More consumer protection in financial sector

The government is looking for new ways to boost protection for insurance policyholders even if insurers lose their licence for failing to meet tougher regulatory standards.

Georgiades told the Cyprus Business Mail that “we have requested external technical assistance to review the insurance supervisory service with a view to enhance its capabilities”.

Cyprus’s request, which according to sources familiar with the matter was filed at the European Insurance and Occupational Pensions Authority, an independent body advising European institutions on matters related to financial stability, came as the island is preparing to implement the Solvency II European directive.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.