Romania: Regulator to open financial recovery procedure for insurer Carpatica Asig

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The Romanian Financial Supervision Authority is to open the financial recovery procedure for Romanian insurer S.C. Carpatica Asig S.A. to address its financial situation, Romania-Insider reported.

The insurer has to prepare and submit a financial recovery plan within 20 days of receiving the financial regulator's decision.

Meanwhile, data from the financial regulator revealed that the Romanian insurance market's gross premiums amounted to €1.87 billion ($2.56 billion) in 2013.

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