August 14 (SeeNews) - The Bulgarian branch of Cyprus-based Olympic Insurance Company said that it will terminate all of its insurance policies on August 17, when the decision for appointing a temporary liquidator of the company will be published in Cyprus' state gazette.
Pavlos Nacouzi from Mazars Limited was appointed temporary liquidator of Olympic Insurance Company on August 10, according to a notice, published on the website of the company's Bulgarian branch.
In May, the Bulgarian financial regulator banned Olympic from signing new insurance and reinsurance contracts in Bulgaria, as well as extending the term and widening the scope of contracts already signed. The decision was taken after Cyprus' finance ministry revoked the licence of Olympic, the Financial Supervision Commission said at the time.