It quotes sources from the Financial Supervisory Authority (ASF) who say that the supervision of companies that sell insurance based on the European passport is done by the authority in the state that authorized them, and in Bulgaria there is no voluntary insurance guarantee scheme.
The companies owned by Eurohold that sell insurance in Romania are Euroins Insurance AD and Euroins Life EAD, which are represented in Romania by Phoenix MGA Services SRL.
The latter was established in the summer of this year, is headquartered in Bucharest, has a capital of 100,000 lei and is fully controlled by Euroins Insurance AD from Bulgaria.
According to the cited source, the firm has signed contracts with insurance brokers and intermediaries, and they mainly sell freight and civil liability insurance for the liability of carriers.
Accusations against ASF
The Bulgarian group confirmed the resumption of operations on the Romanian market, but accuses ASF of trying to intimidate brokers not to sell its products.
“Euroins Bulgaria has now increased its operations in the area of non-RCA insurance products and started actively offering non-RCA insurance products on the Romanian market under FoS. All the competent regulatory authorities, including the Romanian ones, have been notified in this regard”, says the Bulgarian group.
“Since 2007, information about this authorization has been published on the ASF website. In the last two months, I noticed that this information was withdrawn by the current management of ASF from the website, equivalent to the violation of EU and Romanian legislation”, according to Euroins Insurance Group.
We would like not to mention the brokers and intermediaries through which we started providing insurance products in Romania because it seems that the Financial Supervisory Authority has started threatening and putting our local partners under huge pressure to block our services, which represents yet another brutal violation of national and community legislation by senior representatives of this authority.
Euroins Insurance Group:
Bankruptcy Euroins
The relaunch of the insurance operations of the Bulgarian group comes after the bankruptcy of Euroins, the largest insurance company in Romania.
the institution noting at that time that the insurer had a capital deficit of 445 million euros.
CITR, the liquidator of Euroins, recently assessed that .
The bankruptcy of Euroins forced the Government to cap the prices of RCA policies. These are now.
Libertatea published several investigations since the beginning of the year, in which it showed that Euroins did not comply with the minimum capital requirements and .
