ECJ To Weigh Litigation Stays Under Solvency II Rules

Law360, London (August 27, 2019, 5:47 PM BST) -- Bulgaria has asked Europe’s top court to clarify whether it should halt all litigation against a liquidated Cypriot insurance group under the European Union’s prudential regime for insurers, as a Bulgarian insurance group considers suing.

A Bulgarian court, Sofiyski rayonen sad, has called on the European Court of Justice to weigh in on whether Olympic Insurance Company Ltd. can be considered to have been placed under winding-up proceedings and whether that means all cases against the Cyprus-headquartered insurer must now be stayed.

Bulgaria’s query, published in the Official Journal of the EU on Monday, will determine whether Bulstrad Vienna, which provides...

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