Romania's Insurance Supervision (ASF) has lifted a temporary ban on the sale of civil liability policies imposed on Euroins Romania at the end of August, Eurohold reported. The cancellation is from September 18 and since yesterday the company has completely resumed its work on the sale of Third Party Liability insurance.
The decision of the regulator mentions that the sanction has been revoked due to the full and accurate implementation of the recommendations of ASF by Euroins, the parent company Eurohold Bulgaria announced.
"In this challenging moment for the company, the company worked in full compliance with the instructions of the Regulator, taking all necessary measures, including the appointment of a new director Liquidation, changes in its IT systems and changes in claims procedures, which maximally protected the interests of its customers, insurance intermediaries and shareholders, "said Euroins.
"The effect for the company of the imposed temporary ban on the sale of policies under the Civil Code will be reflected in a reduction of the company's premium income from this type of insurance for the month of September by up to 50%. At the same time, in view of the company's good results by the end of August, Euroins Romania expects its revenue decline to be insignificant on an annual basis, the report said.
Euroins Romania has an increase in premium income on an annual basis from 20.7% to 11.4 million euros in July 2013, and for January-July they are 73.9 million euros, or an increase of 22.1%. The company is owned by Euroins Insurance Group, which in turn is the main property of Eurohold Bulgaria AD.