OREANDA-NEWS. By its Order No. OD-2559, dated 24 September 2015, the Bank of Russia suspended the reinsurance licence of KAMA RE Reinsurance Company, limited liability company (registration number in the unified state register of insurance agents 3117).

The decision is taken due to the insurer's failure to duly meet the Bank of Russia instruction, particularly, financial stability and solvency requirements in terms of creating insurance reserves, procedure and conditions to invest equity and insurance reserve funds. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

The suspension of licence prohibits the insurance agent from entering into new contracts of reinsurance, and introducing amendments resulting in increase in insurance agent's obligations under the current contracts.