OREANDA-NEWS. By its Order No. OD-2556, dated 24 September 2015, the Bank of Russia revoked the insurance and reinsurance licences from Gialit-Polis Insurance Company, limited liability company (registration number in the unified state register of insurance agents is 3526).

This decision is taken due to the insurance agent's failure to timely remove violations of the insurance legislation which resulted in suspension of the insurance and reinsurance licences (Bank of Russia Order No. OD-2015, dated 6 August 2015, 'On Suspending the Insurance and Reinsurance Licences of Gialit-Polis 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.
The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of licence Gialit-Polis 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.

Gialit-Polis Insurance Company, limited liability company, shall inform the policy holders 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.