Operations of provisional administration to manage LLC Insurance Company SERVICERESERVE

Following the violations by Limited Liability Company Insurance Company SERVICERESERVE (hereinafter, the Company) of the insurance requirements established by the Bank of Russia, the regulator, by its Orders No. OD-1944 and No. OD-1945, dated 26 August 2019, revoked the Company’s insurance licences, appointed a provisional administration to manage the Company (hereinafter, the provisional administration) and suspended the powers of its executive bodies.

The provisional administration established facts suggesting that the Company’s owners and officials had committed actions causing property damage to the Company.

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

In view of the above, on 5 November 2019 the provisional administration applied to the Arbitration Court of the Vladimir Region to declare the Company insolvent (bankrupt).

Given a threat to the rights and legitimate interests of policy holders, the insured and beneficiaries, the Bank of Russia submitted the information to the Prosecutor General’s Office of the Russian Federation and the Investigative Department of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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