OREANDA-NEWS. January 19, 2016. The Bank of Russia, by its Order OD-77, revoked the insurance licence of Apogei Med Limited Liability Insurance Company (Unified State Register of Insurance Agents Number 3252).

The decision was due to the organisation’s failure to correct, within the prescribed period, its violations of the insurance legislation, which constituted the basis for the insurance licence suspension (by force of Bank of Russia Order OD-2699, dated 07 October 2015 ‘On Suspension of Apogei Med’s Insurance Licence’) viz., its non-compliance with financial stability and solvency requirements with regard to reserve ratio requirements, terms and conditions for investment of their own funds and insurance reserves. The decision becomes effective on the day of its publication in the Bank of Russia Bulletin.

In connection with its licence revocation Apogei Med Limited Liability Insurance Company is obliged to take the following actions:

to make the decision, in accordance with the legislation of the Russian Federation, to terminate its insurance operations;

to fulfil its obligations arising from insurance (reinsurance) contracts, including the conduct of outstanding insurance payments;

to transfer its obligations assumed under insurance (reinsurance) contracts and (or) terminate these contracts.

Apogei Med Limited Liability Insurance Company has one month, from the date of entry into force of the licence revocation decision, to notify its policy holders of licence revocation, early termination of insurance (reinsurance) contracts and (or) transfer of its obligations arising from insurance contracts to another insurer.