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Shareholders have to come up with 3m euros to save EuroasigUpdated: 16-09-2008 |
Euroasig shareholders, a company placed under special administration by the Insurance Supervisory Commission (CSA), have to increase the company's share capital by 2.85 million euros in the coming month in order to keep it afloat.
"This sum will help us reach the minimum solvency threshold required under law, and will also leave us room to manoeuvre," Nicolae Crisan, the company's special administrator and former head of the CSA told ZF in an interview. Special administration is the toughest measure that the Commission can take, with the next step being to declare the insurer bankrupt.
Crisan says the problems faced by Euroasig, a small insurer, started in the summer of last year, when the solvency margin, an indicator that shows the company's ability to comply with its commitments to third parties, fell below 1, the minimum limit imposed by the legislation in effect.
The CSA then imposed a revival plan onto the company, which entailed a share capital increase by 3 million euros. "The company only increased its share capital by around 150,000 euros because the shareholders were relying on funds from abroad, which they couldn't transfer in due time (...)," said Crisan.
Ziarul Financiar
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