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 and said that it was the culmination of a procedure that lasted several months.
“Existing contracts are still valid,” the source added.
Olympic, which has also operations in Bulgaria, did not respond to repeated requests for comment.
Since 2016, the company is owned by Luxembourg’s Hispakol S.A. which more than three weeks ago, announced the acquisition of an online education service provider from Spain’s UGT for €17m.