OREANDA-NEWS. July 27, 2015. By its Order No. OD-1755 the Bank of Russia revoked an insurance licence from Insurance Company KOMESTRA, limited liability company (registration number in the unified state register of insurance agents is 1922).

The decision is taken due to the failure to eliminate the following violations of insurance legislation within the prescribed timeframe, which served as a ground for the suspension of the insurance licence (Bank of Russia Order No. OD-1156, dated 26 May 2015, ‘On Suspending Insurance Licence of Insurance Company KOMESTRA, limited liability company’): noncompliance with the requirements to financial sustainability and solvency with respect to covering of insurance reserves and equity with eligible assets, and failure to submit documents as requested by the Bank of Russia. The decision becomes effective from the day it is published in the Bank of Russia Bulletin.

Due to the revocation of the licence, Insurance Company KOMESTRA, 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 under insurance (reinsurance) contracts, and/or cancel these contracts.

Insurance Company KOMESTRA, limited liability company, shall inform insured persons on the revocation of its licence, early termination of insurance contracts and/or transfer of liabilities under insurance (reinsurance) contracts to another insurer within a month after the decision on the revocation of the licence becomes effective.