The Insurance Monitoring Commission (CSA) placed the insurance company Ardaf Cluj-Napoca under special administration yesterday, deciding that the company's management has endangered the possibility of honoring obligations toward insured parties and other creditors. As special administrator of the company, the CSA Council appointed the lawyer Radu Cocea to take all attributes of the Ardaf board. Ardaf can submit a complaint against 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.

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