Bank of Russia Suspended Insurance Licence of Insurance Company RODINA
OREANDA-NEWS. By its Order No. OD-2781, dated 15 October 2015, the Bank of Russia suspended the insurance licence of Russian Insurance Company RODINA, limited liability company (registration number in the unified state register of insurance agents 2632).
The decision is taken due to the failure to perform the Bank of Russia instruction in a proper manner, namely, due to noncompliance with the requirements to financial stability and solvency with respect to creating insurance reserves, procedure and conditions to invest equity and insurance reserves. The decision becomes effective the day it is published in the Bank of Russia Bulletin.
The suspension of the licence held by the insurance agent means prohibition to enter into insurance contracts as well as prohibition of amendments to relevant contracts, leading to the increase of the insurance agent's obligations.
The insurance company must accept notifications of claim and meet its obligations.