NICOSIA, Aug. 23 -- EU member-states Bulgaria and Cyprus are at loggerheads over the failure of an insurance company based on the eastern Mediterranean island and on who is to foot the bill for insurance claims totaling 43.5 million euros, Cypriot media reported on Thursday.
Olympic Insurance, which was put in liquidation both in Bulgaria and in Cyprus, is facing 9,500 claims in Bulgaria amounting to 28.5 million euros and 2,500 claims in Cyprus amounting to 15 million euros.
Bulgarian authorities have already asked Cyprus to foot the bill for the money Olympic owes to its citizens.
Cypriot Financial Ombudsman Pavlos Ioannou said on Thursday that he received a letter from a Bulgarian official requesting Cyprus to cover the damages to Bulgarian claimants. He said he is considering the request taking into consideration Cypriot legislation.
Olympic Insurance was based in Cyprus but most of its business was done in Bulgaria, where it had 9 percent of the market with 200,000 insured clients against damage to third parties. Both they and the Cypriot clients of the company had to buy new road insurance.
English language newspaper Cyprus mail published documents which it said proved that the failure of the company could have been avoided had the Cypriot supervisor of insurance companies was more diligent and spotted warnings about its owners shadowy activities.
It said that the owner of Olympic's Luxembourg based parent company, a Spanish citizen, was named in a June 2017 statement issued by Spain's Comision Nacional del Mercado de Valores (CNMV), which supervises the country's financial markets.
It warned investors that his New York Securities Bank based in the Comoros Islands was not authorized to provide services detailed in Spain's Securities Market Act, which include insurance services.
Yet, seven months later the Cypriot supervisor failed to take cognizance of the warning, and he was allowed to buy all shares of Olympic Insurance, totaling almost 8 million, from its previous owner and become its new owner and manager, in January 2016.
The report said that supervisors failed to spot the Spanish warning about the new owner of Olympic, further prohibitions for his parent company to deal in foreign currency.
A report by a reputable audit firm said it could not verify any of several claims about its financial health, including Brazilian sovereign bonds, immovable property, receivables and cash deposits in a shadowy bank in the Comoros islands, which, as it transpired, had the same registration number as one which was owned by him.
Cypriot Auditor General Odysseas Michaelides said via Twitter on Thursday that his office had spotted Olympic's shortcomings when it carried out its audit for 2017.
He said it was one of two companies which would face problems with the introduction of Solvency II, a European Union directive which introduced a harmonized prudential framework for insurance firms across the European Union.
He did not say if he alerted any authorities about his findings, and which.
An official of the Cypriot Motor Insurance Fund, which has been set up by insurance companies to underwrite claims on insurance companies in case of insolvency, said the Fund may pay claims by Bulgarian clients of the company.
Officials said it all boils down to a 5 percent surcharge on road insurance premiums payed by each Cypriot car owner from now on.
2010年中考英语辅导习题
中考知识点总结:that的各种用法
中考英语复习方法与策略:词汇复习
中考英语书面表达如何具有“凤头豹尾”
09中考英语作文真题及范文诵典
中考知识点总结:with+宾语+宾语补足语
中考英语阅读试题日日练及答案---第一周
2010中考英语高分解题技巧:阅读理解
中考英语说明:阅读理解考查的主要内容及解题的方法和技巧
2010年中考英语词组总结:由be构成的词组
2010年中考英语复习:如何才能少走弯路
2010中考英语高分解题技巧:完形填空
2010中考英语高分解题技巧:听力
初中英语句型转换专项练习与解答
2010年中考英语词组总结:由turn、play构成的词组
为何中考英语完形填空最会错
2010中考英语高分解题技巧:书面表达
详解英语单项填空题六大学习方法
中考知识点总结:一般疑问句的四类句型
2010年中考英语词组总结:由look、put、set构成的词组
中考英语完型填空题型分类及解题思路
2010中考英语高分解题技巧:词语填空单词拼写
中考英语单词词组同义替换专项练习
初中英语反意疑问句问答大全
中考英语做题技巧:如何避免思维定势
英语听力指导:“精听”训练提高听力水平
2010年中考英语词组总结:由come、do、get构成的词组
中考冲刺:如何强化各题型的解题技能
中考英语构词法在考试中的应用
中考语文前十天的黄金复习计划
不限 |
英语教案 |
英语课件 |
英语试题 |
不限 |
不限 |
上册 |
下册 |
不限 |