OREANDA-NEWS. By its Order No. OD-3231, dated 19 November 2015, the Bank of Russia revoked the reinsurance licence of Financial Reinsurance Company, limited liability company (registration number in the unified state register of insurance agents is 4237).

The decision is taken due to the insurer's failure to timely remedy the violations of insurance legislation, which served as a ground for the suspension of the reinsurance licence (Bank of Russia Order No. OD-2392, dated 10 September 2015, 'On Suspending Reinsurance Licence of Financial Reinsurance Company, Limited Liability Company', i.e. due to the non-compliance with financial sustainability and solvency requirements with respect to procedure and conditions of investing capital and insurance reserves.

The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of its licence, Financial Reinsurance Company, limited liability company, shall:
- take a decision on the termination of insurance activity in accordance with Russian legislation;
- meet its liabilities arising from insurance (reinsurance) contracts, including the payment of insurance benefits under insured events;
- transfer liabilities taken under insurance (reinsurance) contracts, and/or to cancel these contracts.

Financial Reinsurance Company, limited liability company, shall inform insured persons on the revocation of its licence, early termination of reinsurance contracts and/or transfer of liabilities to another insurer (reinsurer) within a month after the decision on the revocation of the licence becomes effective.