OREANDA-NEWS. By its Order No. OD-3189, dated 16 November 2015, the Bank of Russia suspended the insurance licence of Insurance Company EconomStrakhovanie, limited liability company (registration No. 2621 in the unified state register of insurance agents).

This decision is taken due to the insurer's failure to execute the Bank of Russia instruction, namely, due to its non-compliance with the requirements of financial sustainability and solvency with respect to securing insurance reserves, procedure and conditions to invest capital and insurance reserves.

The decision becomes 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 new insurance contracts, as well as on amending respective contracts resulting in increase in the existing obligations of the insurance agent.

The insurance agent shall accept applications on the occurrence of insured events and perform obligations.