CBR reports on revocation of insurance and reinsurance licences
OREANDA-NEWS. August 24, 2015. By its Order No. OD-2214, the Bank of Russia revoked the insurance and reinsurance licences from the limited liability company Insurance Company VOSTOK-ALLIANCE (registration number in the unified state register of insurance agents is 2895).
This decision is taken due to the failure to remove violations of the insurance legislation, which resulted in suspension of the insurance and reinsurance licences (Bank of Russia Order No. OD-1256, dated 8 June 2015, ‘On Suspending the Insurance and Reinsurance Licences of the Limited Liability Company Insurance Company VOSTOK-ALLIANCE’), 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 VOSTOK-ALLIANCE 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 VOSTOK-ALLIANCE 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.