On suspending insurance licence

By its Order No. OD-3412, dated 1 December 2015, the Bank of Russia suspended the insurance licence of Insurance Company AgroS, limited liability company (registration number in the unified state register of insurance agents 3775).

The decision is taken due to the insurer’s failure to duly meet the Bank of Russia instructions, particularly, financial stability and solvency requirements in terms of creating insurance reserves, procedure and conditions to invest equity and insurance reserves as well as failure to submit documents in due course as requested for insurance supervision purposes. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

The suspension of the licence prohibits the insurance agent from entering into new contracts of insurance and introducing amendments, resulting in the increase in the insurance agent’s obligations, to the respective contracts.

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

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02.12.2015 00.00.00