Only 100 people who held outstanding insurance policies at the Romanian insurance company Astra Asigurari, which filed for bankruptcy at the end of August, received the approval of the Insurance Guarantee Fund on their claims files.

However, a total of 57,200 claims files are waiting the institution’s approval.

The Bucharest Court confirmed the bankruptcy of Astra Asigurari last week, but its decision is not final. The Insurance Guarantee Fund, however, needs a final court decision to start making payments to the insured, according to the Fund’s representatives, reports local Hotnews.ro.

To get their money, people first need to make a request to the Fund, which will later analyze it. The Insurance Guarantee Fund received about 7,500 new claims from Astra’s clients by December 3.

Astra Asigurari lost its license and went bankrupt, following a decision of the financial market regulator ASF. Once the court decides the company’s bankruptcy, its clients will be compensated by the Insurance Guarantee Fund.

This has been the biggest bankruptcy in Romania’s insurance sector. The company had 1.8 million clients which held 2.5 million outstanding insurance policies.

editor@romania-insider.com