OREANDA-NEWS. September 21, 2015. The Bank of Russia suspended insurance and reinsurance licences of the following insurance companies:

INTERPOLISTRUST (registration number in the unified state register of insurance agents is 3522) (Bank of Russia Order No. OD-2454, dated 16 September 2015);

Concept (registration number in the unified state register of insurance agents is 3540) (Bank of Russia Order No. OD-2455, dated 16 September 2015).

These decisions were taken due to the insurers’ failure to duly follow a Bank of Russia instruction, namely the non-compliance with the requirements of financial sustainability and solvency with respect to securing insurance reserves and with the procedure and terms of investing their capital and insurance reserves.

The decision shall become 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 insurance contracts, and also on amending respective contracts resulting in increase in the existing obligations of the insurance agent. The insurance company shall accept notifications of claim and meet its obligations.