On suspending insurance and reinsurance licences

By its Order No. OD-2393, dated 10 September 2015, the Bank of Russia suspended insurance and reinsurance licences of GIVA Insurance Company, limited liability company (registration number in the unified state register of insurance agents is 0158).

The decision is taken due to the insurer’s failure to duly follow Bank of Russia instructions, namely, its non-compliance with the requirements of financial sustainability and solvency in terms of securing insurance reserves, procedure and conditions to invest capital and insurance reserve funds. The decision becomes 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 agent shall accept applications on the occurrence of insured events and perform its obligations.

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10.09.2015 00.00.00