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Oct 2016 Insurance and Pension Commission (IPEC) has warned insurers that any particularly aggressive tariff practices devoid of actuarial foundation, discovered during the controls undertaken by its agency, will result in license withdrawal. The sector’s policeman is keen on preserving healthy local insurance companies.
The first half of 2016 reported a 38.95% decrease in after-tax profits which dropped from 3.92 million USD by 31 March 2015 down to 2.39 million USD in the first quarter of 2016, a fall accounted for mainly by economic slowdown.
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