Insurance company Ardaf Cluj-Napoca was placed under special administration by the Insurance Monitoring Commission...Insurance company Ardaf Cluj-Napoca was placed under special administration by the Insurance Monitoring Commission (CSA).
CSA ruled that the companys management has endangered the possibility of honoring obligations toward insured parties and other creditors. It also appointed lawyer Radu Cocea to take all attributes of the Ardaf board. Ardaf can contest the decision within ten days.
The institution explained in a press release that the measure does not have any implication for the commercial activity of Ardaf as they were only meant to contribute to the financial recovery of the company and to protect the rights of the insured. CSA insisted that all insurance contracts would carry on under normal conditions.
This is the second time Ardaf has undergone financial recovery procedures after September 2005. Back then, the council closed the procedure three months later.
Ardaf was founded in 1992 and has a share capital of RON 50,065,826. Its shareholders are S.C. Tender S.A - 70,69 per cent,Clairmont Holding Limited - 12,71 per cent, Raiffeisen Zentralbank Austria - 10,15 per cent and others - 6,45 per cent. It had a turnover of RON 244.114.239 in 2005.