Operations of Joint-stock Company National Insurance Company TATARSTAN

By its Order No. OD-1090, dated 14 May 2019, the Bank of Russia revoked the insurance licences from Joint-stock Company National Insurance Company TATARSTAN, Registration No. 3116 (2 Marshala Chuikova Str., block B, Kazan, Republic of Tatarstan; further referred to as JSC NASKO). In accordance with Clause 4, Article 32.8 of Russian Federation Law No. 4015-1, dated 27 November 1992, ‘On the Organisation of Insurance Business in the Russian Federation’, the Bank of Russia appointed a provisional administration to JSC NASKO by its Order No. OD-1091, dated 14 May 2019.

The provisional administration failed to gain access to the necessary documents, archive and electronic databases of JSC NASKO, as well as to soft- and hardware used to register, process and store documents.

In these circumstances, the provisional administration applied to law enforcement agencies.

Given that the provisional administration cannot detect the location of all compulsory motor third-party liability insurance policy forms (OSAGO policy forms) to withdraw them, it has recognised these policy forms as lost.

It is of note that in accordance with Clause 4, Article 32.8 of Russian Federation Law No. 4015-1, dated 27 November 1992, ‘On the Organisation of Insurance Business in the Russian Federation’, an insurance agent cannot conclude insurance, reinsurance and insurance brokerage contracts, and make amendments to such contracts which increase the insurance agent’s liabilities starting from the effective date of the insurance supervisor’s decision on licence revocation.

Insurance contracts concluded on behalf of JSC NASKO after the effective date of the Bank of Russia’s decision to revoke the insurance agent’s licence (15 May 2019), including with the use of OSAGO policy forms listed in the register, shall be invalid.

The Bank of Russia notes, that given the suspension of the powers of JSC NASKO executive bodies by Bank of Russia Order No. OD-1132, dated 20 May 2019, information unidentified persons may publish in mass media on behalf of JSC NASKO has no relevance to the activity of the provisional administration and the current state of JSC NASKO.

The powers of attorney previously issued by JSC NASKO have been terminated.

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