The National Agency for Advanced Projects (NAPP) suspended the license issued to the joint-stock company 'KAPITAL SUG'URTA' starting August 26 for a period of ten days. Additionally, penalties were imposed on this company.
This decision was made based on Article 47 of the Law 'On Insurance Activities,' Article 32 of the Law 'On Licensing, Permitting, and Notification Procedures,' and Clause 41 of the Unified Regulation on the Procedure for Licensing Certain Types of Activities. As a result of this decision, license number 049696, which was issued on November 22, 2022, has been suspended.
During the restriction period, 'KAPITAL SUG'URTA' is not entitled to conclude new insurance contracts or renew existing reinsurance agreements. Nevertheless, the insurer is obliged to fulfill all its obligations under contracts concluded previously, in the manner established by law.
The regulator also issued a warning to consumers of insurance services, advising them to refrain from entering into any contracts with this organization until the identified deficiencies are completely eliminated.