OREANDA-NEWS. December 22, 2015. By its Order No. OD-3650,  the Bank of Russia suspended the reinsurance licence of Capital Insurance and Reinsurance Centre, limited liability company (registration number in the unified state register of insurance agents 3770).

The decision is taken due to the failure of Capital Insurance and Reinsurance Centre, limited liability company, to duly meet the Bank of Russia instruction, particularly, a failure to meet financial stability and solvency requirements with regard to the procedure and conditions for investing equity capital and insurance reserve funds. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

The suspension of licence prohibits the insurance agent from entering into new contracts of insurance, contracts of reinsurance, and introducing amendments resulting in increase in insurance agent’s obligations under the current contracts.

The insurance company must accept notifications of claim and meet its obligations.