Operations of provisional administration to manage Joint-stock Company National Insurance Company TATARSTAN

By its Order No. OD-1090, dated 14 May 2019, the Bank of Russia revoked insurance licences from JSC NASKO (hereinafter, the Company).

The provisional administration of the Company, appointed by Bank of Russia Order No. OD-1091, dated 14 May 2019, encountered several instances of obstruction in its activity starting the first day of performing its functions. The Company’s former management failed to pass over to the provisional administration accounting and other documents, including foundation and entitling documents, material and other valuables owned by, and entrusted to the Company, as well as the necessary information and documents related to property objects and liabilities.

The failure to provide the provisional administration with the documents of title to assets may suggest an attempt to conceal asset siphoning by the Company’s officials; it also considerably hampers the assessment process of the Company’s assets.

The Bank of Russia submitted the information on the illegal activities conducted by the Company’s executives to the Prosecutor General’s Office of the Russian Federation and the Investigative Committee of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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