Bank of Russia Revoked Licences from National Insurance House
OREANDA-NEWS. By its Order No. OD-2216, dated 20 August 2015, the Bank of Russia revoked the insurance licence from National Insurance House, limited liability company (registration number in the unified state register of insurance agents 1259).
The decision is taken due to the insurance agent's failure to timely remove violations of insurance legislation, which resulted in suspension of the insurance licence (Bank of Russia Order No. OD-1391, dated 18 June 2015, 'On Suspending the Insurance Licence of National Insurance House, Limited Liability Company'), namely, failure to meet the financial stability and solvency requirements in terms of creating insurance reserves, procedure and conditions to invest equity and insurance reserves, and becomes effective the day it is published in the Bank of Russia Bulletin.
Due to the revocation of licence National Insurance House, limited liability company, is obliged:
- to take a decision on the termination of the insurance activity in accordance with Russian legislation;
- to meet its liabilities arising from insurance (reinsurance) contracts, including the payment of insurance benefits under insurance claims;
- to transfer liabilities taken under insurance (reinsurance) contracts, and/or to cancel these contracts.
National Insurance House, limited liability company, shall inform the insured persons of the revocation of its licence, early termination of insurance (reinsurance) contracts and/or transfer of liabilities taken under insurance contracts to another insurer within a month after the decision on the revocation of licence becomes effective.