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Decision of the meeting of the FSC Board from June 16, 2017

Decision of the meeting of the FSC Board from June 16, 2017

At its meeting as of June 16, 2017 FSC decided

To prohibit the free disposal of the assets of Nadejda JSC Insurance Company for a period of one month from the moment of the issue of this decision, with regard to the established violations of the legal framework related to the formation of the technical provisions, as well as due to the ascertained breach of the minimum capital requirements by the above mentioned company.

To prohibit to Nadejda JSC Insurance Company, for a period of one month from the date of receipt of this decision, to conclude new insurance or reinsurance contracts on all classes of insurance, to extend the term of the concluded contracts and to expand the coverage thereof.

To appoint for one month Rozalina Gradinarova-Stoyanova as administrator of Nadejda JSC Insurance Company. The administrator shall perform all functions and have all authority in relation to management and representation of Nadejda JSC Insurance Company, including the functions as an employer. The administrator shall establish the financial situation of the undertaking, remove the violations and manage the undertaking  in the interest of the insured persons and the beneficiaries. The authority of the administrator shall not be limited by the Statute of the Insurer. Notwithdstanding her statutory authority, the administrator shall be appointed with the main task of establishing the financial situation of Nadejda JSC Insurance Company.

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