On suspending insurance licence of insurance agent

By its Order No. OD-1969, dated 31 July 2014, the Bank of Russia suspended the insurance licence of Rossiya Life Insurance Company LLC due to its failure to comply with the instructions.

The suspension of licence means that the insurance company is prohibited from entering into new contracts of insurance and introducing amendments resulting in increased liabilities under the current contracts.

The suspension of licence does not entail the termination of current contracts of insurance. The insured may use their right for early termination of the contract of insurance in compliance with contract provisions.

The insurance company must accept notifications of claim and meet its obligations.

Starting 10 July 2014, the insurance company Rossiya Life Insurance Company LLC is managed by the provisional administration. Natalia V. Biryukova, a member of the Non-Profit Partnership Union of Managers and Receivers (ITN: 772500246112, INILA: 019-126-985 58, mailing address: attn. N.V. Biryukova, post office of Chulkovo, Ramensky District, Moscow Region, 140125, phone number: +7 (499) 917-06-11, vainsros@mail.ru), a member of NP Union of Managers and Receivers (32 Nizhegorodskaya St., apt. 15, Moscow, 109029, ITN/PSRN 7709395841/ 1027709028160) has been appointed as the head of the provisional administration.

The activity of the provisional administration is controlled by the Bank of Russia under the established procedure.

The company must rectify the revealed violations within 15 days after the Order comes into force.

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31.07.2014 00.00.00