OREANDA-NEWS. By its Order No. OD-1385, dated 18 June 2015, the Bank of Russia revoked a reinsurance licence from Express Reinsurance and Insurance Company, limited liability company (registration number in the unified state register of insurance agents is 2713).

The decision is taken due to the insurer's failure to timely eliminate violations of insurance legislation, which served as a ground for the suspension of the reinsurance licence (Bank of Russia Order No. OD-720, dated 3 April 2015, 'On Suspending Reinsurance Licence of Express Reinsurance and Insurance Company, Limited Liability Company'), i.e. due to the failure to properly meet Bank of Russia instructions issued because of the non-compliance with financial stability and solvency requirements in terms of creating insurance reserves and capital with eligible assets. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

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

Express Reinsurance and Insurance Company, limited liability company, shall inform 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 the licence becomes effective.