“Carpatica has a negative solvency rate and needs recapitalization. Following the balance analysis we are undergoing together with the auditor, the result of which we’ll have in June, we’ll know how much capital the insurer needs under Solvency II standards,” Negritoiu said Thursday.
He said capital requirements could amount to around EUR100 million.
Carpatica Asig, based in Sibiu, is undergoing a financial recovery plan, approved by ASF in September 2014 and valid until the end of this year. The company’s financial situation worsened after its owner and former general manager were placed under preventive arrest for corruption in January 2014.
The insurance company itself is the subject of a corruption indictment.