OREANDA-NEWS. January 19, 2016. By its Order No. OD-80, the Bank of Russia revoked the insurance licence of the Russian insurance company RODINA, limited liability company (registration number in the unified state register of insurance agents is 2632).

The decision is taken due to the insurer’s failure to timely eliminate violations of insurance legislation, which served as a ground for the suspension of the insurance licence (Bank of Russia Order No. OD-2781, dated 15 October 2015, ‘On Suspending Insurance Licence of the Russian Insurance Company RODINA, Limited Liability Company’), i.e. due to the non-compliance with financial stability and solvency requirements in terms of creating insurance reserves, procedure and conditions of investing equity and insurance reserves. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of its licences, the Russian Insurance Company RODINA, limited liability company, is obliged:

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

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

to transfer liabilities taken under insurance (reinsurance) contracts, and/or cancel these contracts.

The Russian Insurance Company RODINA, limited liability company, shall inform insured persons on the revocation of its licences, 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 the licences becomes effective.