CBR reports on suspending insurance licence
OREANDA-NEWS. October 05, 2015. By its Order No. OD-2618, the Bank of Russia suspended the insurance licence of Otchizna Insurance Company, limited liability company (registration number in the unified state register of insurance agents is 3913).
The decision is taken due to the insurer’s failure to properly execute a Bank of Russia instruction, namely, due to its failure to remedy the violations of financial sustainability and solvency requirements with respect to securing insurance reserves and capital with admissible assets. 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.