Bulgarian regulator revokes licence of insurer TUMICO

SOFIA (Bulgaria), December 4 (SeeNews) – Bulgaria’s financial regulator said it has revoked the licence of local insurer Trade Union Mutual Insurance Cooperative – TUMICO.

The license has been revoked as the company does not cover the minimum capital requirement and the solvency capital requirement, the Financial Supervision Commission said in its decision published on Friday.

The financial regulator has appointed two administrators at TUMICO to run the company until a court appoints a receiver.