OREANDA-NEWS. By its Order No. OD-3723, dated 24 December 2015, the Bank of Russia revoked the mutual insurance licence of the non-commercial organisation VZAIMNAYA ZASHCHITA mutual insurance company (registration number in the unified state register of insurance agents is 4285).

The decision is taken due to the insurer’s failure to eliminate violations of insurance legislation, which served as a ground for the suspension of the mutual insurance licence (Bank of Russia Order No. OD-3230, dated 19 November 2015, ‘On Suspending Mutual Insurance Licence of Non-commercial Organisation VZAIMNAYA ZASHCHITA Mutual Insurance Company’), i.e. due to the failure to timely comply with a Bank of Russia instruction. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of the licence, non-commercial organisation VZAIMNAYA ZASHCHITA mutual insurance company shall:

take a decision on the termination of mutual insurance activity in accordance with Russian legislation;

meet its liabilities arising from insurance (reinsurance) contracts, including the payment of insurance benefits under insured events;

rescind insurance (reinsurance) contracts.