OREANDA-NEWS. By its Order No. OD-3015, dated 2 November 2015, Bank of Russia revoked insurance and reinsurance licences from the limited liability company Insurance Company AMKOpolis (registration number in the unified state register of insurance agents 3582).

This decision is taken due to the failure of the insurance agent to timely remove violations of the insurance legislation which served as a ground for suspending the insurance and reinsurance licences (Bank of Russia Order No. OD-2224, dated 20 August 2015, 'On Suspending the Insurance and Reinsurance Licences of the Limited Liability Company Insurance Company AMKOpolis'), particularly, incompliance with financial stability and solvency requirements with respect to 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.

Due to the revocation of the licences the limited liability company Insurance Company AMKOpolis is obliged:
- to take a decision on the termination of the insurance activity in accordance with the Russian legislation;
- to meet its liabilities arising from insurance (reinsurance) contracts, including the payment of insurance benefits under insurance claims;
- to transfer liabilities taken under insurance (reinsurance) contracts, and/or to cancel these contracts.

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