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Appointment of provisional liquidator of "Olympic Insurance Company Ltd"


In accordance with Article 624, Para. 3 in relation to Para. 2 of the Code on Insurance the Financial Supervision Commission informs all interested parties about the following:

Based on the provisions of Article 320 (1) of the Insurance and Reinsurance Business and Other Related Issues Laws of 2016 and 2017 the competent authority of Cyprus with a Decision from 10 August 2018 appointed Mr. Pavlos Nacouzi, of Mazars Ltd as provisional liquidator of "Olympic Insurance Company Ltd".

The address of the liquidator is: Tlais Tower, 2 Romanos Street, 1 Floor, 1070 Nicosia, Cyprus.
 
The liquidator is appointed with the following terms:
  • To take the necessary steps to protect the assets and maintain the status of the company.
  • To take under his control or custody all ownership and conductive rights the company is entitled to or appears to be entitled to.
  • To represent and bind the company.
  • To take all necessary actions in relation with the termination of all non-life insurance contracts of the company.
  • To carry out all other actions provided by the laws of the Republic of Cyprus for the provisional liquidator.
The appointment period of Mr. Pavlos Nacouzi as provisional liquidator expires simultaneously with the appointment of the liquidator of the company by the Court.
In accordance with the provisions of Article 323 of the Insurance and Reinsurance Business and Other Related Issues Laws of 2016 and 2017, with the publication of the above appointment of the provisional liquidator in the Official Gazette of the Republic of Cyprus, the insurance contracts of the company are terminated.

In relation to the abovementioned measures a communication in English language was published on the website of the Cyprus competent authority. The communication can be accessed on the following link:

http://mof.gov.cy/assets/modules/wnp/articles/201808/430/editor/olympic_liquidator_eng_translation.pdf.