OREANDA-NEWS. By its Order No. OD-2691, dated 7 October 2015, the Bank of Russia revoked the insurance licence of Svyatogor Insurance Company, limited liability company (registration number in the unified state register of insurance agents - 3322).

The decision is taken due to the insurer's repeated failure 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 its licence, Svyatogor Insurance Company, limited liability company, shall:
- take a decision on the termination of insurance activity in accordance with Russian legislation;
- meet its liabilities arising from insurance contracts, including the payment of insurance benefits under insured events;
- transfer liabilities taken under insurance contracts, and/or cancel these contracts.

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