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International

Regulator to declare Romanian insurer insolvent

August 27, 2015 Reprints

The Romanian Financial Supervision Authority has withdrawn the operating license of the country's second-largest insurer, Societatea Asigurare-Reasigurare Astra S.A., reports Reuters.

The regulator said that it will start the process of declaring the insurer insolvent. The regulator's chief Misu Negritoiu said the insurer had a liquidity coverage ratio of 0.03 at the end of June. The insurer had additional capital needs of 968 million Romanian lei ($251 million), said the regulator.

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Regulator to declare Romanian insurer insolvent

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