Activities of provisional administration to manage Joint-stock Company Insurance Company Opora

Considering the fact that Joint-stock Company Insurance Company Opora (hereinafter, the Company) failed to properly execute Bank of Russia instructions and violated the requirements for maintaining financial stability and solvency, according to Bank of Russia Orders No. ОD-1686 and No. OD-1690, dated 05.07.2018, the Company’s insurance licences were suspended and a provisional administration was appointed.

The Company’s failure to timely remedy breaches of insurance regulations entailed the revocation of its insurance licences, by virtue of Bank of Russia Order No. ОD-1883, dated 26.07.2018.

The provisional administration, acting within its mandate, established the facts suggesting that the Company’s officials had performed actions to divert assets through securities buy/sell operations, property disposal, assignment of claims to the Company’s shares in a legal entity’s authorised capital, as well as loan provision.

The provisional administration estimates the value of the Company’s property (assets) to be insufficient to fulfil its liabilities to creditors and mandatory payment obligations.

Given the situation, the provisional administration applied to the Court of Arbitration of the Ryazan Region to declare the Company bankrupt. The hearing is scheduled for 06.11.2018.

The Bank of Russia submitted the information on the financial transactions bearing the evidence of criminal offence to the Prosecutor General’s Office of the Russian Federation, the Investigative Department of the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision-making.

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