TheBucharest Appeals Court approved a request from Romania's FSA to declare thebankruptcy of insurer AstraAsigurari, SEE News reported April 29.

Thecourt's decision is final and Romania's Policyholders Guarantee Fund will paycompensation of up to €100,000 to each of the company's creditor.

Thefinancial watchdog canceled the insurer's license in August 2015 and filed for its bankruptcy inSeptember 2015. A local court approved the bankruptcy in December 2015, which then required theappeals court's approval.

Astrais controlled by local businessman Dan Adamescu, who was charged in March withmoney laundering and abuse of office, SEE News noted.