The National Bank of Kazakhstan suspended the license of the insurance company Kompetenz for provision of a range of services, reads the regulator's report on Aug. 1.
The insurance company Kompetenz is prohibited from entering into new contracts for compulsory, voluntary insurance and reinsurance before the expiration of the license suspension period (August 1, 2018 - February 1, 2019).
"This decision was made by the National Bank for non-compliance of Kompetenz JSC with the requirements of prudential standards established by the legislation of the Republic of Kazakhstan," the regulator said.
The National Bank of Kazakhstan mentioned that under previously concluded insurance and reinsurance contracts, Kompetenz JSC has to fulfill its obligations.
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