Kazakh insurance company’s license suspended

Kazakh insurance company’s license suspended
21:15 12-08-2018 | icon 26

Baku, Azerbaijan, Aug. 12

By Leman Zeynalova – Trend:

The license of Kazakhstan’s "Salem Insurance Company" for the right to carry out insurance (reinsurance) activity has been suspended, the country’s National Bank said in a message.

"The company’s license has been suspended since August 10, 2018 for the period until February 10, 2019 upon the decision of the Board of the National Bank of Kazakhstan dated July 30, 2018," the message said.

This decision was made due to the company’s non-compliance with requirements of prudential standards established by the legislation of Kazakhstan.

It is banned for the company to enter into new insurance (reinsurance) contracts, including the extension of existing insurance (reinsurance) contracts till the term of suspension of the license expires.

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