CBR reports on revocation of insurance and reinsurance licences
OREANDA-NEWS. August 24, 2015. By its Order No. OD-2212, the Bank of Russia revoked the insurance and reinsurance licences from My Insurance Company, limited liability company (registration number in the unified state register of insurance agents is 3895).
This decision is taken due to the insurance agent’s failure to remove violations of the insurance legislation which resulted in suspension of the insurance and reinsurance licences (Bank of Russia Order No. OD-1232, dated 3 June 2015, ‘On Suspending the Insurance and Reinsurance Licences of My Insurance Company, Limited Liability Company’), particularly, violation of financial stability and solvency requirements in terms of creating insurance reserves, procedure and conditions to invest equity and insurance reserve funds, and becomes effective the day it is published in the Bank of Russia Bulletin.
Due to the revocation of licence My Insurance Company, 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.
My Insurance Company, limited liability company, shall inform the insured persons on 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.