OREANDA-NEWS. The Bank of Russia, by its Order OD-83, dated 14 January 2016, revoked the insurance licence of Dostoinstvo Life Insurance Company, Joint-stock Company (Unified State Register of Insurance Agents Number 4247).

The decision was due to Dostoinstvo Life Insurance Company's failure to correct as appropriate its violations of insurance legislation, which constituted the basis for the insurance licence suspension (by force of Bank of Russia Order OD-2689, dated 07 October 2015), viz., its failure to comply with BoR Improvement Notice in connection with stability and solvency requirements with regard to reserve ratio requirements, terms and conditions for investment of their own funds and insurance reserves into admissible assets. The decision becomes effective on the day of its publication in the Bank of Russia Bulletin.