OREANDA-NEWS. The Bank of Russia took a decision to revoke the insurance licence from the closed joint-stock company Insurance Company ASK-Petersburg (registration number in the unified state register of insurance agents 1709).

This decision is taken due to the failure of the insurance agent to timely remove violations of the insurance legislation which served as ground for suspending the insurance licence (Bank of Russia Order No. OD-428, dated 24 February 2015, 'On Suspending the Insurance Licence of the Closed Joint-Stock Company Insurance Company ASK-Petersburg'), particularly, violation of financial stability and solvency requirements in terms of creating insurance reserves, procedure and conditions to invest equity and insurance reserve funds. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of licence the closed joint-stock company Insurance Company ASK-Petersburg is obliged:
- to take a decision on the termination of the insurance activity in accordance with Russian legislation;
- to meet its liabilities arising from insurance (reinsurance) contracts, including the payment of insurance benefits under insurance claims;
- to transfer liabilities taken under insurance (reinsurance) contracts, and/or to cancel these contracts.

The closed joint-stock company Insurance Company ASK-Petersburg shall inform the insured persons on the revocation of its licence, early termination of insurance (reinsurance) contracts and/or transfer of liabilities taken under insurance contracts to another insurer within a month after the decision on the revocation of licence becomes effective.