The City and Euroins bankruptcy bill has reached €800m and counting. Where one of the heads of the ASF during these bankruptcies was “promoted”.
Tens of thousands of injured parties – people, companies and institutions – are still waiting to receive their money owed by City Insurance and Euroins, the former leaders of the bankrupt RCA, while the Insured Guarantee Fund (FGA) has paid out more than 3.99 billion lei (800 million euros) by the end of November this year, after settling more than 91% of payment claims, according to the latest data submitted to the request HotNews by FGA.
The insurance market is supervised by the ASF, one of the institutions that is being reformed by a special law assumed by the Bolojan government before the Parliament. Nicu Marcu was head of ASF. Marcu was transferred to a very important position in the state structure, head of ORNISS,
Until the end of November 2025, the Insured Guarantee Fund (FGA) resolved 458,266 payment requests, equivalent to 91.3% of the total of 501,682 payment requests received on behalf of the two bankrupt insurers.
Requests for payment have been coming since autumn 2021, after City's bankruptcy, and since March 2023, after Euroins' bankruptcy, and the FGA points out that it is still receiving payment requests for both companies.
In the case of City Insurance, FGA says that “until the end of November 2025, it resolved 251,510 payment requests, out of a total of 266,943, paying compensations worth 2.43 billion lei, with the mention that payment requests are still being received for this company.”
In the case of Euroins, the FGA communicated that it resolved a number of 206,756 payment requests, out of a total of 234,739, paying compensations worth 1.56 billion lei, but even here payment requests are still being received.
Tens of thousands of victims still have to collect around 290 million euros
At the end of November of this year, the Insured Guarantee Fund still had 43,416 payment requests to resolve on behalf of the two bankrupt insurers, for which it made provisions of over 1.43 billion lei, the equivalent of about 290 million euros.
More specifically, the FGA says that it still had to resolve a number of 15,433 payment requests with a related provision of approximately 622 million lei for City Insurance's insurance creditors, of which approximately 80% represent payment requests received from BAAR, based on the Green Card system.
In the case of Euroins, FGA still had to resolve a number of 27,983 payment requests with a related provision of approximately 811 million lei for the creditors of this insurer, with the mention that payment requests are still being received for this company.
When will people get their money
The fund estimates that by the end of this year it will solve 90% of the payment requests received, “with the mention that the completion of their instrumentation will depend on the completion of the documentation by the petitioners, the communication of data/documents by the judicial liquidator and the resolution of the cases pending before the courts in which the bankrupt insurer appears as a procedural party”.
“At the same time, according to the same estimates, all payment requests received by the Fund until October 1, 2025, will be processed and paid in the first quarter of 2026, with the exception of requests received from BAAR, based on the Green Card system, the amounts having already been paid by BAAR to insurance creditors.
The payment requests that will be received by the Fund in the fourth quarter of 2025 and in the first 2 months of 2026, will be processed and paid by the Fund during 2026, with the exception of the reimbursement requests formulated by BAAR, which will be staggered for payment, depending on the available FGA, starting in May 2026″, FGA officials stated for HotNews.ro.
Some will be paid faster
People seriously injured or the relatives of those who died in car accidents caused by drivers whose cars were insured with City Insurance or Euroins, companies that later went bankrupt, will be compensated with priority by the Insured Fund (FGA), according to a law promulgated on December 3 by President Nicușor Dan.
Priority will also be given to former Euroins customers who have canceled their policies (not just RCA) and have not yet received the premium difference.
“From the records of the FGA, it appears that from the category of payment requests that must be analyzed with priority, there are still approximately 1,200 payment requests that present social cases, with a related provision of approximately 172 million lei, and approximately 900 premium refund requests with a related provision of approximately 1 million lei,” FGA representatives told HotNews.ro.
The guarantee fund for the insured stated that “it takes all the necessary measures so that these requests are resolved by January 2026, with the mention that there are also payment requests in the stage of completing documents, and the completion of their instrumentation will depend on the completion of the documentation by the petitioners, on the communication of the data/documents by the judicial liquidator”.
At the same time, the Fund also said, “the resolution of such requests also depends on the resolution of the cases pending before the courts in which the bankrupt insurers appear as a procedural party, and the FGA is not a party”.
The new law also removes the threshold of 500,000 lei, the maximum amount of money that the RCA Insured Insured Fund could pay to a bankrupt insurer, but only in the case of bankruptcy proceedings that will be opened in the future.
According to the FGA, the legal amendments provide for “the elimination of the current ceiling of 500,000 lei in the case of RCA contracts, for insolvency proceedings opened from 23.12.2023, payments to be made by the FGA within the limit of a guarantee ceiling that is given by the level of the maximum liability limit of the insurer that concluded the RCA contract, i.e. the highest value of the liability limit provided for in the legislation applicable to the place of production of of the accident and that stipulated in the RCA contract (the ceiling of 500,000 lei/claim will continue to be used in the case of the other types of insurance)”.
Therefore, given that the insolvency proceedings for City Insurance and Euroins were opened before 23 December 2023, this amendment is not applicable to payment claims made under policies issued by these companies, FGA argues.
