OREANDA-NEWS. By its Order No. OD-81, dated 14 January 2016, the Bank of Russia revoked the insurance licence of insurance company PRIORITY INSURANCE, limited liability company (registration number in the unified state register of insurance agents is 3512).

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 the insurance licence, namely, due to the failure to duly and timely execute Bank of Russia instructions 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, as well as the violation of the procedure for compiling and submitting formal reports.

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

Due to the revocation of its licence, insurance company PRIORITY 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 licence, early termination of insurance (reinsurance) contracts and contracts for insurance brokerage services within a month after the decision on the revocation of its licence becomes effective.