OREANDA-NEWS. October 05, 2015. By its Order No. OD-2620, the Bank of Russia revoked the insurance licence of LOTA-Medica Insurance Medical Company, limited liability company (registration number in the unified state register of insurance agents is 2829).

The decision is taken due to the repeated failure within a year to submit to the Bank of Russia reports stipulated by insurance legislation and other federal laws. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of the licence LOTA-Medica Insurance Medical Company, limited liability company, shall:

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

meet its liabilities arising from insurance contracts including the payment of insurance benefits under insurance claims;

transfer liabilities under insurance contracts and/or cancel these contracts.

LOTA-Medica Insurance Medical Company, limited liability company, shall inform the insured persons on the revocation of its license, early termination of insurance contracts and/or transfer of liabilities under insurance contracts to another insurer within a month from the day the decision on the revocation of the licence becomes effective.