OREANDA-NEWS. In compliance with Paragraph 2 of Article 2 of Federal Law No. 172-FZ “On Amendments and Additions to the Law of the Russian Federation “On the Organization of Insurance Business in the Russian Federation” and Nullification of Certain Legal Acts of the Russian Federation” the OJSC SOGAZ has announced its choice of insurance specialization, reported the press-centre of SOGAZ.

As per the resolution of the OJSC SOGAZ Board of Directors, the company’s priority will be the following directions: property insurance, insurance against accidents and illness, and medical insurance.

The complete portfolio of current life insurance contracts has been transferred to the specialized insurance company SOGAZ-life Insurance Company, Ltd. SOGAZ-life Insurance Company, Ltd was incorporated in 2004; a corresponding entry was made in the state register of insurance companies (registration number 3825). The company was founded by the OJSC SOGAZ and holds License C No. 3825 77.

The OJSC SOGAZ does not sign new life insurance contracts and bears no responsibility under life insurance contracts.

In accordance with the specialization the OJSC SOGAZ has forwarded to the Federal Insurance Supervision Service the documents required to cancel its license for life insurance services.

All the procedures required for the OJSC SOGAZ to establish its specialization have been duly completed.