Bank of Russia Revoked Licence of NCO VZAIMNAYA ZASHCHITA
The decision is taken due to the insurer's failure to eliminate violations of insurance legislation, which served as a ground for the suspension of the mutual insurance licence (Bank of Russia Order No. OD-3230, dated 19 November 2015, 'On Suspending Mutual Insurance Licence of Non-commercial Organisation VZAIMNAYA ZASHCHITA Mutual Insurance Company'), i.e. due to the failure to timely comply with a Bank of Russia instruction. The decision becomes effective the day it is published in the Bank of Russia Bulletin.
Due to the revocation of the licence, non-commercial organisation VZAIMNAYA ZASHCHITA mutual insurance company shall:
- take a decision on the termination of mutual insurance activity in accordance with Russian legislation;
- meet its liabilities arising from insurance (reinsurance) contracts, including the payment of insurance benefits under insured events;
- rescind insurance (reinsurance) contracts.
Комментарии