Operations of provisional administration of Joint-stock Insurance Company Sibirsky Spas

Following the violations by Joint-stock Insurance Company Sibirsky Spas (hereinafter, the Company), of the Bank of Russia-established insurance requirements, the Bank of Russia, by its Orders Nos. OD-522 and OD-523, dated 14 March 2019, revoked the Company’s insurance licences, appointed a provisional administration to manage the Company (hereinafter, the provisional administration) and suspended the powers of its executive bodies.

The provisional administration established facts suggesting that the Company’s owners and officials had performed actions aimed at siphoning off corporate assets.

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.

On 27 August 2019, the Arbitration Court of the Kemerovo Region recognised the Company as insolvent (bankrupt). The State Corporation Deposit Insurance Agency was appointed as receiver.

Given a threat to the rights and lawful interest of policy holders, the insured and beneficiaries, the Bank of Russia submitted the information to the Prosecutor General’s Office of the Russian Federation and the Investigative Committee of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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