CBR reports on revocation of insurance licence
OREANDA-NEWS. August 24, 2015. By its Order No. OD-2205, the Bank of Russia revoked the insurance licence from the limited liability company Insurance Company Fakel (registration number in the unified state register of insurance agents is 3756).
This decision is taken due to the failure to remove violations of the insurance legislation on a timely basis, which resulted in suspension of the insurance licence (Bank of Russia Order No. OD-1392, dated 18 June 2015, ‘On Suspending the Insurance Licence of the Limited Liability Company Insurance Company Fakel’), particularly, non-compliance with 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.
Due to the revocation of the licence the limited liability company Insurance Company Fakel 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 under insurance (reinsurance) contracts, and/or cancel these contracts.
The limited liability company Insurance Company Fakel shall inform the insured persons on the revocation of its licence, early termination of insurance (reinsurance) contracts and/or transfer of liabilities under insurance contracts to another insurer within a month from the day the decision on the revocation of the licence becomes effective.