Bank of Russia Suspended Licences of Insurance Company Praktika
OREANDA-NEWS. By its Order No. OD-2225, dated 20 August 2015, the Bank of Russia suspended the insurance licence of Insurance Company Praktika, limited liability company (registration number in the unified state register of insurance agents 0417).
The decision is taken due to the insurer's failure to duly meet the Bank of Russia instructions, particularly, financial stability and solvency requirements in terms of creating insurance reserves, procedure and conditions to invest equity and insurance reserve funds.
The decision becomes effective the day it is published in the Bank of Russia Bulletin.
The suspension of licence prohibits the insurance agent from entering into new contracts of insurance and introducing amendments resulting in increase in insurance agent's obligations under the current contracts.
The insurance company must accept notifications of claim and meet its obligations.