Bank of Russia Suspended Licence of PRIORITY INSURANCE Company
OREANDA-NEWS. By its Order No. OD-2617, dated 30 September 2015, the Bank of Russia suspended the insurance licence of PRIORITY INSURANCE Company, limited liability company (registration number in the unified state register of insurance agents is 3512).
The decision is taken due to the insurer's failure to properly and timely execute Bank of Russia instructions including its non-compliance with the requirements of financial sustainability and solvency with respect to securing insurance reserves, to procedure and conditions of investing capital and insurance reserves. The decision becomes effective the day it is published in the Bank of Russia Bulletin.
Suspended licence shall mean a prohibition on entering into new insurance contracts and also on amending respective contracts resulting in increase in the existing obligations.
The insurance agent shall accept applications on the occurrence of insured events and perform obligations.