OREANDA-NEWS. August 10, 2015. By its Order No. OD-1693, dated 16 July 2015, the Bank of Russia revoked insurance and reinsurance licences of Companion Insurance Group, limited liability company (registration number in the unified state register of insurance agents is 3301).

The decision is taken due to the failure to eliminate violations of insurance legislation, which served as a ground for the suspension of the insurance and reinsurance licences (Bank of Russia Order No. OD-1235, dated 3 June 2015, ‘On Suspending Insurance and Reinsurance Licences of Companion Insurance Group, limited liability company’): noncompliance with the requirements to financial sustainability and solvency with respect to creating insurance reserves, procedure and conditions of investing equity capital and insurance reserves. The decision becomes effective from the day it is published in the Bank of Russia Bulletin.

Due to the revocation of the licence, Companion Insurance Group, limited liability company, is obliged:

to take a decision on the termination of insurance activity in accordance with legislation of the Russian Federation;

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 the said contracts.

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