AM POPAM: POPAM beneficiaries with the City Insurance insurance policy must present a new insurance policy according to the legislation in force.

The Romanian Financial Supervision Authority withdrew the operating authorization of the Insurance-Reinsurance Company City Insurance S.A., by Decision no. 1148 / 17.09.2021

Considering this situation, the beneficiaries of POPAM have the obligation to comply with the provisions of article 29 of the Emergency Ordinance no. 49 of October 23, 2015. The article stipulates that the insurance company issuing the policy to which the advance payment is subordinated - where applicable, must be authorized, according to the legislation in force.

The legislation in force stipulates that the insurance contracts concluded with the insurance-reinsurance company City Insurance S.A. remain valid. (City Insurance), taking effect until one of the following situations:

Expiry of the insurance policy on the date mentioned in the insurance contract;

Termination of the insurance contract by the insured (POPAM beneficiary), by a notification sent to the company;

Exceeding the period of 90 days from the date of pronouncing the decision to open the bankruptcy procedure according to the legal provisions (Law 85/2014 on insolvency and insolvency prevention procedures, art. 262 paragraph 32).

Specifically, until the expiration of the policy they hold, the beneficiaries must present to AM POPAM an advance insurance policy issued by an authorized insurance company. In this regard, beneficiaries who have insurance contracts with City Insurance must make a decision on this and ensure that they will not be left without a valid guarantee instrument, taking into account the 90-day period from the declaration. final bankruptcy, a date that will be announced publicly in the next period, according to the official statement.

The Financial Supervisory Authority also states that all insurance creditors benefit from the protection of the Insured Guarantee Fund (FGA) in order to recover the premiums paid in advance or the indemnities due, according to the concluded insurance contracts.


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