OREANDA-NEWS. December 08, 2015. By its Order No. OD-3408, the Bank of Russia revoked the insurance licence of the limited liability company Regional Insurance Company Gubernskaya (registration number in the unified state register of insurance agents is 3479).

This decision is taken due to the failure to remove violations of the insurance legislation in due course, which was a reason for suspending the insurance licence (Bank of Russia Order No. OD-2780, dated 15 October 2015, ‘On Suspending the Insurance Licence of the Limited Liability Company Regional Insurance Company Gubernskaya’), particularly, non-compliance with the Bank of Russia instruction duly related to financial stability and solvency requirements in terms of investing insurance reserves and equity in authorised assets. 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 Regional Insurance Company Gubernskaya 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 the said contracts, insurance brokerage contracts.

The company shall inform the insured persons on the revocation of its licence, early termination of insurance (reinsurance) contracts, insurance brokerage contracts within a month from the day the decision on the revocation of the licence becomes effective.