OREANDA-NEWS. By its Order No. OD-84, dated 14 January 2016, the Bank of Russia revoked insurance licences of Regard Insurance, limited liability company (registration number in the unified state register of insurance agents is 3727).

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 insurance licences, namely, due to the failure to duly execute the Bank of Russia instruction issued in connection with the non-compliance with financial stability and solvency requirements as regards procedure and conditions for investing capital and insurance reserves in eligible assets.

The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of its licences, Regard Insurance, limited liability company, 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 insurance benefits under insured events;

transfer liabilities taken under insurance (reinsurance) contracts, and/or to cancel the said contracts and contracts for insurance brokerage services.

The insurer shall inform insured persons on the revocation of its licences, early termination of insurance (reinsurance) contracts and contracts for insurance brokerage services within a month after the decision on the revocation of its licences becomes effective.