Magazine date:
Jun 2014 According to non-life insurance report of the 1st quarter of 2014 held by the insurance commission (IPEC), 12 companies, out of 25, own the minimum capital required (1.5 million USD) to continue their activities.
The IPEC said that it "encourages all insurers who fail to comply with the minimum capital requirements to consider merging, if other capital raising initiatives are not fruitful."
In addition, Altfin Insurance and Export Credit Guarantee Corporation (ECGC) are already suspended from writing new business.