Supervisor suspends Olympic Insurance licence citing capital issues

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Supervisor suspends Olympic Insurance licence...
 © BusinessMail 2018
By Stelios Orphanides

The Insurance Companies Control Service (ICCS) said that it temporarily suspended the licence of Olympic Insurance Co. Ltd to enter new business and renew existing contracts citing capital adequacy issues.

“The company’s licence was placed on May 9 under a special regime pending the completion of an administrative act,” a source at the ICCS said in a telephone interview on Monday. The source added that the licence will remain suspended for a month.

The supervisory body described the measure as “serious” and necessary to protect policyholders...


This article was automatically added to our system 15-5-2018

Supervisor suspends Olympic Insurance licence citing capital issues


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