OREANDA-NEWS. By its Order No. OD-998, dated 7 May 2015, the Bank of Russia suspended the insurance licence of Insurance Company ASKO-Life, limited liability company (registration number in the unified state register of insurance agents 3999).

The decision is taken due to the insurer’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 decision becomes effective the day it is published in the Bank of Russia Bulletin.

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.