OREANDA-NEWS. By its Order No. OD-3642, dated 17 December 2015, the Bank of Russia revoked the insurance licence from Novy Vek Insurance Company, limited liability company (registration number in the unified state register of insurance agents 3745).

The decision is taken due to the insurance agent's failure to timely remove violations of insurance legislation, which resulted in suspension of the insurance licence (Bank of Russia Order No. OD-2456, dated 16 September 2015, 'On Suspending the Insurance Licence of Novy Vek Insurance Company, Limited Liability Company'), namely, a failure to meet financial stability and solvency requirements in terms of insurance reserve formation, procedure and conditions to invest equity capital and insurance reserve funds. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of licence Novy Vek Insurance Company, limited liability company, is obliged:
- to take a decision on the termination of the insurance activity in accordance with 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) to cancel these contracts.

Novy Vek Insurance Company, limited liability company, shall inform the insured persons of 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.