OREANDA-NEWS. By its Order No. OD-808, the Bank of Russia suspended the insurance and reinsurance licences of ORANTA INSURANCE, limited liability company (registration number in the unified state register of insurance agents 3028).

The decision is taken due to the insurance company's failure to duly meet the Bank of Russia instruction, particularly, financial stability and solvency requirements in terms of creating insurance reserves, procedure and conditions to invest equity and insurance reserve funds.

The suspension of licence prohibits the insurance agent from entering into new contracts of insurance and introducing amendments resulting in increase in insurance agent's obligations under the current contracts. The insurance company must accept notifications of claim and meet its obligations.

By its Order No. OD-809, dated 16 April 2015, the Bank of Russia appointed a provisional administration to the insurance company ORANTA INSURANCE, limited liability company (location: 8 Preobrazhenskaya Ploshchad, Moscow, 107061; TIN 7709254400; PSRN 1027739075682) from 16 April 2015.

The powers of the executive bodies of the insurance company are suspended.

Dmitry Andreev (mailing address: P.O. Box 62, Moscow, 127051), receiver, member of non-profit partnership Receivers' Union Avangard (5 Makarenko Street, bldg. 1, office 3, Moscow, 105062), has been appointed as a head of the provisional administration.