Public notice 6 May 2016 – 3/2016

The Romanian Financial Supervision Authority announces reorganisation of an insurance company

On 25 April 2016, the Romanian Financial Supervision Authority announced that it has issued Decision no. 901/18.04.2016 on initiating financial recovery of the insurance company Societatea de Asigurare – Reasigurare City Insurance S.A. Among other things, the underwriting activity of the company must, according to the decision, be restricted to 75 % of the total amount of gross premiums underwritten in 2015. Moreover, the company is prohibited to conclude new insurance contracts in class 15 suretyship insurance.

The Romanian Financial Supervision Authority has announced the decision on the basis of the Directive on the reorganization and winding up of insurance undertakings.

This public notice by the Finnish Financial Supervisory Authority is based on section 15 a of the Act on Foreign Insurance Companies (398/1995), as amended by Act 525/2008.