Bank of Russia Suspended Licence from Insurance Technologies
OREANDA-NEWS. By its Order No. OD-2782, dated 15 October 2015, the Bank of Russia ОРЕАНДА-НОВОСТИ. suspended the insurance licence of Insurance Technologies of 21st Century, limited liability company (registration number in the unified state register of insurance agents 3648).
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, 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.