OREANDA-NEWS. By its Order No. OD-3720, dated 24 December 2015, the Bank of Russia revoked the insurance licence of the limited liability company Financial and Insurance Company Slavyanka (registration number in the unified state register of insurance agents is 3682).

The decision was taken due to the insurer’s failure to eliminate violations of insurance legislation, which served as a ground for the suspension of the insurance licence (Bank of Russia Order No. OD-1759, dated 23 July 2015, ‘On Suspending Insurance Licence of the Limited Liability Company Financial and Insurance Company Slavyanka’), i.e. due to the failure to timely comply with Bank of Russia instruction No. 39-6-6/25078, dated 15 September 2014, issued due to the failure to comply with the requirements of financial stability and solvency with regard to securing insurance reserves and own funds with eligible 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 Financial and Insurance Company Slavyanka shall:

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

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

transfer liabilities under insurance (reinsurance) contracts and (or) rescind these contracts.

The limited liability company Financial and Insurance Company Slavyanka 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.