Bank of Russia Suspended licence of Insurance Company AVRORA-GARANT
The decision is taken due to the insurer's failure to properly execute a Bank of Russia instruction, namely, due to its non-compliance with financial sustainability and solvency requirements and with procedure and conditions of investing capital and insurance reserves. The decision becomes effective the day it is published in the Bank of Russia Bulletin.
Suspended licence shall mean a prohibition on entering into new insurance contracts and also on amending respective contracts resulting in increase in the existing obligations.
The insurance agent shall accept applications on the occurrence of insured events and perform obligations.
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