OREANDA-NEWS. December 08, 2015. By its Order No. OD-3413, the Bank of Russia revoked the insurance and reinsurance licences of the limited liability company Insurance Company ZHIVA (registration number in the unified state register of insurance agents is 0158).

This decision is taken due to the failure to remove violations of the insurance legislation in due course, resulting in the suspension of the insurance and reinsurance licences (Bank of Russia Order No. OD-2393, dated 10 September 2015, ‘On Suspending the Insurance and Reinsurance Licences of the Limited Liability Company Insurance Company ZHIVA’), particularly, non-compliance with financial stability and solvency requirements in terms of creating insurance reserves, procedure and conditions to invest equity and insurance reserves. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of the licence the limited liability company Insurance Company ZHIVA 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 under insurance (reinsurance) contracts, and/or cancel these contracts.

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