OREANDA-NEWS. By its Order No. OD-3409, dated 1 December 2015, the Bank of Russia revoked the reinsurance licence of the limited liability company Reinsurance Company KAMA RE (registration number in the unified state register of insurance agents is 3117).

This decision is taken due to the failure to remove violations of the insurance legislation in due course, resulting in the suspension of the reinsurance licence (Bank of Russia Order No. OD-2559, dated 24 September 2015, 'On Suspending the Reinsurance Licence of the Limited Liability Company Reinsurance Company KAMA RE'), particularly, non-compliance with financial stability and solvency requirements in terms of procedure and conditions to invest equity, and due to repeated failure within a year to present statements to the Bank of Russia as stipulated by the insurance legislation and other federal laws. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

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

The limited liability company Reinsurance Company KAMA RE shall inform the 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 from the day the decision on the revocation of the licence becomes effective.