The Fund for Policyholders’ Guarantee (FGA) has so far paid out more than 1.86 billion lei to injured parties of bankrupt RCA insurers, of which almost 190 million lei in the first three months of this year alone, the Fund announced on Friday, based on contributions from other RCA insurers to pay claims filed by bankrupt insurers.

In the first three months of this year, FGA paid out more than 188.6 million lei

In the first three months of the current year, FGA paid compensations in the amount of approx. 188.67 million lei, of which 179.17 million lei is the amount of compensation provided to insurance creditors of the City Insurance company.

The FGA approved 82,530 payment requests for City Insurance out of a total of 256,058 registered payment requests.

Insurance creditors of Carpatica Asig were compensated in the amount of 5.76 million lei.

2.83 million lei were paid to Astra Asigurări. FGA also paid the insurance creditors of Certasig compensation in the amount of 912.4 thousand lei.

The bill for 5 insurance bankruptcies reached 1.86 billion lei

The fund serves the payment requirements of several bankrupt companies: Astra, Carpatica Asig, Forte, Certasig, City Insurance and Euroins.

Thus, the total amount of compensation paid by FGA until March 31, 2023 is 1.86 billion lei and was paid to the creditors of the following insurance companies:

• 782.5 million lei – City Insurance
• 557.8 million lei – Astra Asigurări
• 503.8 million lei – Carpathian Assig
• 9.1 million lei – Certasig
• 8.9 million lei – Forte

The situation at Euroins: currently there are almost 25,000 payment requests. Payments will begin on May 17, 2023

In the case of Euroins, the FGA currently, by law, receives and registers both claims for payment (compensation and refunds, as well as premium refunds for those who wish to surrender Euroins policies) and requests to open loss files for potential insurance creditors this insurer, in respect of which ASF declared insolvency and applied to the court for bankruptcy.

According to the law, the FGA will be able to initiate the payment of compensation to the insurance creditors of Euroins SA starting on 17 May 2023.

As of April 27, 2023, the FGA had received 9,984 requests in the category Requests to open loss files from potential insurance creditors of the specified company. The Fund registered 7,571 of them.

In addition, the FGA received 58,486 requests for the Payment Requests category during the same period. Of these, 24,808 requests were registered.

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