The Bucharest Court of Appeal said it denied a request by Euroins Romania, part of Bulgaria’s Euroins Insurance Group, to suspend the decision of Romania’s financial regulator ASF to revoke the insurer’s operating licence, according to See News. 

The court dismissed Euroins Romania’s request as unfounded, according to a document published on the justice ministry’s website on Thursday.

The Financial Supervisory Authority (ASF) took note of the court’s decision, which confirms the legality of its measures against Euroins, the regulator said in a press release.

On March 17, the ASF withdrew the operating licence of Euroins Romania and decided to file a request in court to start bankruptcy proceedings. The Romanian financial supervision authority also appointed the Policiyholders Guarantee Fund (FGA) as an interim administrator of Euroins.

A court document published on the justice ministry’s website and registered at the Bucharest Tribunal on March 21 shows that a bankruptcy petition was subsequently filed against Euroins Romania, where the ASF is featured as a creditor among several companies.