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Insurance company "Balta" operations temporarily suspended

 RIGA, April 16 - The Financial and Capital Market Commission today imposed several restrictions on the operations of the joint-stock insurance company "Balva" - the company must continue to fulfill its obligations to customers but it may not sign new insurance policies, as "Nozare.lv" learned from the commission.

According to the Financial and Capital Market Commission's Communication Department head Laima Auza, the council of the commission took the decision in order to protect insured persons' interests.

According to the Financial and Capital Market Commission's decision, "Balva" may not sign new insurance policies, increase insurance claim amounts or extend insurance agreements. The commission took the decision after establishing several violations of legal requirements at "Balva". As soon as these violations are rectified, the commission will consider lifting the restrictions. Under the law, the company has six months to rectify the violations.

The commission explains that its decision will have no effect on the company's customers - the insurance contracts signed by "Balva" are still in force and the company must fulfill all its obligations to customers.

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