OREANDA-NEWS. January 04, 2016. By its Order No. OD-3791, the Bank of Russia resumed the validity of the insurance and reinsurance licences of Insurance Company Pomosch, limited liability company (registration number in the unified state register of insurance agents 3834).

The decision is taken due to the remedy by Insurance Company Pomosch LLC of violations of the insurance legislation which resulted in suspension of its insurance and reinsurance licences (Bank of Russia Order No. OD-2384, dated 10 September 2015). In order to restore financial stability and solvency the insurance agent decreased the authorised capital, restructured assets eligible as collateral for insurance reserves and equity capital of the insurance company, and presented a solvency recovery plan. The insurer’s owners provided it with financial assistance. The provisional administration managing the insurance company will continue implementing measures aimed at recovering solvency of the insurance company. The Bank of Russia monitors the activity of the provisional administration of the insurance company in compliance with the law on insolvency (bankruptcy).

The decision becomes effective the day it is taken.