Almost 2.8 million Romanians have current RCA policies with Euroins, and all these contracts will remain in force until they expire, unless the policyholders decide to terminate these contracts and choose another RCA insurer, the Insurance Guarantee Fund (FGA) announced on Monday .

What happens to Romanians who have insurance in Euroins

According to the FGA, insurance contracts concluded with Euroins remain valid until their expiration date, unless one of the following situations occurs:

• the insured terminates the insurance contract
• the legal term of 90 days from the date of the decision to open bankruptcy proceedings has been met, after which the insurance policies are terminated in accordance with the law.
• the judicial liquidator, appointed by the court together with the opening of the bankruptcy procedure in the court, denounces the insurance policies, having previously informed the policyholder.

“Regarding the conclusion of another insurance contract, with another insurer, this process must be carried out in parallel with actions to terminate the insurance policy concluded with an insolvent/bankrupt insurer.” emphasizes the FGA.

Steps to be taken to cancel the policy:

• Send a denunciation request to EUROINS Romania Asigurare Reasigurare SA Contact e-mail address: [email protected]
• Submit a refund request to the FGA – Appendix 9 by completing a special form online on the FGA website: Payment request for premium refund – www.fgaromania.ro

The following documents must be added to the request:

• Power of attorney / Power of attorney, if any;
• A copy of the identity document
• A copy of the insurance policy;
• Copy of confirmation of payment of insurance premiums, in case of payment of premiums in installments
• Confirmation of termination of the insurance contract, registered / sent to the insurer;

FGA will register payment requests and analyze them in the order of receipt and registration.

UNSAR and BAAR have done this updated guide with useful information for insured and injured persons Euroins.

More than 100,000 Romanians have insured their homes with Euroins

The procedure announced above by the FGA covers all insurance contracts Romanians have with Euroins, not just RCA.

As of the end of 2022, Euroins had 105,000 optional home insurance contracts in place, industry sources told HotNews.ro on Friday.

The Policyholder Guarantee Fund (FGA) can pay a maximum of 500,000 lei for each Euroins insurance contract.

During the same period, more than 125,000 Romanians insured their homes through Euroins with compulsory insurance against the risks of earthquakes, floods and landslides. In case of damage, they can receive compensation of up to €20,000 from PAID.

For larger losses, money can be reimbursed up to 500,000 lei from the Insurance Fund (FGA), if the house has additional insurance in Euroins.

Those who have to recover more than 500,000 lei must register with the bankruptcy court as part of the bankruptcy procedure, which will be decided at first instance by the Bucharest Court and at the appeal stage by the Bucharest Court of Appeal.