OREANDA-NEWS. January 19, 2016. By its Order No. OD-78, the Bank of Russia revoked insurance licences of the open joint-stock company government-controlled insurance company Podderzhka (registration number in the unified state register of insurance agents is 1383).

The decision is taken due to the insurer’s failure to eliminate within the established deadline violations of insurance legislation, which served as a ground for the suspension of insurance licences (Bank of Russia Order No. OD-2701, dated 7 October 2015, ‘On Suspending Insurance Licences of the Open Join-Stock Company Government-controlled Insurance Company Podderzhka’), namely, due to the non-compliance with financial stability and solvency requirements as regards securing insurance reserves, procedure and conditions for investing capital 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 open joint-stock company government-controlled insurance company Podderzhka 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.

The open joint-stock company government-controlled insurance company Podderzhka shall inform insured persons on the revocation of its licences, early termination of insurance (reinsurance) contracts and/or transfer of liabilities under insurance contracts to another insurer within a month after the decision on the revocation of its licences becomes effective.