Bank of Russia Suspended Licence of Insurance Company OMEGA
OREANDA-NEWS. By its Order No. OD-2702, dated 7 October 2015, the Bank of Russia suspended the insurance licence of limited liability company Insurance Company OMEGA (registration number in the unified state register of insurance agents is 3422).
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 creating insurance reserves, with the 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 and reinsurance contracts and also on amending respective contracts resulting in the increase of the insurer's existing obligations.
The insurer shall accept applications on the occurrence of insured events and perform its obligations.