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Bulgarian regulator curbs local ops of Cypriot insurer due to license revocation

The Bulgarian Financial Supervision Commission banned the Bulgarian branch of Cyprus-based Olympic Insurance Co. Ltd. from signing new insurance and reinsurance contracts, the regulator announced May 10.

The Bulgarian regulator's decision, which also prohibits the branch from prolonging and widening the scope of existing insurance contracts, comes after the license of the Cypriot parent was revoked by Cyprus' Insurance Companies Control Service.

Under the Cypriot law, Olympic was granted a special license that allows the company only to service and collect premiums on existing contracts, and settle its financial obligations, including pending insurance claims.

The Cypriot regulator appointed Mazars Ltd. as a special administrator to ensure that the Cyprus-based company only carries out activities envisaged by the special license. The administrator is responsible for the overall activity of the insurer, including its operations in Bulgaria, the Bulgarian regulator noted.