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Three companies suspended for non-compliance with capital requirements

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Magazine Issue: 
Digital risks, a new challenge for insurers [3]
Magazine date: 
Mar 2015

The Insurance and Pension Commission (IPEC) has suspended three companies holding less than the legal minimum capital of 1.5 million USD.
The list of companies includes the insurers KMFS, Global Insurance and the reinsurer New Reinsurance Company.

The suspensions were made effective after the on-site checks carried out by IPEC have concluded that these companies were unable to comply with the minimum capital requirements defined in the Circular 1 of 2014.

Note that the approval for the Altfin Insurance Company was withdrawn in early 2015 after a suspension for the same reasons in 2014.

Thu, 26/03/2015 - 17:22

Source URL: https://www.atlas-mag.net/en/article/three-companies-suspended-for-non-compliance-with-capital-requirements

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