Insurance company Grup As has become insolvent as of Monday, February 3, according to a decision of the Insurance Supervision Commission (CSA) published in the Official Gazette that day. Grup As is the first major insurer on the Romanian market to go insolvent. “The optional insurance contracts/policies concluded between individuals and legal entities as insured, and the debtor, Grup As are no longer valid since the date when this decision was issued,” the CSA document shows. In case the risk underwritten has not occurred and the clients insured have no claims pending, they will get back their insurance premiums paid depending on the remaining contractual period. The money, however, will be reimbursed only when the debtor company has been declared under liquidation by a court of law upon request from the CSA. The claims and insurance amounts will be paid from the company’s assets, according to the law. In the event a company goes into liquidation, “its clients (the insured) take precedence over the insurer’s assets and come before any other creditor of the insurer, as soon as the liquidation expenses are paid,” Law 32/2000 regulating the insurance sector stipulates. ZF