Activities of provisional administration to manage Limited Liability Company Insurance Company Diamant

Following the non-compliance by Limited Liability Company Insurance Company Diamant (hereinafter, the Company) with financial stability and creditworthiness requirements, the Bank of Russia appointed a provisional administration to the Company by Order No. OD-1618, dated 28.06.2018, effective 29.06.2018.

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 ОD-1753, dated 12.07.2018.

The provisional administration, acting within its mandate, established facts suggesting that the Company’s officials had performed actions aimed at siphoning off corporate assets.

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

The Bank of Russia submitted 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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