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SOFIA (Bulgaria), December 18 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has decided to revoke the licence of local insurance company Euroamerican due to a gross violation of the Insurance Code.
The regulator also banned the company from carrying out operations with its assets and from signing new insurance contracts for a six-month period starting from December 17, the FSC said in a statement on Tuesday.
The FSC also appointed Stefan Stefanov to act as conservator until a liquidator is appointed.
Insurance company Euroamerican, previously named health insurance company Planeta, has a registered capital of 5 million levs ($2.8 million/2.6 million euro).
(1 euro = 1.95583 levs)