OREANDA-NEWS. By its Order No. OD-1760, dated 23 July 2015, the Bank of Russia suspended the insurance licence of the open joint-stock company Farming Insurance Company PODDERZHKA. IRKUTSK (registration No. 3334 in the unified state register of insurance agents).

This decision is taken due to the failure of the open joint-stock company Farming Insurance Company PODDERZHKA. IRKUTSK to duly meet the Bank of Russia instruction, namely, its non-compliance with financial sustainability 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.

Suspended licence of the insurance agent shall mean a prohibition on entering into new insurance contracts to render services as an insurance broker as well as on amending respective contracts resulting in increase in the existing obligations of the insurance agent. The insurance company must accept notifications of claims and meet its obligations.

Earlier, by its Order No. OD-1304, dated 10 June 2015, the Bank of Russia has appointed the provisional administration of the open joint-stock company Farming Insurance Company PODDERZHKA. IRKUTSK for a term of six months from 10 June 2015 due to the company's poor implementation of the solvency rehabilitation plan with its executive powers suspended.