The finance ministry has announced that the license of privately owned B&B Insurance will be suspended from May 15 to November 14, 2014.
The ministry said on Monday that the insurer had failed to correct irregularities found by a government inspection late last year.
In December 2013, the ministry placed B&B Insurance under its operational supervision for having lower-than-required insurance reserves and authorized capital.
The insurer pledged to take steps to raise its authorized capital and insurance reserves to the required level by this April.
