The Financial Services Authority has issued administrative Decision imposing financial penalty on Dot (insurance broker) pursuant to Article 35 of the Regulation for Insurance Brokers issued vide Decision No. 19/2017.

The decision was issued because the company delayed filing its audited financial statements for the financial year ending on December 31, 2023, which is breach of Article 22 of the same regulations, which obliges insurance brokers to file their audited financial statements and all the attached accounts within 90 days from the end of the financial year.

FSA emphasized continuation of implementing highest standards of regulation and governance and called on all the companies operating in the sector to comply with the applicable laws and regulations and confirmed it will continue taking appropriate legal measures for any violations threatening the stability of the market to safeguard the rights of consumers.