On suspending insurance licence

By its Order No. OD-2342, dated 3 September 2015, the Bank of Russia suspended the insurance licence of Kremlin Insurance Company, limited liability company (registration number in the unified state register of insurance agents is 3601).

This decision is taken due to the insurer’s failure to duly follow a Bank of Russia instruction, namely the non-compliance with the requirements of financial sustainability and solvency and with procedure and terms of investing its capital and insurance reserves.

The decision shall become effective the day it is published in the Bank of Russia Bulletin.

Suspended licence of the insurance agent shall mean a prohibition on entering into insurance contracts, and also on amending respective contracts resulting in increase in the existing obligations of the insurance agent.

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

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03.09.2015 00.00.00