Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;

Operations of provisional administration to manage Insurance Company Trudovoe Strakhovanie, Limited Liability Company

The Bank of Russia, by its Orders Nos. OD-520 and OD-521, dated 14 March 2019, revoked insurance licences of Insurance Company Trudovoe Strakhovanie, Limited Liability Company (hereinafter, the Company) and appointed a provisional administration to manage the Company (hereinafter, the provisional administration).

The Bank of Russia suspended the powers of the Company’s executive bodies by its Order No. OD-613, dated 21 March 2019.

The provisional administration encountered obstruction to its operations — the Company’s officials failed to provide the provisional administration with accounting and other documents, and valuables held by or entrusted to the Company, which may signal the attempt to conceal facts of asset withdrawal.

On 21 August 2019, the Arbitration Court of the City of Moscow 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.

12 September 2019

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