Copyright insurer D.A.S. to raise capital
Monday, August 22, 2005, 00:00
German copyright insurer D.A.S. Allgemeine Rechtsschutzversicherung will raise the capital at its Hungarian unit, D.A.S. Jogvédelmi Biztosító, by Ft 72 million, almost all of which will go into capital reserves, the company announced on Wednesday. The State Financial Supervisory Authority (PSZÁF) ordered the company to raise capital in a resolution published on Friday, but the increase is still only of a technical nature, according to Gabriella Szuroczki, D.A.S. Jogvédelmi's deputy director for finance. While Hungarian insurance companies have until the end of 2006 to raise their warranty capital to at least Ft 500 million, the PSZÁF, unlike D.A.S., interpreted the requirement to mean that companies whose capital already exceed or exceeded Ft 500 million may not allow them to fall under this amount again, regardless of the 2006 deadline, Szuroczki explained.