On suspending licence to carry out insurance broker activity

By its Order No. OD-2560, dated 24 September 2015, the Bank of Russia suspended the licence to carry out insurance broker activity of Insurance Broker House VELES, limited liability company (registration number in the unified state register of insurance agents 4136).

This decision is taken due to the insurance broker’s avoidance to receive the Bank of Russia instruction issued due to the company’s failure to provide information on insurance broker activity for 2014 (form No. 1-broker) in hardcopy and electronically via e-mail. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

The suspension of licence prohibits the insurance broker from entering into new insurance broker service agreements and introducing amendments resulting in increase in obligations under the corresponding agreements.

The insurance agent must rectify the revealed violations within 5 calendar days after the Order comes into force.

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24.09.2015 00.00.00