Bank of Russia Suspended Licence of Derzhava Insurance Company
OREANDA-NEWS. By its Order No. OD-2700, dated 7 October 2015, the Bank of Russia suspended the insurance licence of Derzhava Insurance Company, limited liability company (registration number in the unified state register of insurance agents is 3602).
The decision is taken due to the insurer's failure to execute a Bank of Russia instruction, namely, due to its non-compliance with financial sustainability and solvency requirements with respect to securing insurance reserves, procedure and conditions to invest capital and insurance reserve funds. 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.