OREANDA-NEWS. By its Order No. OD-1235, dated 3 June 2015, the Bank of Russia suspended the insurance and reinsurance licences of Companion Insurance Group, limited liability company (registration number in the unified state register of insurance agents 3301).

The decision is taken due to the failure of the insurer to execute Bank of Russia instructions, namely, due to noncompliance with the requirement to financial sustainability and solvency with respect to creating insurance reserves, to procedure and conditions of investing capital and insurance reserves. The decision becomes effective from the day it is published in the Bank of Russia Bulletin.

Suspended licences of the insurance agent shall mean a prohibition on entering into insurance and reinsurance contracts, and also on amending respective contracts resulting in increase in the obligations of the insurance agent. The insurance agent shall accept applications on the occurrence of insured events and perform obligations.