CBR reports on revocation of insurance licence
OREANDA-NEWS. October 05, 2015. By its Order No. OD-2611 the Bank of Russia revoked the insurance licence from Podderzhka. Irkutsk Peasant Insurance Company, open joint-stock company (registration number in the unified state register of insurance agents 3334).
The decision is taken due to the insurance agent’s failure to eliminate violations of the insurance legislation on time, which have served the basis for licence suspension (Bank of Russia Order No. OD-1760, dated 23 July 2015, ‘On Suspending Insurance Licence of the Open Joint-stock Company Podderzhka. Irkutsk Peasant Insurance Company). In particular, the insurance agent failed to duly comply with Bank of Russia instructions No. Т6-16-3-5/17461 of 8 May 2015 issued due to the non-compliance with the requirements of financial soundness and solvency with regard to security of insurance reserve funds and own funds with eligible assets. The decision becomes effective the day it is published in the Bank of Russia Bulletin.
Due to the licence revocation the open joint-stock company Podderzhka. Irkutsk Peasant Insurance Company should:
take a decision to terminate insurance activity in accordance with the Russian Federation legislation;
honour obligations envisaged by insurance (reinsurance) agreements, in particular pay indemnities for insured events;
transfer obligations assumed under insurance (reinsurance) agreements and (or) terminate these agreements.
The open joint-stock company Podderzhka. Irkutsk Peasant Insurance Company shall, within a month after the decision on licence revocation becomes effective, notify the insured persons about the licence revocation, early termination of insurance (reinsurance) agreements and (or) transfer of obligations assumed under insurance agreements to another insurance agent.