, para. 1, item 2 of the IC, as the revocation of the insurer’s license is based on Art. 40, para. 2, item 2, 4 and 8 of the IC.