Budapest, 14 October 2015 – As it is known from the MNB's previous notices, the Romanian financial supervisory authority declared Societatea Comerciala de asigurare-Reasigurare Astra S.A. Insurance Company (ASTRA Insurance Company) insolvent due to its severe capital position, withdrew its activity licence and initiated its liquidation.
As it was published on the website of the ASTRA Insurance Company, from 14 September 2015 the insurer, and its Hungarian branch office does not accept any new claim, nor does it start the assessment of the damages with regard to the already reported claims. Simultaneously with this the branch office also suspended the payment of the claims for damages, i.e. it no longer pays any claims.
Based on the foregoing, the conditions specified by Act CXLVII of 2015 on the Amendment of Certain Acts of Insurance Subject in Connection with the Motor Third Party Liability Insurance (MTPL) – promulgated on 7 October 2015 and enacted the next day – as the preconditions for the payments by the Association of Hungarian Insurance Companies (MABISZ), in its capacity as the manager of the Indemnity Account, ensued. Today the Magyar Nemzeti Bank (MNB) published the notice prescribed by the Act on its website. The manager of the Indemnity Account is obliged to reimburse the ASTRA claimants for the damages – the legal basis and amount of which are substantiated by documents – not yet paid.
It is important to note that according to the Act the reimbursement of the claim by the manager of the Indemnity Account is subject to submitting the claim report to this effect. That is, those claimants who already submitted their claim earlier to the Hungarian branch office of the ASTRA Insurance Company or to the Romanian Guarantee Fund, must submit their claims repeatedly. The claimants may submit such claims for damages in the manner specified on the website of MABISZ (www.mabisz.hu), or at the address specified below, by filling in the respective forms:
Magyar Biztosítók Szövetsége (Association of Hungarian Insurance Companies)
1062 Budapest, Aradi u. 65-67.
Central phone number: (+36 1) 802-8400
Fax of the Claim Management Department: (+36 1) 802-8499
Postal address: MABISZ ESZE
1381 Budapest 62., Pf. 1297
The forms for reporting the claims for damages linked to bodily injury, motor vehicle or other material damages caused by the MTPL insured customers of the Astra Insurance Company are standard forms both for reporting new claims and for claims reported before to the Astra Insurance Company, and may be downloaded as an attachment to the press release.
Pursuant to the Act, the ASTRA Insurance Company is obliged – within three working days from the Act's entry into force – to transfer to the manager of the Indemnity Account the data and instruments, or the copies thereof, related to the ASTRA claims for damages – reported to but not paid by it – in order to establish the existence of the claims, the legal basis and amount thereof, as well the certificate confirming the existence of the insurance coverage at the time when the damage was caused.
Magyar Nemzeti Bank