Bulgaria’s financial regulator said it has banned the local branch of Cyprus-based insurer Olympic from signing new insurance and reinsurance contracts, as well as extending the term and widening the scope of contracts already signed.
The decision comes after Cyprus’ finance ministry revoked the licence of Olympic, the Financial Supervision Commission (FSC) said in a statement on Thursday.
The Cyprus-based insurer was granted a special licence by the country’s finance ministry to continue its activities in relation to contracts already signed.
“Mazars Limited was appointed as a special administrator to ensure that the Cyprus-based company will only carry out activities envisaged by its licence,” according to the statement.
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