OREANDA-NEWS. By its Order No. OD-209, dated 26 January 2016, the Bank of Russia revoked insurance and reinsurance licences of ANTARES Insurance Company, limited liability company (registration number in the unified state register of insurance agents — 4255).

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 insurance and reinsurance licences (Bank of Russia Order No. OD-2546, dated 24 September 2015, ‘On Suspending Insurance and Reinsurance Licences of ANTARES Insurance Company, Limited Liability Company’), namely, due to the non-compliance with financial sustainability and solvency requirements in terms of securing insurance reserves, procedure and conditions to invest capital and insurance reserve funds. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Following licence revocation, ANTARES Insurance Company, limited liability company, is obliged to:

take a decision on the termination of its insurance activities in accordance with Russian legislation;

meet its liabilities arising from insurance (reinsurance) contracts, including the payment of outstanding insurance benefits;

transfer the liabilities assumed under insurance (reinsurance) contracts, and/or cancel these contracts.

ANTARES Insurance Company, limited liability company, shall inform insured persons on the revocation of its licence, early termination of insurance (reinsurance) contracts and/or transfer of liabilities assumed under insurance contracts to another insurer within a month after the decision on the revocation of the licence becomes effective.