OREANDA-NEWS. May 28, 2015. By its Order No. OD-1157, the Bank of Russia suspended the reinsurance licence issued to Reinsurance Company Profile Re, joint-stock company (registration number in the unified state register of insurance agents 3486).

The decision is taken due to the reinsurance agent’s failure to properly execute Bank of Russia instructions, namely, due to its noncompliance with the requirement to financial sustainability and solvency with respect to securing insurance reserves and capital with admissible assets. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Suspended licence of the insurance agent shall mean a prohibition on entering into reinsurance contracts, and also on amending respective contracts resulting in increase in the existing obligations of the insurance agent.