Provisional administration to manage NIG-ROSENERGO, LTD reveals shortage of OSAGO policy forms
The provisional administration1 appointed to manage NationalInsuranceGroup—ROSENERGO, LTD (hereinafter, NIG-ROSENERGO, LTD) has revealed a shortage of OSAGO (compulsory motor third-party liability insurance) policy forms and recognised 8,663 forms as lost as of 26 March 2021 (the Register of Accountable OSAGO Forms attached).
It should be noted that laws2 prohibit an insurance agent to conclude insurance, reinsurance and insurance broker agreements and introduce amendments to respective agreements increasing the insurance agent’s liabilities beginning from the effective date of the insurance supervisory authority’s decision on the revocation of the insurance agent’s licence.
The insurance agreements concluded on behalf of NIG-ROSENERGO, LTD after the effective date of the insurance supervisory authority’s decision on the revocation of the insurance agent’s licence (3 December 2020) using the accountable OSAGO forms listed in the register, among other forms, are invalid.
1 By its Order No. OD-2003, dated 3 December 2020, the Bank of Russia revoked the insurance licence of NIG-ROSENERGO, LTD. In this regard, by its Order No. OD-2004, dated 3 December 2020, the Bank of Russia changed the composition of the provisional administration previously appointed by the Bank of Russia (Order No. OD-1974, dated 30 November 2020) following the suspension of the insurance licences of NIG-ROSENERGO, LTD.
2 Clause 4 of Article 32.8 of Law of the Russian Federation No.
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