On suspending insurance licence of insurance agent

By its Order No. OD-1998, dated 4 August 2014, the Bank of Russia suspended the insurance licence of Radonezh Insurance Company, limited liability company (registration number in the unified state register of insurance agents 3118).

The decision is taken due to the insurance company’s avoidance to receive Bank of Russia instructions.

The suspension of licence prohibits the insurance company from entering into new contracts of insurance and introducing amendments resulting in increase in liabilities under the current contracts.

The suspension of licence does not entail the termination of current contracts of insurance. The insured may use their right for early termination of the contract of insurance in compliance with contract provisions.

The insurance company must accept notifications of claim and meet its obligations.

The company must rectify the revealed violations within 10 days after the Order comes into force.

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05.08.2014 00.00.00