Operations of provisional administration to manage Limited Liability Company Insurance Company Accept

Following failure of Limited Liability Company Insurance Company Accept (further referred to as the Company) to duly comply with Bank of Russia instructions and its breach of financial stability and solvency requirements, the Bank of Russia by force of its Orders Nos. ОD-2650 and ОD-2651, dated 12.10.2018, suspended the Company’s insurance licence and appointed a provisional administration.

The Company’s failure to timely remedy breaches of insurance regulations entailed the revocation of its insurance licence, by force of Bank of Russia Order ОD-2773, dated 24.10.2018.

Acting within its mandate, the provisional administration established facts suggesting that efforts were made by the Company’s executives and other unidentified persons towards withdrawal of corporate assets through purchases of illiquid securities, sale of assets and assignment of credit claims.

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

The provisional administration applied to the Court of Arbitration of the Samara Region to declare the Company bankrupt.

The Bank of Russia submitted the information on transactions suggesting criminal offence to the Prosecutor General’s Office of the Russian Federation, the Investigative Department of the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

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