OREANDA-NEWS. By its Order No. OD-3191, dated 16 November 2015, the Bank of Russia revoked insurance licences of Insurance Company Otchizna, limited liability company (registration number in the unified state register of insurance agents is 3913).

The decision is taken due to the insurer's failure to remove violations of insurance legislation within the established deadline which resulted in the suspension of the insurance licence (Bank of Russia Order No. OD-2618, dated 30 September 2015, 'On Suspending the Insurance Licence of Insurance Company Otchizna, Limited Liability Company'), in particular, the non-compliance with financial sustainability and solvency requirements with respect to the procedure and conditions of investing capital.

The decision becomes effective the day it is published in the Bank of Russia Bulletin.

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

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