The Insurance Supervision Agency (ISA) has recommended to all insurance companies to refrain from paying dividends for their operations in 2021, as decided by the Council of Experts of the ISA at the last session held on March 10, the agency said.

ISA recommends to all insurance companies, that ended last year with a profit, to use those funds to reinvest in the insurance business or to increase their reserves. At the same time, ISA recommends to the companies that planned to pay dividends to shareholders, to keep those funds and eventually use them to cover unforeseen and unexpected liabilities until the end of 2022.

This recommendation was made by the agency based on the assessment of the current economic environment and possible effects on the insurance companies' operations.

Out of 16 insurance companies, 10 ended last year with a profit. At that, 6 of them are non-life insurance companies, and 4 - life insurance companies.