CSA places Ardaf Cluj under special administration

The Commission for Insurance Supervision (CSA) has placed Ardaf Cluj under special administration, deciding to withdraw its support for the members of the Board of Directors, and turning the running of the company over to a lawyer. “The company’s directors were not cautious and professional in the way they organised and carried out their activity (…), endangering their ability to keep the commitments made to the insured clients and to other creditors involved in insurance,” says the CSA. This measure is the second harshest the CSA can take in cases where it finds that a company is in danger of not fulfilling its duty. The three measures are, in that order: special supervision, special administration, receivership / bankruptcy. The company was under special administration in the autumn of last year, but came out of it after it put into practice a recovery plan primarily based on a 5.4 million-euro capital increase.