site.btaFinancial Supervision Commission Revokes Insurance License of DallBogg: Life and Health Insurance Company

The Financial Supervision Commission (FSC) decided to revoke the insurance license of DallBogg: Life and Health Insurance Joint Stock Company AD, the regulator said, reporting a decision made on Tuesday.

Further details will be announced by the FSC later today.

In early April, the Financial Supervision Commission imposed a ban on the DallBogg: Life and Health Insurance Company from concluding new insurance or reinsurance contracts across all or specific classes of insurance, as well as from extending the terms of existing contracts or expanding their coverage.

The FSC said the ban is intended to protect the interests of policyholders and to ensure the company's solvency. The measure came in response to violations of market conduct rules and breaches of the Insurance Code. 

Protests, organized by the DallBogg: Life and Health Insurance Company and its clients in May in front of the Council of Ministers building, demanded the resignation of Financial Supervision Commission's leadership team. The demonstrators rallied against the rising cost of the mandatory insurance against civil liability.