February 5. 2016, Budapest – The Association of Hungarian Insurance Companies (MABISZ) and the Romanian Guarantee Fund (FGA) decided that MABISZ will pay the damages of the Hungarian MTPL contractors. The sufferers of other damages will have to fill out the Hungarian forms and send their claims to the Romanian Guarantee Fund, making sure that they arrive by 3 March. It is useful to report damage reclamation and other (such as fee reclamation) claims this way as well to the FGA without delay.

The Association of Hungarian Insurance Companies (MABISZ) and the Romanian Guarantee Fund (FGA) working together with the Romanian Financial Supervisory Authority (ASF) signed a written agreement about the settlement of the damages of the Hungarian MTPL contractors of the Societatea Comerciala de Asigurare-Reasigurare Astra S.A. (Astra Insurance). According to the written agreement, MABISZ will receive, measure, survey and pay the damages (in Hungarian forint) caused by the MTPL contractors of Astra Insurance’s Hungarian branch-office, in the name of the FGA, the damaged parties and claim holders whose accounts have not been settled will be settled as well.

According to the legal regulations in force since the autumn of 2015, the Association of Hungarian Insurance Companies (MABISZ) is in charge of handling and paying MTPL damages. Therefore, it is recommended that the damaged parties who have not established contact yet submit their claims to MABISZ without delay. Also, those who still have Astra MTPL contracts should switch to another insurance company as soon as possible.

The non-MTPL – for example: Casco, home or travel insurance contracts – damage claims and in the case of contracts in which the contractors paid but did not receive their insurance premiums – including MTPL contracts – will be reimbursed to the injured parties by the FGA. The Romanian financial supervisory authority (ASF) notified the Magyar Nemzeti Bank (MNB) that the damage claims initiating the settlement and payment procedure have to be submitted to the FGA – only in written format – in a way that ensures the claim’s arrival by 3 March, at the latest. We recommend resending the claims sent to Astra Insurance Company’s Hungarian branch office or to FGA previously.

The Hungarian non-MTPL injured parties and the contractors who did not receive their insurance premiums have to submit another written (available in Hungarian) damage reimbursement claim to the FGA. This claim – potentially alongside the other documents – should be sent in a way that ensures its arrival by 3 March to the recipient. In conclusion, there are a few forms that need to be filled out for the FGA. The aforementioned details and the information about how to send the forms are available on the Romanian Guarantee Fund’s homepage and its customer service (hyperlinks leading directly to the forms can be found in the appendix section further below).

On 26 January, 2016, the Bucharest Tribunal’s official bulletin published that the Tribunal ordered the liquidation of Astra Insurance Company on 3 December 2015. However, this did not come into force, because on 29 January one of Astra Insurance’s majority shareholders appealed against the decision. The case will be decided in court, but the date of the decision has not been decided yet.

According to the announcement on the FGA’s homepage, the Romanian Guarantee Fund will only provide payment to the reported and accepted claims once the decision to liquidise Astra Insurance comes into force.

The MNB – who does not monitor Astra Insurance Company – provides up-to-date information on its website about the compensation of the damaged parties of the Romanian Astra Insurance Company to protect Hungarian customers. The latest information and rules about insurance contracts can be found on the homepage of MABISZ.

Magyar Nemzeti Bank

Appendix

The Hungarian forms available on the Romanian Guarantee Fund’s (FGA) homepage

1. Form for the initiation of the damage reimbursement procedure:
http://www.fgaromania.ro/public/user_files/formulare/Anexa3HU.pdf

2.Damage report form:
http://www.fgaromania.ro/public/user_files/formulare/Anexa4HU.pdf

3.Damage reimbursement form:
http://www.fgaromania.ro/public/user_files/formulare/Anexa6HU.pdf

4.Statement to support the previous documents:
http://www.fgaromania.ro/public/user_files/formulare/Anexa7HU.pdf

Contact details of the Romanian Guarantee Fund (FGA)
Address: Str. Popa Petre nr. 24, Bucuresti 020805, Sector 2 Romania
Telephone: +4021.211.60.37 or +4021.211.60.52 or +4021.211.60.73 or +4021.211.60.79 or +4021.211.61.05 or +4021.210.24.40 or +4021.210.24.41 or +4021.210.24.42
Fax: +4021.211.60.94
E-mail: office@fgaromania.ro