OREANDA-NEWS. By its Order No. OD-3719, dated 24 December 2015, the Bank of Russia revoked the insurance licence of the Insurance Company Mayak, limited liability company (registration number in the unified state register of insurance agents — 3754).

The decision is taken due to the insurer’s failure to eliminate the violations of insurance legislation, which served as a ground for the suspension of the insurance licence (Bank of Russia Order No. OD-2690, dated 7 October 2015, i.e. due to the failure to timely meet a Bank of Russia instruction issued because of the non-compliance with financial sustainability and solvency requirements in terms of securing capital insurance reserves with eligible assets. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of its licence, the Insurance Company Mayak, limited liability company, shall:

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

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

transfer its liabilities taken under insurance (reinsurance) contracts and/or to cancel the contracts on rendering services as an insurance broker.

The insurer shall inform insured persons on the revocation of its licence, early termination of insurance (reinsurance) contracts and contracts to render services as an insurance broker within a month after the decision on the revocation of the licence becomes effective.