According to the information from the Financial Supervision Commission, all insurances, including Civil Liability of Cars in Olympic Insurance Company, will be created automatically on August 17, 2018, due to the appointment of a preliminary liquidator by the Supervisory Authority against Insurance of the Republic of Cyprus.
In this connection, a client is needed to exclude a new Third Party Liability insurance in another insurance company valid from 00:00 on 18.08.2018.
Commission for Financial Supervision of Awareness, as of today the necessary organization has been established and the Guarantee Fund has provided a technical opportunity for inclusion of new Third Party Liability insurances with other insurers as of today, August 15, 2018.
According to the Bulgarian and Cypriot legislation, upon revocation of a license for an insurance company, the policies are automatically revoked. This will happen on August 17, 2018, and new policies will be valid from 00:00. on 18.08.2018