Shareholders will discuss the proposition on October 21.
On August 29, the Financial Supervisory Authority, or ASF, decided to ban Euroins Romania from selling mandatory car insurance policies RCA until the latter satisfied several ASF requirements.
The authority said in a statement Euroins ought to revise all guidelines, procedures and norms on determining and paying damages, duly establish the amount of damages in accordance with valid regulations, observe deadlines for the payment of damages and notify clients of its decision to reject their damage claims.
Currently, Euroins Romania has a share capital of RON103.5 million.
The company underwrote premiums worth RON281.7 million in the first half of 2013, up 23.2% on the year, according to data by the National Union of Insurance and Reinsurance Companies in Romania (UNSAR).
Revenues from RCA policies amounted to RON261.6 million, up from RON205.7 million.
The insurer’s RCA policy portfolio included 992,684 contracts at the end of the first half, from 738,124 contracts at the end of June 2012.
Euroins Romania was set up in 1994 as Asitrans and is present only on the general insurance market.
Its shareholders are Euroins Insurance Group PLC (Bulgaria), with a 92.3% stake, and several individuals and legal entities, with 7.7% of the shares. (EUR1=RON4.476)