On suspending reinsurance licence

By its Order No. OD-2392, dated 10 September 2015, the Bank of Russia suspended the reinsurance licences of Financial Reinsurance Company, limited liability company (registration number in the unified state register of insurance agents is 4237).

The decision is taken due to the insurer’s failure to duly follow a Bank of Russia instruction, namely, its non-compliance with the requirements of financial sustainability and solvency 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.

Suspended licence of the insurance agent shall mean a prohibition on entering into insurance contracts, and also on amending respective contracts resulting in increase in the existing obligations of the insurance agent.

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