Cypriot Insurer Clumped Down By Finance Regulators

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.

– See more at: https://seenews.com/news/bulgaria-bans-cyprus-based-insurer-olympics-branch-from-signing-new-deals-612209#sthash.OrPGePp8.dpuf

Read More

Bulgaria With One Of Largest University Graduate Employment Rates In Europe

7 % оf people with higher education are officially unemployed, BNR reports. The employment rate of the graduates is over 80%,...

Theodore Ushev Nominated For Grammy Award

The new movie of Bulgarian animation artist Theodore Ushev, The Physics of Sorrow, has been shortlisted for the Oscar Award of the American...

Lufthansa Employees Cancel 24 Hour Strike

Employees of the German air carrier Lufthansa's food and beverage service on flight LSG canceled the 24-hour strike planned for today. This was announced by the Verdi syndicate...

Recent

Gallup International: 600,000 Bulgarians Admit They Would Sell Their Vote

Over 600,000 Bulgarians admit that they would vote under pressure or if they receive financial stimulus, a survey of Gallup International shows. Between BGN 150...

Juncker Plan To Provide 10 Million Euros To 320 Small Businesses In Bulgaria

The European Fund for Strategic Investments will provide financial assistance of BGN 10 million for 320 micro-enterprises in Bulgaria, announced the European Commission.

Unemployment Rate In Bulgaria Raised To BGN 24.40 Per Month

Since the beginning of 2020, people who self-pay their compulsory health contributions (eg long-term unemployed, who do not receive unemployment benefits and are...