CBR reports on suspending insurance and reinsurance licence
OREANDA-NEWS. October 05, 2015. By its Order No. OD-2616 the Bank of Russia suspended the insurance and reinsurance licence of Prospect Insurance Company, limited liability company (registration number in the unified state register of insurance agents is 3962).
The decision is taken due to the insurer’s failure to execute a Bank of Russia instruction, namely, due to 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.