Watchdog shuts down insurer

The Private Insurance Supervisory Committee, or EPEIA, yesterday revoked the license of Commercial Value insurance company and placed the company in liquidation, after a months-long saga. The deadline of February 18 for a share capital increase came and went without a single euro being paid by the insurer’s main shareholders, leaving EPEIA with no other option than to close the company and leave 250 employees without jobs. As a result, thousands of clients will have only 30 days of coverage from the insurers’ emergency fund and then must find another insurance company. Russian investment group Borodino, which had expressed interest in Commercial Value, failed to submit to EPEIA the necessary documents that would enable the committee to decide whether it would be eligible to buy a controlling stake in the now-defunct insurer. The committee has appointed a liquidation officer and has ordered the sealing of Commercial Value’s offices.

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