OREANDA-NEWS. By its Order No. OD-1234, dated 3 June 2015, the Bank of Russia suspended the insurance licence issued to the Insurance Company Russian Alliance, limited liability company (registration number in the unified state register of insurance agents 3829).

The decision is taken due to the failure of the insurer to execute Bank of Russia instructions, namely, due to noncompliance with the requirement to financial sustainability and solvency with respect to securing insurance reserves and capital with admissible assets. The decision becomes effective from the day it is published in the Bank of Russia Bulletin.

Suspended licence of the insurance agent shall mean a prohibition on entering into reinsurance contracts, and also on amending respective contracts resulting in increase in the obligations of the insurance agent. The insurance agent shall accept applications on the occurrence of insured events and perform obligations.