OREANDA-NEWS. By its Order No. OD-1236, dated 3 June 2015, the Bank of Russia suspended the reinsurance licence of Reinsurance Company SOTIS, limited liability company (registration number in the unified state register of insurance agents 3603).

The decision is taken due to the failure of the insurer to execute Bank of Russia instructions, namely, due to noncompliance with established reporting requirements and requirements to financial sustainability and solvency with respect to making insurance reserves, on the procedure and conditions to invest capital and insurance reserve. The decision becomes effective from 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 obligations of the insurance agent. The insurance agent shall accept applications on the occurrence of insured events and perform obligations.