Kentavr Insurance Loses License After Failing Financial Regulations
The Ministry of Finance has revoked Kentavr Insurance Company's operating license. The decision, effective January 12, follows repeated failures to meet financial regulations. Policyholders will now receive partial refunds on their premiums.
Kentavr, one of the country’s oldest insurers since its founding in 1991, first faced trouble in July. Regulators suspended its license for six months after uncovering breaches of insurance laws. The company was given time to correct its capital shortfalls but missed the final deadline.
The Ministry of Finance confirmed the revocation after Kentavr failed to reach the minimum required capital threshold. As a result, the firm must now transfer all active policies to another licensed provider or cancel them outright. The only exceptions are cases where claims for payouts have already been filed. Customers will get back a share of their premiums based on the unused portion of their policies. The refunds aim to compensate for the abrupt end to their coverage under Kentavr.
The license loss forces Kentavr to wind down its operations, leaving thousands of policyholders affected. Those with ongoing contracts must either switch insurers or receive refunds for the remaining term. The Ministry of Finance has not indicated whether further action will be taken against the company.
