OREANDA-NEWS. November 19, 2015. By its Order No. OD-3190, the Bank of Russia revoked the insurance and reinsurance licences of Insurance Company DAR, closed joint-stock company (registration number in the unified state register of insurance agents 3741).

This decision is taken due to the failure to timely remove violations of the insurance legislation which served as ground for suspending the insurance licence and reinsurance licence (Bank of Russia Order No. OD-2613, dated 30 September 2015, ‘On Suspending the Insurance and Reinsurance Licences of Insurance Company DAR, closed joint-stock company’), particularly, incompliance with financial stability and solvency requirements in terms of 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 licence Insurance Company DAR, closed joint-stock company, 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 cancel these contracts.

Insurance Company DAR, closed joint-stock company, shall inform the insured persons on the revocation of its licence, 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 licence becomes effective.