Chief Prosecutor orders a check into bankrupt Olympic insurance company

Bulgaria’s Chief Prosecutor Sotir Tsatsarov has ordered a check into the case of the termination of the activities of the branch of Olympic Insurance Company in Bulgaria, the prosecutor’s office announced on 20^th of August. The check will focus on the way in which the state insurance supervision was exercised by the Financial Supervision Commission, its relevant Deputy Chairperson in charge of the Insurance Supervision Division and that management, with respect to the particular insurer.

The check will also look into the compliance with the requirements of the law regarding the start of operations of the branch of Olympic Airlines in Bulgaria, the implementation of the powers of the supervisory authorities under the Insurance Code and the Financial Supervision Commission Act, as well as the exercise of ongoing supervision, including after the ban issued for Olympic to conclude new contracts and to extend the term of the previous ones.

The check is carried out by a prosecutor from the Supreme Cassation Prosecutor's Office and is assigned to the State Agency for National Security.

A meeting at the Council of Ministers is looking into the possibilities of assistance to the clients of the Cyprus-based Olympic insurance company which has gone bankrupt.

Because of this, 200,000 clients were left without third party liability insurance policies, estimated at 9,350,000 BGN (4,781,000 euro).

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