Bankrupt insurer Carpatica Asig was also subject to resolution measures, under the administration of Policyholders Guarantee Fund (FGA).
Thus, Financial Supervisory Authority (ASF) decided to withdraw the authorization of Dan Odobescu as chairman of the Board of Directors and general manager of City Insurance and fine him for failing to enforce the insurer’s financial recovery plan. Dan Odobescu is also the owner of City Insurance.
According to the plan approved by ASF in July 2016, City Insurance needs a EUR30 million share capital increase to exit the financial recovery procedure.
In March, ASF said it will support the takeover of insurance company City Insurance by Dr. Max Roessler, a private Swiss investor, and will cooperate both with the company and the investor for recovering the capitalization, solvency and liquidity indicators of the company.